Metaplex Protocol Achieves Record-Breaking Protocol Fees in November 2024

December 06, 2024 at 09:18AM
Metaplex, the blockchain protocol used to create virtually
every token, memecoin, and NFT on Solana, saw record-breaking protocol fees in
November, fueled by a surge in digital asset creation on Solana.

Rise in Solana Token Creation Drives Record Protocol
Growth

As the protocol behind virtually all token creation on
Solana, Metaplex has emerged as a primary beneficiary of the extraordinary
surge in digital asset creation on the Solana network.

This exponential level of activity, encompassing everything
from memecoins to AI tokens and NFTs, directly contributes to Metaplex’s
protocol fees. This increased protocol fee generation has in turn funded
record-breaking $MPLX token purchases for the Metaplex DAO.

Since June 2024, 50% of the prior month’s protocol fees and
a portion of the historical fees have been allocated to funding $MPLX token
purchases for contribution to the DAO.

In November 2024, this culminated in 12k SOL worth of $MPLX
purchases — equivalent to approximately $3 million at current prices,
marking a substantial 58% increase month-over-month and signifying the largest
monthly $MPLX token purchases to date.

Building on this momentum, Metaplex’s November protocol fees
hit an all-time high of $3.5 million, setting the stage for even larger
allocations for $MPLX purchases in December.

Record-Breaking Metaplex Protocol Metrics in November

November’s protocol activity shattered previous records
across multiple metrics:

Metaplex
saw extraordinary growth in fungible token creation, with 1.4M new
tokens minted — marking a 56% increase month-over-month compared to
the previous all-time high in October 2024 and a new monthly record.
This represented 94% of all Token Metadata assets created, driven
primarily by memecoin activity on platforms such as Pump.fun.

Metaplex
Core, the next generation NFT standard, demonstrated significant adoption
with a new all-time high of 354k assets created, driven by expanded
use cases made possible due to the standard’s flexible design.

User
engagement metrics surged as the number of unique wallets interacting with
the Metaplex protocol reached 879k — a 34% increase from October
and a new all-time high. The protocol’s total collector base expanded to
nearly 60 million unique wallets, growing by over 860k in November alone.

About the Metaplex Protocol

Metaplex (https://www.metaplex.com/) is the leading
decentralized protocol on Solana and SVM, providing tools and programs for
developers and creators to build decentralized applications that use digital
assets. With a growing user base and a commitment to innovation, Metaplex is
empowering the next wave of decentralized finance and commerce.

About the Metaplex Foundation

The Metaplex Foundation is a Cayman Islands non-profit
organization dedicated to supporting the development and growth of the Metaplex
Protocol. By providing open-source tools and resources, the Foundation empowers
developers, creators, and users worldwide to participate in a decentralized and
inclusive digital economy.

This article was written by FL Contributors at www.forexlive.com.