Metaplex Foundation, the non-profit arm of the Metaplex Protocol, announced on Tuesday it is launching its own token under the MPLX ticker. 

As of today (Sept. 20), through a multi-week claim period, the organization will distribute 14 million tokens to early community members. Those receiving the initial token tranche are early builders on the Metaplex platform. Another 40 million tokens will be distributed to early collectors, pursuant to a DAO vote, the Foundation said in a release.

The Metaplex Protocol was first launched in June 2021 as the first program library and set of tools for developers to create, sell and manage NFTs on the Solana blockchain. Creators were attracted to the business due to its low mint fees and the fact that it was more environmentally friendly than NFT projects built on chains such as Ethereum (at least, before The Merge). The Metaplex Standard is the metadata standard by which NFTs are classified on Solana.

MPLX will be a utility and governance token for the Metaplex Protocol and has been issued as a method for decentralized governance for future projects and strategic decisions.

“It's an honor for us to wake up every day and serve our community as they stretch the edges of the technology," said Stephen Hess, a director of the Metaplex Foundation. "The MPLX Token represents our commitment to empowering creators and flipping the Web2 model on its head by building a platform that can be owned, shaped and governed by those that use it.”

The Metaplex Foundation raised $46 million in January in a simple agreement for future tokens (SAFT) sale, led by Multicoin Capital and Jump Crypto. Solana Ventures, Alameda Research, and Animoca Brands also participated.

The drop will initially be listed on FTX, KuCoin, and Huobi international exchanges. It is not available for purchase by US residents.

It follows a hot period for NFTs on the Solana blockchain in recent weeks. Dust Labs — the project behind NFT collection y00ts and popular collection DeGods — announced earlier this month a $7 million fundraise and saw $9.6 million in secondary sales in September of its “y00ts mint t00b” collection. Dust Labs counts FTX, Jump, and Solana Ventures as backers. 

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