Solana-based NFT protocol Metaplex raises $46M from token sale

Solana-powered NFT protocol development foundation Metaplex Foundation has raised approximately $46 million from top VCs and angel investors, the protocol announced Tuesday. The new funding will be used to support Metaplex’s new developer tools and further scale its operations.

The procurement round was led by Jump Crypto and Multicoin Capital, with participation from Solana Ventures, Alameda Research, and Animoca Brands. NBA legends Michael Jordan, Allen Iverson, Joel Embiid, Kevin Love, and Obadiah Toppin also contributed as angel investors.

Solana has become a popular alternative to Ethereum. Former professional basketball player Micheal Jordan and his son Jeffery Jordan recently announced their new venture built on the Solana blockchain. The duo is creating a Solana-based fan engagement platform called HEIR Inc.

Metaplex Foundation, which oversees the protocol, has raised the funds via a simple agreement for future tokens (SAFT) sale, per a recent report by The Block. The funding round makes it the company’s first procurement from external funding.

The NFT protocol Metaplex offers an infrastructure where developers can mint NFTs and launch self-hosted NFT storefronts. Currently, only focused on developers working in the Solana ecosystem can leverage the platform. Per the announcement, the protocol has supported 85,000 NFT projects and helped mint over 5 million Solana-based NFTs since its launching in June last year.

Sergey Vasylchuk, Director of the Metaplex Foundation, said in the press release:

“The community is excited to build tools that make it easy for developers, game studios, and creators to get started in Web3. We believe the metaverse will be open, censorship-resistant, and globally accessible. 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.”