Introducing Metaplex, NFT Minting on Solana

The marketplace aims to have low transaction fees as well as other benefits to entice users.

By
Utulu Hope
on
June 7, 2021
Category:
Breaking News

Introduction

Metaplex was created for a unique purpose — to place creators and artists above the influence of traditional gatekeepers. The protocol has evolved to be utilized by these artists and creators to launch their self-hosted NFT storefronts easily. Now, Metaplex serves as a “WordPress” for NFT creators. 


Own Your Own NFT Storefront With Metaplex 

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With Metaplex, creators and brands can easily interact with their audience. Independent creators can reinvent the way NFTs are minted, sold, and used on the protocol. 

Grammy Award-winning artist RAC said, “Metaplex will do for NFTs what Shopify did for commerce, but takes it one step further by not acting as the middleman.” 

There is indeed freedom of creation with Metaplex. The protocol gives artists and creators the license to launch their own self-hosted NFT storefronts like building a website quickly without writing any code. The connection with Solana blockchain ensures that the NFTs are minted at low costs with limitless possibilities. The average minting cost is less than a dollar without any added fees.


Benefits of Metaplex NFTs 

Metaplex NFTs offer a diverse selection of benefits for creators and artists. The platform offers on-chain building and auctions powered by the Solana blockchain. In addition, the average minting cost is less than a dollar and attracts zero platform fees. It also offers open-source or permissionless creation, and decentralization. When a storefront is created, it connects to a powerful on-chain program that mints just NFTs. However, the storefront can administer fully on-chain auctions, taking out the middleman and their fees from NFT transactions. On-chain auctions offer powerful formats, with instant payouts and NFT transfers. Creators/artists can create limited or open editions for fans or run tiered auctions where collectors have to bid for NFTs assigned to specific tiers. 

Solana’s integration ensures that transaction fees are pegged at $0.0001. 

Raj Gokal, the COO of Solana Labs said, “Metaplex’s Solana integration will dramatically reduce minting and trading fees.”

On-chain building means that creator splits and perpetual royalties can be hard-coded into the NFT. When an auction ends, there will be automatic payouts with self-executing royalties upon resale. All these are carried out without the need for paperwork, trust, or wire transfer. 

Creators and artists do not have to worry about storage. NFT media of any size is stored permanently on Arweave — a data storage blockchain protocol that supports permanent data storage. Therefore, NFTs minted on Metaplex will be immutable. The open-source feature means that anyone can develop plugins and integrate Metaplex auctions and NFTs in their applications. 


Metaplex Making Solid Moves in The Industry 

Metaplex has partnered with cryptocurrency exchange FTX for payments. The partnership will enable users to purchase NFTs by using FXT pay with credit cards or crypto. Audius is another partner; the music streaming and sharing platform will place Metaplex NFTs up for auction. In essence, the NFTs will be displayed with an added function for users to buy and sell them.

The protocol has also made some notable partnerships in the world of sports and entertainment, collaborating with major influencers, comic artists and sport brands. These partners include Street Dreams, CryptoKickers, and recording artist Andre Allen Anjos, popularly called RAC.


About Metaplex 

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Metaplex is an on-chain NFT framework that lets artists and creators launch their own self-hosted NFT storefronts as quickly as building a website. The platform provides ultra-fast NFTs with insanely low minting fees powered by Solana. 


Final Thoughts 

The idea of owning your NFT storefront is a savvy innovation by Metaplex. With this unique service, the protocol is shifting the balance of power back to artists and creators. They can create their storefronts without having to worry about storage, transaction fees, programming, and more. With insanely low NFT minting fees combined with zero platform fees, Metaplex has placed its platform in high regard. It’s not a stretch to surmise that many artists and creators will come to explore its benefits. 

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.