Metaplex, the NFT protocol maker based mostly on Solana, has introduced that it’s going to endure company-wide layoffs. This information comes from FTX’s collapse final week and has accomplished so much to shake confidence within the crypto house.
The variety of Metaplex workers being laid off is undisclosed however may suggest that that quantity would climb over the approaching days. Firm co-founder and CEO, Stephen Hess introduced on Twitter just lately:
As an organization, Metaplex serves as a protocol that helps Solana-based NFTs. Having beforehand began to help Solana because it took on Ethereum, the corporate raised $46 million again in January.
In a while within the yr, Metaplex introduced the issuance of its personal governance token – $MPLX – which subsequently plummeted in worth. What didn’t assist had been ongoing challenges going through creator-based royalties, which introduced down Solana NFT values and gross sales.
However, what served as a serious setback was, as talked about earlier than, FTX’s collapse. After this, SOL tokens plummeted by 60%, whereas dropping tens of thousands and thousands of {dollars} immediately from FTX investments. Tragically, for house owners of FTX-based NFTs, they may now discover that their collectibles are inaccessible, pending FTX’s chapter hearings.
Bankman-Fried has beforehand been an open advocate for Solana, having supported quite a lot of Solana-based tasks for years.
