Today we will continue to talk about a new project according to the previous ideas. The first place in the 24-hour growth ranking of the top 500 projects is Metaplex, with a 24-hour growth of more than 20%. It is also a project on SOL. SOL has been very popular recently, and the projects in the ecosystem are also very popular.
mplx
This project was launched in 2022 and has increased more than ten times in one year. Its current market value is 90 million US dollars, and its overall FDV is around 400 million US dollars.
Project Introduction
Metaplex is a mature NFT infrastructure protocol in the Solana ecosystem. The project facilitates over 99.9% of NFT minting. It has established infrastructure standards for NFTs (token metadata) and developed applications like Candy Machine and Creator Studio that make it easier for creators to set up fair launches.
The Metaplex protocol has three main components:
- Digital asset standards define token metadata for fungible, semi-fungible, and non-fungible tokens, supporting use cases in art, collectibles, gaming, identity, and music.
- Metaplex Library (MPL) provides on-chain functionality for applications to create, sell, buy or trade digital assets.
- META, the governance token of the Metaplex protocol and the Metaplex DAO.
Additionally, the Metaplex Foundation provides developers with sophisticated tools for extending and deploying the protocol, including SDKs and reference applications.
These tools have accelerated the widespread integration of Metaplex in products such as OpenSea, Phantom, FTX, and Instagram. They have also supported the development of new platform businesses such as Fractal, Holaplex, and Magic Eden.
Since its inception, Metaplex has facilitated the minting of 255K+ collectibles, 500M+ NFTs, 50M+ collectors, and $1.2B+ in creator revenue. The minting cost of 10,000 NFTs is only $2,500-3,000 ($0.25-0.30 per mint), compared to $2.5-300,000 on Ethereum ($25-30 per mint).
Core Products
1.1Create-Bubblegum
Bubblegum, a project for minting compressed NFTs. Metaplex’s compressed NFTs reduce the cost of minting NFTs by over 1,000x (from over $10 on Ethereum to less than $0.001 per mint on Solana).
Metaplex mints 180 million NFTs per year, compared to Ethereum’s 25 million (over 7 times more). Metaplex recently started charging fees to sustain the project. If fees were enabled in 2022, Metaplex would generate $13.9 million in revenue.
1.2Core-Next Generation NFT Standard
Metaplex Core ("Core") breaks away from the complexity and technical debt of previous standards and provides a concise and clear core specification for digital assets. This generation of Solana NFT standards uses a single account design, which reduces minting costs and improves Solana network load compared to other solutions. It also has a flexible plugin system that allows developers to modify the behavior and functionality of assets.
Compared to other standards including the Metaplex Token Metadata Program, it has the following advantages:
Unprecedented cost efficiency: Metaplex Core provides the lowest minting cost compared to existing alternatives. For example, minting an NFT through Token Metadata costs 0.022 SOL, through Token Extensions it costs 0.0046 SOL, and using the Core only costs 0.0029 SOL.
Low Computational Requirements: Core operations take up fewer computational units. This allows more transactions to be included in a block, instead of requiring 205,000 CU to mint, the core only requires 17,000 CU.
Single account design: The core does not rely on alternative token standards like SPL Token or Token Extensions (ie Token22), but focuses on the needs of NFT standards. This allows the core to use only one account while tracking the owner.
Enforced royalties: The core allows for royalty enforcement by default.
First-class collection support: Assets can be grouped into collections. While this is also possible with Token Metadata, in Core, collections are independent asset classes that allow for the following additional features:
Collection-Level Operations: Core allows users to make changes to all assets at a collection level. For example, all collection assets can be frozen or have their royalty details changed at the same time with a single transaction!
Advanced plugin support: From built-in staking to asset-based points systems, the plugin architecture of Metaplex core opens up a wide range of practicality and customization. Plugins allow developers to add custom behaviors by hooking into any asset lifecycle events such as creation, transfer, and destruction. You can add plugins to your assets, for example, delegate permissions or add on-chain properties that are automatically indexed by DAS:
Indexing out of the box: Many RPC providers that support DAS already support core.
1.3.Inscription engraves data into Solana state
The Metaplex Inscription Program allows you to write data directly to Solana, using the blockchain as a method of data storage. The Inscription Program also allows this data storage to be optionally linked to an NFT.
1.4 Token Authorization Rules (also known as Token Authorization Rules)
It is a high-level meta-programming tool for evaluating the authority of instructions that occur on SPL tokens. The program itself can be used to create and update rule sets, which are collections of rules that express specific standards.
1.5Token Metadata
2.1Candy machine
The Metaplex protocol’s Candy Machine is the primary minting and distribution program for fair NFT collection releases on Solana. It allows creators to bring their digital assets on-chain in a secure and customizable way.
3.1fusion
The Trifle program is built on top of the escrow extension of Token Metadata. It uses creator-owned escrow (COE) and uses the Trifle PDA as the creator and manager of the COE. Its purpose is to increase on-chain tracking and composability around NFT ownership. In addition, the ability to specify rules and effects around token ownership enables creators to implement complex ownership models.
3.2 Hydration
Hydra is a collection of wallets, which can be called distribution wallets. It enables very large member sets to participate in the distribution of funds from a central wallet. It can be used with SOL and any SPL token.
3.3MP404
FANYI MPL-404 is a new model for digital assets, Web3 games, and on-chain communities. The core of the model is an exchange program for the exchange of a fixed amount of fungible assets for non-fungible assets, and vice versa. The exchange is a dual-custody system that ensures that all available non-fungible assets are backed by custodial fungible assets, and vice versa.
Dev Tools
There are 6 development tools, including Amman, DAS API, Legacy, Sugar, Toolbox, Umi, etc.
Token Economy
The total number of tokens is 999,984,758, and currently 248,745,041 are in circulation, with a circulation rate of 25%. The current exchange rate is US$0.37, and the peak was $0.8962 (2022-09-20). From the token distribution, we can see that creators and early contributors hold 21.9%, foundations hold 20.3%, DAO holds 16%, strategic financing holds 10.2%, pledges hold 10%, studios hold 9.75%, airdrops hold 5.4%, consultants hold 3.3%, and partners hold 3.1%.
Finally, let me summarize this project. This project is a relatively solid project, focusing on technical innovation in the field of NFT. However, we have talked about some projects focusing on NFT before. Because the current NFT market is not very good, its biggest advantage is that it is on the SOL chain. SOL is really popular at present. Yesterday, I talked about a project that is also in the SOL ecosystem, and the current market value is very low, less than 100 million. The disadvantage is that there are still 75% unlocked in 2 years, and there may be greater selling pressure later. Moreover, it has only returned half of its value after the launch of 0.6, so the pressure is still relatively large. Third, although the technical side is very solid, it does not have such strong innovation, and the pace is not enough.
