Solana NFT Protocol Metaplex Announces Layoffs in Wake of FTX Collapse
Solana NFT protocol maker Metaplex announced on Thursday that it has undergone a company-wide round of layoffs, as the contagion induced by crypto exchange FTX’s collapse last week continues to spread across the Web3 ecosystem. the company’s co-founder and CEO Stephen Hess announced today in a tweet.
Metaplex is the protocol that powers NFTs on Solana, which has taken root as an alternative NFT network to dominant Ethereum. The company started the year on a strong note, completing a $46 million raise in January funded by the likes of Multicoin Capital, Jump Crypto, and NBA legend Michael Jordan. Months later, in the thick of the bear market, the company launched a native governance token, MPLX, which soon after its September release plummeted in value.
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