The Metaplex NFT marketplace is now available on Solana.

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“NFTs present a real opportunity for artists to create and derive more value than ever before,” said Raj Gokal, COO of Solana Labs. “We saw an opportunity to solve the existing challenges and barriers to entry that many are currently facing with Metaplex.”

Metaplex, a nonfungible token marketplace, has officially opened on the Solana blockchain, demonstrating the continuous acceptance of NFT technology.

Platform developer Metaplex Foundation announced Wednesday that the new marketplace has been launched with strategic support from Solana Labs and cryptocurrency exchange FTX. The platform is designed to provide key infrastructure to the NFT community so that creators, artists and bands can easily launch customized collectibles.

Metaplex Foundation says the new platform enables “perpetual royalties to be hard-coded into NFTs,” ensuring that creators always receive a portion of secondary sales .The entire listing process will also take place on-chain.

The platform launches with several celebrity and business endorsements, including Grammy Award-winning artist RAC, creative studio Street Dreams and CryptoKickers, an NFT-based wearables band.

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“Metaplex will do for NFTs what Shopify did for commerce, but takes it one step further by not acting as the middleman,” said RAC. “This aligns with the true ethos of the NFT movement, which is to kick open the door for the creator economy, not extract value from our communities.”

Along with the protocol launch, the Metaplex Foundation announced intentions to introduce a new META token to manage the system, however no specifics on the new coin were revealed.

Metaplex is the first NFT marketplace to be launched on Solana. Through the first half of 2021, the blockchain network grew fast, with hundreds of market-ready projects debuting on the platform. In March, the Solana Foundation, the network’s awards programme, announced two $40 million development collaborations with cryptocurrency exchanges OKEx and MXC.

According to recent industry studies, the NFT market is expected to treble by October as trade volume increases. Analysts at Invezz concluded that NFT industry capitalization could reach $470 million by that time.

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