Mataplex to launch a decentralized token via DAO

Solana NFTs have recently risen in popularity due to buzzy initiatives such as ABC and y00ts. Currently, the founder of the platform’s NFT framework is trying their best: Metaplex had already revealed plans to release a coin and decentralize its management through a DAO.

Metaplex’s MPLX coin was revealed on Saturday and is set to release today, and NFT founders who utilized the Solana framework are eligible for an unspecified number of tokens. Nevertheless, there is one major caveat: residents of the US are not qualified for this airdrop, supposedly because of regulatory issues.

Later today, Metaplex intends to launch its claims site, allowing qualified wallets to obtain the MPLX coin. The mobility token can be employed to initiate a DAO, which is a digital platform in which gems represent subscriptions. MPLX token owners will be eligible to elect NFT protocol management proposals.

MPLX owners, according to Metaplex, would then steer the system’s orientation via Metaplex’s DAO, supporting the guarantee of a distributed and community-owned founder platform.

Metaplex’s Foundation has employed the framework to create 20M Solana NFTs, resulting in over $3.5B in revenue between initial and secondary purchases. Metaplex claims that over 2.4M makers and hoarders have engaged with this kind of NFT; it is unclear how many qualified creators are included in the combination.

Based on a tweet response, Metaplex snapped a picture of eligible makers on August 24, which implies that only consumers who generated NFTs through Metaplex back when the image was taken will be qualified.

Time for a clean-up

Furthermore, Metaplex stated that founders of initiatives considered rug pull, aka founders who took funds from customers, faded away, and failed to fulfill their promises, would be excluded from this airdrop. TRM Labs, a virtual asset conformance firm, was hired by the company to assist it in removing such initiatives from the coin airdrop.

Metaplex wrote on Twitter that there wasn’t any room inside Metaplex’s DAO for any rug pulls.

However, distinct collectors interpret the phrase rug pull differently, and the requirements for this airdrop rejection are currently unknown. When asked about the requirements, a Metaplex delegate stated that it had eliminated hundreds of accounts thought to correspond to malicious people.

Last January, Metaplex’s Foundation raised $46M in a funding round guided by Jump Capital and Multicoin Capital, with Alameda Research, Solana Ventures, and Animoca also participating. Over 90 individual venture capitalists, such as basketball legendary figures Allen Iverson and Michael Jordan, also participated.