A New Marketplace for a Non-Fungible Token Platform Launched Through Solana

Cryptocurrency News

According to the latest reports, a new platform by the name Metaplex has recently made its debut on the Solana blockchain. The Metaplex platform is reportedly a marketplace for a non-fungible token (NFT). With the recent update, the particular firm has demonstrated how much the non-fungible token (NFT) technology is growing around the world.

With the passage of time, people are getting more used to online platforms and utilities than physical ones. This is the reason why sectors such as non-fungible token (NFT) technology are finding the perfect opportunity to grow and thrive.

The announcement in regards to the new marketplace was made by Metaplex Foundation, which is the platform developer. The reports confirm that the announcement was made by Metaplex on Wednesday, June 2, 2021.

The announcement confirmed that Metaplex is receiving strategic back support from FTX, a cryptocurrency exchange, and Solana Labs. Once launched, Metaplex would serve as the NFT community’s key infrastructure provider.

Through the Metaplex platform, it would be extremely convenient and easy for the bands, artists, and creators to launch collectibles that the users would be able to customize. This would prove to be a revolutionary step in the world of the non-fungible token (NFT) industry.

The Metaplex Foundation has provided more information surrounding the new platform. According to Metaplex Foundation, the Metaplex marketplace would act as an enabler of perpetual royalties. These royalties will be hard-coded into the non-fungible tokens (NFTs) at the time of creation.

This would always ensure that even if a secondary sale takes place, the creators always automatically get a portion of it. Furthermore, the listing process would be blockchain-based as well, so the process would be completely decentralized.

The Metaplex marketplace has reportedly received the support and backing of several prominent and popular entities. The reports suggest that it is endorsed by many businesses and celebrities. The marketplace even has the backing of RAC, who is one of the top music artists winning a Grammy Award.

Furthermore, the marketplace also has the support of wearables brands based on NFT, CryptoKickers, and Street Dreams, a creative studio.

The Grammy Award-winning artist RAC also talked about the potential of Metaplex marketplace in the NFT sector. RAC stated that the Metaplex marketplace would serve as one of the major benefactors for the non-fungible token (NFT) industry. It would be playing a role similar to what the Shopify platform played for the eCommerce sector.

However, the great difference between Metaplex and Shopify is that Metaplex does not interfere or act as an intermediary. This way, Metaplex serves as a true supporter and practicing platform for the NFT ethics. Furthermore, Metaplex Foundation has also announced the launch of a governance token for the protocol, titling it the META token.

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