What is MetaPlex The NFT Marketplace on Solana [Solana Series]

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Hey, welcome to today’s episode. This is another one in the Solana series. And it’s all about Metaplex the NFT marketplace. So what is Metaplex the NFT marketplace on Solana? Well, Metaplex is a collection of tools and smart contracts designed to make the process of creating and launching NFTs easier. While initially focused on supporting the needs of the artists and entertainment industry. Their plans extend far beyond to those use cases where NFTs may be added value. Metaplex is a decentralized protocol combined with an open source web framework that allows artists brands and creators to launch self hosted NFT stores as easily as creating a website, all without writing any code. That sounds really awesome. The Metaplex protocol has already powered over 2 million sold transactions from various NFT sales, including projects like Degen Ape Academy and some others.

Metaplex is built on Solana not only because of scalability, but also because Solana has many other great features, including proof of history. Solid has a great reputation to launch NFTs in part because of the work of the Metaplex team. Let’s break down some benefits and features. The types of auctions; Metaplex currently supports four types of auctions that are all derived from English auctions, and those are single item, open edition, tiered auction, and royalties. Royalties can seamlessly created on chain artists splits that remove the awkwardness out of collaboration. You can tag each collaborator set custom percentages, and you’re off to the races. Each NFT can also be minted with configurable royalty payments that are then sent automatically back to the original creators whenever an artwork is resold on the Metaplex marketplace in the future. Let’s break down and unpack storefronts for a moment. Metaplex is off chain component allows creators to launch a custom storefront, similar to Shopify or WordPress.

And this open source project provides an interface on chain Metaplex program for creators, buyers and curators of NFTs the design and layout of storefronts can be customized to suit the needs of the entity creating either as a permanent storefront or as an auction hub for a specific auction or collection. So let’s go over something called candy machine program. The candy machine, or cm for short, is a Solana program designed to reliably sell one NFT at a time. The candy machine program behaves like a real world mechanical candy machine, where a person expects to put a coin into the machine and get one item out. candy machine was created to address problems with the NFT drops that were being handled on the Solana a blockchain. Key problems include: accepting a buyers funds when the project was out of NFTs to sell. Also not having a precise and global start time, projects were not producing consistent well formed valid NFTs in basically, the ecosystem needed an easier way to solve the most fundamental problems that buyers sellers and marketplaces face. So let’s break down the contracts.

Metaplex is actually not a single contract, but a contract ecosystem consisting of four contracts that interact with one another, only one of the contracts Metaplex actually knows about the other three, while the others represent primitive in the ecosystem and do not interact with each other at all. Let’s break down the token vault for a moment: The token vault serves two purposes in the Metaplex ecosystem storing tokens for safekeeping for the Auction Manager and as a fractionation service for NFTs. A Vault can have any number of safety deposit boxes. One per unique meant being stored. So what are the fees? One advantage of Metaplex is that storefront owners only pay to use Solana is network a super fast and cheap blockchain. Every time you use Solana’s network through the Metaplex protocol smart contract, you’ll pay a small fee, somewhere between 30 cents to three US dollars and the team is also working to make this fee even lower by streamlining the processing power. I hope that today has been informative for you, all about Metaplex. Definitely like and subscribe to the podcast. If you’d like to reach out to me, you can email me at show@newtocrypto.io. Until tomorrow, make it a great day.

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