• Thu. Apr 18th, 2024

Metaplex Prepares to Airdrop MPLX Tokens to Solana NFT Creators

Sep 21, 2022

Solana NFTs are finally rising thanks to exciting projects like ABC and Yoots. To encourage the NFT creators to build more projects, the Solana NFT protocol creator Metaplex has announced plans to launch the MPLX token and decentralize its governance via a Decentralized Autonomous Organization(DAO).

NFT Creators Set to Receive MPLX Tokens Today

The MPLX token announcement came over the weekend and will drop today. NFT creators that used the Solana protocol are eligible for the token airdrop. However, the token allocation per creator is undisclosed. In addition, due to regulatory concerns, The United States NFT creators are excluded from the airdrop.

The eligible wallets will receive the token today once Metaplex’s claims website goes live. As stated earlier, MPLX tokens will help Metaplex to launch a DAO, an online community that will use the tokens to indicate membership. The token holders will have the right to vote on governance proposals regarding the Solana NFT protocol.

Metaplex foundation data shows that the protocol has been utilized to mint over 20M Solana NFTs, with a collective worth of about $3.5B. Metaplex claims that over 2M Collectors and creators have interacted with these NFTs. However, the number of eligible creators receiving MPLS tokens remains unclear.

Metaplex Seeks to Exclude Rug Pull Projects from Token Airdrop

On August 24th, Metaplex took a snapshot of eligible NFT creators and stated that the only creators eligible for airdrop are those who used Metaplex to create NFTs by the time of the Snapshot. Metaplex added that creators of rug pull projects were to be deemed ineligible.

Rug pull projects have seen users lose money to dishonest creators, and metaplex says it has contracted TRM Labs, a compliance firm that will assist in filtering out such projects from the airdrop. However, different NFT collectors have different definitions of ‘rug pull.’ At the moment, Metaplex has failed to explain clearly its criteria for the airdrop exclusion.

The Metaplex Foundation has attracted several serious investors. In January 2022, it raised over $45 million in a round co-led by Jump Capital and Multicoin Capital. Other companies onboard include; Animoca Brands, Alameda Research, and Solana Ventures. Also, over 80 individual investors, including basketball legend Michael Jordan, were involved.

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