New to Crypto Logo

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

New To Crypto Podcast Logo image

0:00
Welcome to the New to Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto and don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Trading Center and the Lifestyle Dezign Studio. Here’s your host Crypto Travels Michael.

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.

Thanks for tuning in to New to Crypto Podcast. If you liked the episode, be sure to follow and subscribe. You can listen to every episode on all major platforms to have an interest in being on the show or one advertising reach out at newtocrypto.io. Head over to our site newtocrypto.io to access the resources mentioned in each episode. Until next time, remember to navigate the crypto landscape with pinpoint accuracy.

By: cryptotravelsmichael
0

Table of Contents

Welcome back to another podcast episode! In this discussion, we’re going over the role Metaplex could play in the metaverse. 

What Is MetaPlex? 

On the Solana blockchain, Metaplex is a decentralized protocol that will enable authors to create and auction non-fungible tokens. According to a press release, it’s intended to provide essential infrastructure for the metaverse and is aimed at creators.

The project will enable artists to create their own page on the platform without having any prior knowledge of how Solana’s smart contracts work. 

This year, non-fungible tokens became increasingly popular, garnering the attention of musicians, digital artists, and other creatives. They could encompass tokenized digital art, music, intellectual property, or just about any asset and are valuable for demonstrating the ownership and scarcity of work.

Most NFTs are now based on Ethereum, but the Metaplex launch might enable the space to expand on Solana. RAC, Street Dreams, and CryptoKickers are just a few of the leading NFT enthusiasts who have backed Metaplex. Solana Labs and FTX have also provided support.

Any NFTs created by Metaplex will be kept on Arweave, a service that backs up data for a one-time cost. Creators will be able to get automatic payments as a result of this. NFTs on Ethereum work in a similar manner; an ERC-721 or ERC-1155 token’s smart contract can be configured to pay a fee to the token’s creator immediately.

The Concept Of Metaplex 

Many other major NFT marketplaces are not truly decentralized, and Metaplex will be one of them. The protocol will be governed by its own token, META, which will be released soon.

Metaplex is able to drastically cut minting and trading expenses by building on a base of the Solana protocol and Arweave. By delivering an easy-to-use and more economically viable platform that can better serve both creators and their communities, the development of a Solana-based NFT platform will help expedite the pace of innovation we’re witnessing in the field.

In addition, the project aims to provide substitutes to centralized payment systems. Helium will auction “Hotspots,” NFTs that symbolize access to the Helium wireless network, to achieve this purpose.

Benefits Of Metaplex 

Metaplex NFTs provide a wide range of advantages to makers and artists. The platform uses the Solana blockchain to provide on-chain building and auctions. Furthermore, the average cost of minting is less than $1, and there are no platform fees. It also provides decentralization and open-source or permissionless creation. 

When you construct a shop, it connects to a robust on-chain application that only mints NFTs. The storefront, on the other hand, can run fully on-chain auctions, removing the intermediary and their fees from NFT transactions.

With fast payments and NFT transfers, on-chain auctions are a robust structure. For fans, artists can create limited or open editions, or hold tiered auctions in which collectors must bid on NFTs assigned to specified levels.

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.

- Crypto Travels Michael

Here's What We Discussed in Detail in This Interview

  • What is Metaplex
  • Benefits and features
  • The Candy Machine system
  • Fees

Killer Resources

HOW TO REACH TO CRYPTO TRAVELS MICHAEL

Final Thoughts

One of Solana’s earliest NFT-focused projects is Metaplex. The majority of the rest are on Ethereum, which has hefty gas prices as a result of its popularity. Network congestion has been exacerbated by the proliferation of NFTs and DeFi.

Layer 2 initiatives like Immutable hope to make NFTs more accessible on Ethereum, but Metaplex can have a reasonable prospect thanks to Solana’s ability for high-speed, low-cost transactions.

The New to Crypto Podcast is designed to guide you through the crypto landscape with pinpoint accuracy. New episodes are added daily. Be sure to subscribe to the podcast and listen to all of the episodes to help you in your cryptocurrency journey.

I’d love to hear from you! Email me at show@newtocrypto.io and let’s chat.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.

Share this podcast with a friend or family member, join our newsletter at https://newtocrypto.io/ and leave a review on Apple Podcasts. Let me know your thoughts on this episode.

Share This…

Subscribe

Related Posts

Leave a Reply

Your email address will not be published.

team

Crypto Travels Michael

Founder

Helping those to navigate the crypto landscape with pinpoint accuracy.

  • Excellent!
    March 24, 2022 by Angie B. Selby from United States

    Fantastic story about misinformation and the power it has to instill fear worldwide.

  • Amazing
    March 24, 2022 by Alison K. Johnson from United States

    I love, love, love this podcast. So interesting and so well done.

  • Well done
    March 24, 2022 by Peggy K. Ramos from United States

    Enjoyed this podcast. Very informative and engaging.

  • Must listen
    March 24, 2022 by Thurman D. Banuelos from United States

    So important. Thank you!

  • So good!
    March 24, 2022 by Jeffery C. Clawson from United States

    Everyone should listen