Metaplex Protocol Achieves Record-Breaking Protocol Fees in November 2024, Fueling Surge in Digital Asset Creation

Cayman Islands, Dec. 5, 2024 — Metaplex, the blockchain protocol that powers the creation of nearly all tokens, memecoins, and NFTs on the Solana network, has reported an exceptional rise in its protocol fees for November 2024. The increase in fees comes on the heels of an extraordinary surge in digital asset creation across the Solana blockchain, underscoring Metaplex’s position as a primary beneficiary of this explosive growth.

Surge in Token Creation Drives Metaplex's Growth

Metaplex’s status as the core protocol for token creation on Solana has allowed it to capture a significant share of the growing activity within the ecosystem. From memecoins to AI tokens and NFTs, Solana has seen an unprecedented influx of digital asset projects, directly driving up Metaplex’s protocol fees. These fees have played a key role in funding MPLX token purchases for the Metaplex DAO, fueling further growth within the ecosystem.

Since June 2024, 50% of the prior month’s protocol fees, along with a portion of historical fees, have been allocated toward MPLX token purchases, supporting the Metaplex DAO. The impact was particularly pronounced in November 2024, with 12,000 SOL (roughly $3 million at current market prices) used to purchase MPLX tokens, marking a 58% increase in token purchases month-over-month. This also represents the largest monthly MPLX acquisition to date.

November 2024: A Record-Breaking Month for Metaplex

November 2024 marked a historic month for the Metaplex Protocol, setting new records across several key metrics:

• Fungible Token Creation: Metaplex saw 1.4 million new tokens minted, a staggering 56% increase month-over-month, compared to the previous record in October 2024. This surge in token creation, largely driven by memecoin activity, represented 94% of all Token Metadata assets created on the platform during the month.

• NFT Creation: Metaplex’s next-generation Metaplex Core NFT standard also hit new heights, with 354,000 NFTs created in November, driven by the flexible design and expanded use cases of the standard.

• User Engagement: The protocol saw significant growth in user interaction, with the number of unique wallets interacting with Metaplex reaching 879,000, a 34% increase from the previous month. Additionally, the total collector base expanded to nearly 60 million unique wallets, growing by over 860,000 wallets in November alone.

A New Era for Metaplex and Solana

These record-breaking figures are a testament to the growing adoption of the Metaplex Protocol and the Solana blockchain, driven by the increasing demand for digital assets. As more users and developers flock to Solana for creating and interacting with tokens, NFTs, and other decentralized applications, Metaplex is cementing its position as the go-to platform for digital asset creation.

Metaplex continues to evolve, empowering developers and creators with the tools they need to build and scale decentralized applications on Solana’s high-performance blockchain. The protocol’s open-source nature and commitment to supporting decentralized finance (DeFi) and commerce are key factors in its ongoing success.

About Metaplex

Metaplex is the leading decentralized protocol on the Solana blockchain and SVM (Solana Virtual Machine). It provides the tools, programs, and infrastructure needed for developers and creators to build decentralized applications using digital assets, from NFTs to fungible tokens and beyond. The platform has seen substantial growth, thanks to its user-friendly ecosystem and innovative approach to blockchain development.

About the Metaplex Foundation

The Metaplex Foundation, a non-profit organization based in the Cayman Islands, is dedicated to supporting the growth and development of the Metaplex Protocol. Through open-source tools and resources, the foundation enables developers, creators, and users worldwide to engage in a decentralized and inclusive digital economy.

For more information, visit Metaplex.

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