The native token for a Solana (SOL)-based non-fungible token (NFT) platform rose nearly 30% this week, defying broader problems in the crypto market.
Metaplex (MPLX), which aims to facilitate the creation, sale and management of NFTs, posted price gains this week after drawing attention to its growing on-chain business.
The project notes on social media platform
Source: Metaplex/X
Metaplex also notes that last month, 3.1 million new wallets collected a digital asset created through the project.
Source: Metaplex/X
Metaplex has also recorded a notable amount of development activity recently. On Wednesday, crypto analytics platform Santiment ranked the project third among all NFT-related protocols in terms of the number of notable GitHub events in the past 30 days.
Metaplex clocked 23.07 GitHub events, behind the layer-1 permissionless blockchain Flow (FLOW) and the Ethereum (ETH)-based virtual reality platform Decentraland (MANA).
Source: Santiment/X
Santiment says it does not count routine updates and uses a superior methodology to collect data for GitHub events based on a backtested process.
MPLX, Metaplex’s native token, is trading at $0.342, up from $0.264 a week ago. The 294th-ranked crypto asset started to decline on Friday, falling more than 5% in 24 hours.
Generated image: Midjourney