Megaplex, a marketplace for non-fungible tokens (NFTs), has recently raised $46 million to increase its visibility. The venture capital firms Multicoin Capital, Jump Crypto and Jump Crypto were the co-leaders in the fundraising exercise. Solana Ventures and Alameda Research were also involved. Additionally, Metaplex saw participation from numerous individual investors like NBA legends Allen Iverson and Michael Jordan.
Metaplex claims that it will use the new capital to expand its gaming and metaverse apps. This will be done through the NFT Marketplace’s Metaplex Foundation which oversees its development of its nameake protocol. This confirms that the existing blockchain networks are seeking to take advantage of advances in Web3 technology.
Megaplex launched its Solana-based NFT market in June 2021 with the support of crypto exchange FTX. The goal was to provide infrastructure support to the new NFT space. NFT market enjoyed great success in 2021. It generated an unprecedented $17 billion in sales. It appears to be poised for even more growth in 2019, despite a slight dip at the beginning of 2022.
The consensus is that NFTs will experience an increase in popularity as the metaverse grows and evolves. This is because of the digital world’s proof of ownership that NFTs confer.
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