Solana-based Metaplex laid off staff, citing the indirect effects of the FTX stock market crash.
Stephen Hess, CEO of NFT protocol, said that while the company’s treasury is not directly affected and its fundamentals remain strong, a more conservative approach will be taken going forward.
Metaplex Gone to Shrink
Metaplex is an ecosystem of tools on Solana that NFT manufacturers can use for minting and airdropping. In the wake of FTX’s collapse, many NFT companies have made an effort to reassure their communities that they have nothing to do with FTX.
Hess said:
“We will refocus our efforts on a few key initiatives. Continual improvement of Royalty Enforcement, Creator Studio, Fusion, Compression, development tools and SDKs”
As with the Solana-based metaverse game Star Atlas, discussions have arisen over whether assets are stored in FTX in Metaplex. Similarly, although Yuga Labs said that 19,700 ETH was moved from FTX on November 9, none of the largest NFT collections by trading volume have reported funds on the exchange.
FTX’s sister company, Alameda Reserah, participated in Metaplex’s $46 million token sale last January. The round was co-led by Multicoin Capital and Jump Crypto.
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