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NFT protocol Metaplex raises $46M to expand gaming and metaverse applications

NFT protocol Metaplex raises $46M to expand gaming and metaverse applications

Diverse organizations including Solana Ventures and Alameda Research and NBA legends Michael Jordan and Allen Iverson participated in the round

The token round will allow the Metaplex Foundation, which supports the development of the Metaplex protocol, to expand its support for metaverse and gaming applications beginning this year. As an NFT-first protocol, Metaplex has already been used to create over 5.7 million digital collectibles for 85,000 projects, according to the company.

Metaplex launched its NFT marketplace on Solana in June 2021 with support from cryptocurrency exchange FTX. The platform was designed to provide infrastructure support to the nascent, but thriving, NFT community. Despite its recent slump, the NFT market is poised to continue growing this year after a record-breaking 2021 that saw creators generate over $17 billion in sales.

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