Solana Metaplex

The recent market meltdown continues to impact various investments, institutions, and business firms across the crypto industry. The market downtrend worsened from earlier last week, following the fall of FTX, which confirmed suffering liquidity crisis.

Metaplex Lays Off Some Of Its Staff

Metaplex, a non-fungible token incubation studio built on the Solana blockchain, has confirmed suffering the recent market crash to the point of laying off some of its staff, despite having no financial exposure to the fallen crypto exchange.

In a November 17 blog post, Metaplex NFT protocol confirmed that it had terminated the contracts of some of the member staff. Metaplex cited the recent market meltdown that continues to spread across the Web3 ecosystem.

Nonetheless, Metaplex has yet to disclose the number of employees impacted by the recent layoff. While commenting about the layoff announcement, Stephen Hess, the co-founder of Metaplex, explained:

“While our treasury wasn’t directly impacted by the collapse of FTX and our fundamentals remain strong, the indirect impact on the market is significant and requires that we take a more conservative approach moving forward.”

Metaplex Market Health

Launched in 2021, Metaplex is a decentralized market platform allowing users to mint non-fungible tokens on the Solana blockchain. Since its inception, the market platform has built a strong foundation as an alternative protocol for Ethereum NFTs.

Earlier this year, the digital asset firm successfully raised more than $46 million in a funding round, which saw the participation of notable investors and venture capital firms, including Multicoin Capital, Jump Crypto, and NBA Legend Michael Jordan.

A few months later, Metaplex used the secured funds to launch a native governance token, MPLX. Unfortunately, the token has plummeted in value since its release in September, following the general crypto bear market that began sometime in June.

In a similar unfortunate scenario, the recent FTX crash has taken down all digital assets and projects linked to Solana, including the Metaplex protocol. The day FTX went down, SOL dropped more than 60% in value, triple the toll exacted on Bitcoin and Ethereum.

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