Solana-Based Metaplex Dismisses Employees Citing FTX Impact

Solana-Based Metaplex Dismisses Employees Citing FTX Impact

Solana-based Metaplex laid off staff, citing the indirect effects of the FTX stock market crash.

Stephen Hess, CEO of NFT protocol, said that while the company’s treasury is not directly affected and its fundamentals remain strong, a more conservative approach will be taken going forward.

Metaplex Gone to Shrink

Metaplex is an ecosystem of tools on Solana that NFT vendors can use for minting and airdropping. After the collapse of FTX, many NFT companies made an effort to reassure their communities that they had nothing to do with FTX.

Hess said:

“We will refocus our efforts on a few key initiatives. Continual improvement of Royalty Enforcement, Creator Studio, Fusion, Compression, development tools and SDKs”

As in the Solana-based metaverse game Star Atlas, discussions have arisen over whether assets are stored in FTX in Metaplex. Similarly, although Yuga Labs said that 19,700 ETH was moved from FTX on November 9, none of the largest NFT collections by trading volume have reported funds on the exchange.

FTX’s sister company, Alameda Research, participated in Metaplex’s $46 million token sale last January. The round was co-led by Multicoin Capital and Jump Crypto.

Despite the NFT market downturn, rare NFTs continue to attract users. It is important to use right tools to identify rarity of different NFTs.

Justin Bieber is sad! NFT market collapsed

According to the published report, NFT collections purchased by celebrities lost an average of 80 percent in value.

The owners of the Bored Ape NFT collection were also affected by the collapse. NFT, bought by Justin Bieber, came to the fore with a loss of approximately 95 percent.

NFT collections are on the agenda with high depreciation The crypto money market, which went through hard times with the collapse of the FTX stock market, also deeply affected NFT collectors. Celebrity collections have lost more than 50 percent in value within a few months.

Bieber purchased monkey number 3001 from the Bored Ape collection in January 2022 for $1.29 million. The current value of NFT, which was bought by Bieber, has dropped to $ 69,000. Sony is entering the NFT and blockchain industry!

Analysts noted that Bieber paid higher than other collectors’ items at the time he bought NFT. Some collectors think that Bieber paid $1.29 million because he wanted to enter the NFT market and be on the agenda.

Bieber purchased a new NFT from his Bored Ape collection in February 2022. The value of the second NFT he bought was announced as $440,000. It is known that Bieber spent a total of 716 Ethereums for his NFT collection.

Tech giants like Sony are preparing to enter the world of metaverse and NFT. It is thought that the crypto money industry will rise again in the medium term and the metaverse world will appreciate.

What do you think about the depreciation in the NFT market? Will the cryptocurrency market rise again? You can share your ideas with us in the comments section.

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