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Metaplex set to launch a token, decentralize governance via DAO.


Metaplex plans to launch a token MPLX and decentralize its governance through a DAO. The MPLX token will be airdropped today. NFT creators, who used the Solana protocol, are eligible to receive an undisclosed allotment of tokens. Metaplex will also open its claims website later today. This will enable eligible wallets to receive the MPLX token. However, US residents are not eligible for this airdrop due to regulatory concerns.

Token holders can help steer the direction of the protocol through the Metaplex DAO. The Metaplex Foundation said the protocol has been used to mint 20 million Solana NFTs to date. It has yielded more than $3.5 billion worth of sales between initial and secondary sales. Metaplex revealed that more than 2.4 million creators and collectors have interacted with such non-fungible tokens. Metaplex, on August 24, took a snapshot of eligible creators. This means that only users who created NFTs through Metaplex by the time of the snapshot will be eligible.

Creators of the project that were taken as rug pulls, in other words, creators that took money from users and then disappeared and did not uphold and deliver their promises will be filtered out of the airdrop. Metaplex will enlist digital asset compliance firm TRM Labs to help the protocol remove such projects from the token airdrop. The company said there is no room for rug pulls in the Metaplex DAO.

In January, the Metaplex Foundation had raised $46 million in a round co-led by Multicoin Capital and Jump Capital, with Animoca Brands, Solana Ventures, and Alameda Research.

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