Metaplex To Launch New DAO Set to Airdrop MPLX Tokens To Solana Creators

The DAO will enable platform governance. Non-US creators gain the benefits of MPLX rewards.

TLDR: Metaplex has been a staple in the creation of Solana-based NFTs. The future of Metaplex depends on the holders of the DAO token.

Solana NFTs are doing very well even though this beat market. The Solana ecosystem has seen its NFT market shine brighter than any other blockchain during this downturn in market activity. Projects like yoots have reignited the fire that was slowly fizzling in the NFT space. Metaplex is hoping to strike while that new fire is bringing and has announced plans to launch a token that would decentralize its governance via DAO.

The MPLX token was released today and will be airdropped to NFT creators that used the Solana-based platform for their projects. There is no official discussion of how many tokens would be airdropped to users. The one caveat to the entire process is that users in the United States are not eligible for the airdrop. This could possibly be credited to constant regulations thrown at crypto by the SEC.

Read More: $46 Million for Metaplex

The claims website is now open and eligible wallets will be able to receive the token. The token will then be used to launch the DAO which will allow the holders of the MPLX token to vote on a proposal regarding the future of Metaplex.

The goal is to allow the holders to steer the future of the protocol as the platform originally promised holders the ability to do so. 

Metaplex has reportedly been used to mint 20 million Solana NFTs and yield close to $4 billion worth of sales. There have been 2.4 million creators and collectors that have interacted with the NFTs and the platform, but the number of MPLX-eligible users is unknown at the moment, however, the snapshot of eligible creators was taken on August 24, if an artist used the platform for the first time after that snapshot then they are not eligible for the drop. 

Another group of users that would be ineligible for the drop are those users that took advantage of the platform to create “rug pulls” or scam projects. 

The criteria for what exactly constitutes a “rug pull” is still a bit in the air but Metaplex assured its user base that the culling list is being created carefully and that no project that took advantage of people would be offered the tokens.

The Metaplex Foundation has raised over $46 million in a funding round that was headed by Multicoin Capital and Jump Capital back in January. The funding round was also joined by 90 individual investors including Michael Jordan and Allen Iverson.


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