Having introduced Beeple, a popular nonfungible token artist, on board, the Metaplex network expects to attract more digital art collectors.
The CEO of Metaplex Studios, Stephen Hess, made multiple announcements at Solana SOL’s Breakpoint conference in Lisbon, Portugal. Among the notable announcements, Hess said that renowned NFT artist, Beeple, will join Metaplex and Solana networks via the Render Network.
As a result, Metaplex’s native token, $MPLX, has gained nearly 2.3% in the last @4 hours to trade at $0.1018, based on data offered by Binance-backed CoinMarketCap. Hess announced:
“In partnership with the Render Network, we’re excited to welcome Beeple to Metaplex and Solana. Beeple will be debuting the future of streaming and immersive 3D NFTs.”
Nevertheless, the formal announcement is expected to be released this week, as details about Beeple joining Metaplex are scarce.
Solana Activity Scales Through NFTs Sales On Metaplex
The Solana network is striving to remain among the top ten blockchains by market capitalization, now ranked 10th with a valuation of nearly $11,603,441,959. The Solana ecosystem has majorly banked on GameFi, nonfungible tokens, and Metaverse in the decentralized financial market.
The Metaplex network is the most extensive NFT protocol in the Solana ecosystem, based on onchain data. Since launching in August 2021, Metaplex has enabled users to mint more than 20 million NFTs with at least 5.9 million distinct collectors. Thereby accounting for almost 99.9% of the Solana NFT market.
Notably, the Metaplex network has continuously built its ecosystem to enable Solana to gain more users. In recent advancements, Metaplex has said that it would launch an NFT compression feature to help in reducing running costs.
Metaplex announced:
“Metaplex is ushering in the next generation of NFTs on Solana by leveraging on-chain compression to lower the cost to mint and store digital assets dramatically.”
Having brought in Beeple, a popular NFT artist, the network expects to attract more digital art collectors. Moreover, Beeple has a history of developing astounding content, including the $69 million artwork that he sold earlier last year.
The Solana network has recorded a major uptick in total value locked in the last year. Based on statistical data acquired from Defillama, the Solana network has a total value locked (TVL) of nearly $915 million.
Solend, a cryptocurrency lending protocol, is the leading decentralized finance (DeFi) on Solana with the highest locked TVL of nearly $281 million. The other notable protocols include Lido, Marinade Finance, and Raydium.
The Takeaway
Based on the market data offered by CoinGecko, the SOL coin is trading at $32.39, down approximately 10% in the last 24 hours. Interestingly, SOL has lost nearly 87% of its value in the last year. But, SOL has gained almost 6372% since its all-time low about two years ago.
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