Metaplex NFT marketplace launches on Solana Blockchain

A nonfungible token marketplace Metaplex has officially launched on the Solana blockchain, highlighting the continued adoption of NFT technology.

Metaplex NFT marketplace launches on Solana Blockchain

Metaplex Foundation, the developer of the platform announced that the new marketplace has been launched in collaboration with Solana Labs and cryptocurrency exchange FTX

The foundation claiming that the new platform enables “perpetual royalties to be hard-coded into NFTs,” ensuring that creators always receive a portion of secondary sales. The entire listing process will also take place on-chain. The platform launched with several celebrities and business endorsements, including artist RAC, creative studio Street Dreams, and CryptoKickers.

“Metaplex will do for NFTs what Shopify did for commerce, but takes it one step further by not acting as the middleman,” said the Grammy Award-winningartist RAC. “This aligns with the true ethos of the NFT movement, which is to kick open the door for the creator economy, not extract value from our communities.”

Metaplex Foundation also announced plans to unveil a new META token to govern the protocol, however, details were not provided.

Solana blockchain has expanded rapidly through the first half of 2021 as dozens of market-ready projects launching on the platform. In March, Solana Foundation inked two development partnerships with cryptocurrency exchanges OKEx and MXC worth $40 million.