Solana-Based NFT Firm Metaplex Secured $46 Million in Funding Round

UTC by Ibukun Ogundare · 3 min read
Solana-Based NFT Firm Metaplex Secured $46 Million in Funding Round
Photo: Metaplex

In addition to the funding support, Metaplex will also enjoy strategic guidance from influencers, including Michel Jordan.

Solana-powered protocol Metaplex has generated $46 million in a recently-closed funding round. According to the company’s announcement on the 18th of January, thesis-driven investment firm Multicoin Capital and Jump Crypto led the funding. Other participants were Alameda Research, Solana Ventures, and Animoca Brands, which recently received $358.88 million from key investors. In addition, more than 90 individuals continued to the financing round, including basketball icons Michael Jordan and Allen Iverson. Pseudonymous NFT collector Cozomo de’ Medici and New York Knicks executive vice president William Wesley were also among the investors.

Metaplex Records $46 Million Funding

At Metaplex, users can build their own Solana-based non-fungible token (NFT) marketplaces. Metaplex launched its Solana-based NFT marketplace in June 2021, about seven months before its $46 million funding round. After launching with support from crypto exchange FTX, the protocol has helped creators generate more than $17 billion in sales. The Solana’s NFT market has been seeing continued increases, and Metaplex is partially fueling the gains. Based on data collected from Solanalysis, the total market valuation of Solana’s NFT market recently crossed $1 billion. With the newly-generated funds, Metaplex will scale its operation and allow creators from underrepresented communities to have access to grants.

Since its launch in June 2021, the Metaplex protocol has helped in creating thousands of projects. In a press release, Metaplex said that its protocol had facilitated more than 85,000 projects since launch. Within the same period, the company’s protocol has also been used in creating 5.7 million NFTs. Revealing the Foundation’ plans to make the metaverse and gaming applications priorities in this new year, the director of the Metaplex Foundation, Sergey Vasylchuk, stated:

“The community is excited to build tools that make it easy for developers, game studios, and creators to get started in Web3. We believe the metaverse will be open, censorship-resistant and globally accessible. In this metaverse, Metaplex will serve as a common protocol and NFT standard to empower the next wave of decentralized commerce, social and gaming experience.”

BBA Star Michael Jordan and Other to Strategically Support Metaplex

In addition to the funding support, Metaplex will also enjoy strategic guidance from influencers, including Michel Jordan. Joel Embiid, Kevin Love, and The Chainsmokers Mantis VC will also support the Metaplex Foundation.

An executive from one of the participating companies in the funding is confident that Metaplex has a significant role to play. A managing partner at Multicoin Capital, Kyle Samani, commented:

“Metaplex will play an increasingly important role in this ecosystem as the protocol and its tooling grow more robust and as creators invent new ways to connect and engage fans.”

Last September, Metaplex hired Adam Jefferies as its new Metaplex Studio CEO. Before joining Metaplex, Jefferies used to work for Citadel, Google (NASDAQ: GOOGL), and Amazon (NASDAQ: AMZN).

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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