Metaplex Raises $46M to Grow Solana NFT Ecosystem

The strategic funding round was co-led by Multicoin Capital and Jump Crypto. Read the full article by Timothy Craig “Neither this post nor any other on cryptofal.com should be taken as financial advice.”

NFTs are booming this month even as the price of many cryptocurrencies continues to be down. This can be attributed to the fact that since Ethereum is down that means you can get an NFT at a discount even if the floor is still the same. A 1 ETH floor at the beginning of the month is about $700 cheaper now. OpenSea is also in the middle of its all-time best month in terms of volume.

While gas is still an issue for purchasers of ETH NFTs this is another avenue for competitors to step in like Solana. Solana NFTs is growing and investors are also showing interest. Metaplex Foundation just closed a $46 million strategic funding round for the SOL-based NFT platform. The foundation will be supporting the growth of the full gamete of what NFTs can be including images, gaming, and the biggest buzzword so far this year Metaverses. A lot of the funds will go towards grants as well and other incentives to support creators.

The funding round was led by familiar names in the likes of Solana Ventures, Multicoin capital, and Alameda Research. On an individual level Michael Jordan is also an investor. The platform so far has been used to make 5.7 million NFTs for 85,000 projects so far. One of the most popular SOL projects on Metaplex is Monkey Business.

We have been hearing a lot about the up-and-coming “ETH killers” but will they actually be able to take down ETH or will it be that they all work in tandem? It will come down to which blockchain is best for different types of work. Solana may be the blockchain of choice for NFT projects, Cardano may be the best for transactions, and ETH may be the best to build applications on. There will never be one chain to rule them all instead the focus should be on which does what the best to meet the user’s needs.