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Metaplex, the NFT protocol maker primarily based on Solana, has introduced that it’s going to bear company-wide layoffs. This information comes from FTX’s collapse final week and has completed loads to shake confidence within the crypto area.
The variety of Metaplex staff being laid off is undisclosed however might suggest that that quantity would climb over the approaching days. Firm co-founder and CEO, Stephen Hess introduced on Twitter just lately:
As an organization, Metaplex serves as a protocol that helps Solana-based NFTs. Having beforehand began to assist Solana because it took on Ethereum, the corporate raised $46 million again in January.
In a while within the 12 months, Metaplex introduced the issuance of its personal governance token – $MPLX – which subsequently plummeted in worth. What didn’t assist had been ongoing challenges dealing with creator-based royalties, which introduced down Solana NFT values and gross sales.
However, what served as a serious setback was, as talked about earlier than, FTX’s collapse. After this, SOL tokens plummeted by 60%, whereas dropping tens of tens of millions of {dollars} immediately from FTX investments. Tragically, for homeowners of FTX-based NFTs, they may now discover that their collectibles are inaccessible, pending FTX’s chapter hearings.
Bankman-Fried has beforehand been an open advocate for Solana, having supported a variety of Solana-based tasks for years.
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