Megaplex, a budding marketplace for non-fungible tokens (NFTs), recently closed a $46 million funding round to beef up its business visibility. Co-leaders of the fundraising exercise were venture capital firms Multicoin Capital and Jump Crypto. Other participants were Solana Ventures, Alameda Research, and Animoca Brands. Furthermore, Metaplex’s investment round also saw participation from a bevy of individual investors such as NBA legends Michael Jordan and Allen Iverson.
According to Metaplex, it will channel the fresh capital towards expanding its gaming and metaverse applications. The NFT marketplace intends to execute this via its Metaplex Foundation, which oversees the development of its namesake protocol. This corroborates the fact that existing blockchain networks are looking to capitalize on advancements in Web3 technology.
Megaplex, with support from crypto exchange FTX, launched its Solana-based NFT marketplace back in June 2021. At the time, the aim was to provide infrastructure support for the emerging NFT space. The NFT marketplace enjoyed tremendous success in 2021, generating an all-time high of more than $17 billion in sales. Furthermore, it appears set to pick up more added growth this year, despite a blip at the turn of 2022.
As the metaverse continues to grow and evolve, the consensus is that NFTs would experience an added surge in popularity. This is due to the proof of ownership status that the latter confers in the digital world.
Image Credits: Pixabay
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