Solana’s NFT Protocol Metaplex Unveils MPLX Utility Token, Airdrop Ongoing

by
Blockchain Editors' Choice
Solana’s NFT Protocol Metaplex Unveils MPLX Utility Token, Airdrop Ongoing

Metaplex Foundation has announced the successful launch of its utility and governance token named Metaplex (MPLX). Beginning on September 20, 2022, the MPLX token will be airdropped to eligible non-US early adopters of Metaplex, Solana’s leading NFT protocol.

Metaplex MPLX Token Launch & Airdrop

The Metaplex Foundation, the decentralized autonomous organization (DAO) in charge of Metaplex Protocol, Solana’s first program library that offers creators the tools they need to mint, sell and manage non-fungible tokens (NFTs), has successfully rolled out MPLX, its governance, and utility token.

Per an announcement by the team, starting from today (September 20, 2022), eligible early adopters of the Metaplex Protocol who reside outside the United States will receive unspecified amounts of MPLX tokens via an airdrop on the Metaplex claim site

“In just one year, the open-source Metaplex Protocol has become the largest NFT ecosystem in the world, with more than $1 billion in primary sales revenue and over $3 billion in secondary sales revenue generated for artists and creators building in our expansive ecosystem, stated the team, adding that its focus going forward is to bring to life solutions that will foster developer growth and creator freedom.”

MPLX to Coordinate Governance & Upgrades 

Launched in June 2021, the Metaplex Protocol empowers users to overcome the crazy gas fees issue of Ethereum by making it possible for creators to mint digital collectibles on Solana (SOL) with very low gas fees. 

The team says it believes the launch of the MPLX token will further advance the Metaplex Protocol and its mission, as it will function as a method of decentralized governance and lay the foundation for future projects and strategic decisions.

Since its creation, Metaplex claims to have successfully facilitated the minting of 20 million NFTs, and driven $3.5 billion in primary and secondary sales for more than 2.4 million digital collectibles creators and collectors around the globe.

As the native utility token of the Metaplex ecosystem, the team has made it clear that MPLX will serve various purposes, with one of its primary functions being the coordination of governance processes and protocol upgrade activities.

The team says MPLX holders will be able to vote on proposed program introductions or other updates via the Metaplex DAO, an on-chain program built on the governance framework powered by the Solana Program Library (SPL).

Unlike most blockchain projects where only a select group of core developers have the final say on what upgrades can be carried out on the platform, Metaplex claims its new DAO gives ultimate decision-making power to MPLX token holders. The team further explained:

“This framework puts ultimate control over the addition, subtraction, or modification of programs in the hands of MPLX holders. As a result, the Metaplex DAO, alongside the MPLX token and its holders, becomes the decentralized governance structure of the Metaplx Protocol,”

It’s worth noting that the Metaplex team has taken a snapshot of eligible users for its MPLX token airdrop since August. In essence, only those who minted NFTs via the platform at that time will receive the token. At launch, the MPLX token will be available for trading against Tether (USDT) on Huobi Global

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.