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Non-fungible tokens (NFTs) first shot to popularity in 2021 on the back of multimillion dollar mega-sales that year. Despite losing some of its initial gloss, the NFT market is still one of the key elements in the broader crypto ecosystem. Right from the beginning of the NFT mania, it was evident that the world’s leading smart contract blockchain — Ethereum (ETH) — was poorly suited to the tasks of creation, trade and management of NFTs, primarily because of its high gas fees and network congestion.
The Solana (SOL) blockchain, with its swift transaction processing and minuscule fees, has positioned itself from the beginning as an NFT-friendly platform. It’s no wonder then that a pivotal project that aims to provide comprehensive support for NFT creators and developers emerged on Solana. The project in focus is Metaplex (MPLX) — a protocol that facilitates the minting, launching, trading and managing of NFTs, NFT collections, storefronts and entire marketplaces.
Key Takeaways:
Metaplex is a Solana-based protocol that provides creators and developers with an extensive range of NFT development tools.
Using Metaplex Creator Studio — one of the tools provided by the platform — nontechnical audiences can mint and launch their NFTs and collections via a GUI (graphical user) interface, with no programming skills required
Metaplex also allows developers to create and launch NFTs, collections and marketplaces using programmable tools, some of which are designed to facilitate the development of advanced NFT types — composable NFTs and compressed NFTs.