Solana (SOL) NFT Protocol Metaplex Declares Layoffs Following FTX Fall

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Metaplex’s Chief Executive Offices and Co-founder Stephen Hess declared moves to lay off multiple individuals following the FTX collapse. Metaplex is a Solana non-fungible token (NFT) protocol.

The CEO added that the platform has to let employees go, though the FTX debacle didn’t directly affect its treasury. However, it’s noteworthy that the protocol hasn’t specified the count of discontinued employees.

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Can Metaplex Endure the 2nd Crypto Market Crash?

Metaplex protocol runs non-fungible tokens (NFTs) on Solana. Meantime, Solana has established itself as an alternative NFT platform to dominant Ethereum. The Metaplex Foundation raised around $46 million in January this year, drawing funding from Michael Jordan, Jump Crypto, and Multicoin Capital.

The Terra stablecoin failure in May 2022 triggered a market-wide slump with longer-term consequences. The bearish market that followed the UST crisis saw Metaplex launching MPLX, its native token, in September this year. Meanwhile, the altcoin stretched its declines beneath its $0.88 opening price. MPLX traded at $0.056 during this publication.

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The SOL Foundation confirmed having nearly $1M in FTX assets before the firm paused customer withdrawals. The assets remain trapped on the network, awaiting conclusions from FTX insolvency proceedings. Nevertheless, the cash is below 1% of its total funds.

Moreover, the SOL Foundation owns nearly 3.24 million of Project Serum’s SRM tokens. Its SRM and FTT tokens were worth $101 million and $75.5 million, respectively, as of November 7. Remember, Sam Bankman-Fried founded the Solana-based decentralized exchange in 2020.

SOL Drops 60%

Solana NFTs have seen continued declines as the non-fungible token space witnesses the effects of discussions over creator royalties. Solana was among the favorite platform of SBF, FTX founder. Meanwhile, SOL price plummeted by more than 60% following FTX’s debacle.

At press time, the alt price dropped to $1.55 from November 7 at $32.74. The altcoin endured a massive decline that represented three times the drop portrayed by assets such as ETH and Bitcoin.

The crypto space remained sunken, with most assets painting red on their daily charts. The cryptocurrency market capitalization declined by 0.70% within the past 24hrs to $831.22 billion.

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