Why did Multicoin Capital invest in the NFT platform Metaplex?

Original title: "The Composable NFT Standard"

Original source: Shayon Sengupta, Multicoin Capital

Original compilation: Hu Tao, chain catcher

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Today, we are pleased to announce that Multicoin Capital, together with Jump Crypto, has led a $43 million strategic investment in Metaplex, including Solana Ventures, Alameda Research, Samsung Next, Sino Global Capital, Animoca, Cultur3 Capital, Blue Pool and 90 other backers participated in the vote.

Metaplex is a decentralized protocol combined with an open source web framework to help artists, brands, and creators create NFTs and launch self-hosted storefronts. Metaplex is Solana's primary NFT standard, powering the vast majority of NFT activity.

Metaplex  has itself facilitated over $12 billion in NFT volume since its launch in June 2021, representing over 5.5 million NFTs , 85,000 items and over 600,000 active collectors. The 200 most popular NFT projects on Solana have a combined market cap of over $1 billion, including Solana Monkey Business, Degenerate Ape Academy, Shadowy Super Coder DAO  Metaplex standards and tools have found a large market, attracted users, and started scaling—all before the first official fundraising.

NFTs are rapidly reshaping communities around media, culture, sports and general internet applications. A large group of influential creators are waking up to this and investing in Metaplex accordingly in this round, including Michael Jordan, William Wesley, Allen Iverson, Shari Glazer, RFS DU SOL, and Cozomo de' Medici, among others. The collection of NFTs built on the Metaplex standard represents some of the world's foremost creators, investors, and entertainers. We attribute this to Metaplex's obsession with out-of-the-box usability, the fundamental cost advantages offered by the Solana blockchain, and the large design space for on-chain composable assets.

The adoption of NFTs represents a milestone moment in the Web3 adoption cycle. Despite the difficulties in the process, thousands of lay users are willing to join the crypto orbit. The events of the past year have signaled a mainstream understanding of ownership, one of the core principles of cryptocurrencies. The world is beginning to embrace the value proposition of decentralized networks as sovereign, immutable, and censorship-resistant ledgers.

While many consider NFTs to be JPEGs, with some assurance of provenance or ownership provided by the blockchain, their practical potential extends far beyond this monolith. NFTs are one of the most flexible data structures in cryptocurrency, with use cases ranging from game assets to financial contracts and everything in between. Aside from ownership, the key unlocking of Web3 is composability, or the idea that assets in any given environment can be seamlessly transferred to other environments.

To enable ownership and composability, we need standards that create the necessary social consensus. In society, we use laws and regulations to form a collective understanding of property rights and expected behavior. On blockchains, this understanding comes from the standards against which developers build protocols and applications.

Our thesis for Metaplex is simple: As we develop canonical standards and drive their use through modular products and initiatives, Metaplex becomes The base layer for formal exchange.

The Metaplex community continues to develop new release and distribution mechanisms into the product, such as the Candy Machine, Auction House, and Gumdrop - each allowing creative Owners have fine-grained control over how their collections are published. An open-source reference implementation and SDK make it easy for developers to deploy and extend new applications. Over 2,600 development teams have forked the core repository more than 15,000 times across applications such as Magic Eden, Fractal, HEIR, Star Atlas, Aurory, and Genopets.

As more and more assets and applications are deployed on Solana using the Metaplex standard, we will start to see some parts of the Metaverse at scale, The form of an interoperable world takes shape. Imagine in-game assets acquired on Star Atlas are auctioned on Fractal, split using Bridgesplit, and ultimately collectively owned by a DAO rather than a small team. In these worlds, the potential for new forms of interaction and engagement is limitless, all enabled by the standards created by Metaplex.

Solana is the only blockchain that remains composable while being accessible to everyone on the planet, and we believe Metaplex will play a role in consumer-facing product development These products are critical to bringing the next 100 million users into the crypto space.

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