Compared to Ethereum, Solana’s NFT market is a long way behind. It just recently reached a market capitalization of $1 billion.
That is still a very respectable number, and the company that has been fueling much of this growth is Metaplex. Their protocol have been used to create over 85,000 projects and 5.7 million NFTs in just 8 months.
Now, Metaplex has raised $46 million to supercharge their ambitions. The funding round was led by Multicoin Capital and Jump Crypto. Other participants in this round included: Animoca Brands, Solana Ventures and Alameda Research. Notably, basketball legends Michael Jordan and Allen Iverson also participated.
On top of scaling up operations, the funds will also be used to support creators from underrepresented communities.
“We believe the metaverse will be open, censorship-resistant and globally accessible,” Sergey Vasylchuk, director of the Metaplex Foundation, said in a press release. “In this metaverse, Metaplex will serve as a common protocol and NFT standard to empower the next wave of decentralized commerce, social and gaming experiences.”