New NFT Marketplace, Metaplex, Targets Low Fees With Solana Partnership
- Even as the NFT frenzy seems to be tapering off, more protocols are launching online marketplaces for these unique digital assets.
- The latest is Metaplex, built on the popular Ethereum killer Solana.
Metaplex Launches On Solana Network
In a Twitter post, Metaplex, a non-fungible token marketplace, announced its launch on popular proof-of-stake (PoS) protocol Solana blockchain.
According to Metaplex, digital artists, creators, and brands will easily mint and auction off their customized digital collectibles. Alongside this, Metaplex also adds a perpetual royalty functionality that will let creators receive a portion of their NFTs if they get re-sold on the secondary market.
Unlike most NFT marketplace like Nifty Gateway, owned by US crypto exchange Gemini, Metaplex is a decentralized protocol allowing any creator to open a digital storefront to auction their collectibles. Also, the minting will be done on-chain, making it easier to launch projects without any time lag.
Metaplex has received massive support from the crypto community, and the popular crypto exchange FTX would be a strategic partner through its FTX Pay infrastructure. This way, NFT enthusiasts can use the platform's payment infrastructure in purchasing their desired digital collectibles.
NFTs are unique digital representations of tangible and intangible items that range from virtual real estate to sports memorabilia to even GIFs. They are also stored on the blockchain, making them immutable.
The NFT sub-sector has boomed in recent months, and it is gradually carving a niche for itself. National Basketball Association's NBA Top Shot online marketplace is a popular place for fans to bid for in-game video highlights, and the sports franchise has made sales above $700 million.
Metaplex says it will not only facilitate the minting and sales of NFTs on the platform. According to the Metaplex Foundation, creators will permanently store their digital collectibles on decentralized storage protocol Arweave. According to Metaplex, this is meant to preserve the long-term viability of NFTs.
Providing details on cost, Metaplex says its NFT marketplace is a zero-fee platform, but creators will only pay a negligible minting fee under a dollar.
Metaplex: The ‘Shopify For NFTs’
According to Metaplex, it will not be auctioning only digital goods. A partnership with decentralized wireless protocol Helium will see the auctioning of NFTs representing ownership of physical Hotspots.
Popular music streaming platform Audius Music is also integrating Metaplex’s NFT marketplace on its platform. According to the announcement, digital artists on the Audius platform will mint tracks as NFTs.
Additionally, popular footwear digital collectibles brand will also open a storefront on Metaplex and enable users to create, collect, and mint one-of-a-kind sneakers on the Metaplex platform.
Speaking on the new entrant idea, popular artist RAC likened Metaplex to Shopify for the burgeoning NFT marketplace.