Metaplex Foundation, A Solana Initiative, Collects $46 Mln In Saft Sales.

Metaplex Foundation, A Solana Initiative, Collects $46 Mln In Saft Sales.

2022-01-20 | Selina Mathew

Metaplex Foundation, A Solana Initiative, Collects $46 Mln In Saft Sales.

The Metaplex Foundation, which created the Solana-based NFT protocol Metaplex, has secured $46 million in a financing phase.

The investment was co-led by Multicoin Capital and Jump Cryptocurrency, with participation from Solana Ventures, Alameda Research, as well as Animoca Brands.

Previous and present pro basketball athletes, notably Michael Jordan, Allen Iverson, Joel Embiid, Kevin Love, as well as Obadiah Toppin, expressed strong enthusiasm in the round. Over 90 individual investors participated in the round, notably American artist Snoop Dogg.

According to Metaplex Foundation's director Stephen Hess, this was the foundation's inaugural fundraiser, which was accomplished through a simple agreement for future tokens (SAFT) sale. According to Hess, the foundation will soon introduce its unique native governance token dubbed META.

With additional funding, the Metaplex Foundation intends to help projects develop additional developer tools built on the Metaplex protocol. On the Solana blockchain, the Metaplex protocol enables individuals to create their personal NFT markets.

The Metaplex protocol, which was established in June 2021, promises to have assisted in the creation of approximately 5 million Solana-based NFTs for 85,000 projects thus far. The Degenerate Ape Academy, Neodyme, Cryptokickers, as well as Solana Monkey Business, are a few of these ventures.

Solana, in comparison to Ethereum, enables the minting and purchase of NFTs at a lesser cost owing to lower transaction costs.

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