Mert Mumtaz, the co- founder and chief executive officer of Helius Labs, has slammed Metaplex for failing to generate profit regardlessย of raising greaterย than $46 Million in a financing initiative aย yearย ago. He stated Solana (SOL) would be better than the way it is now.
Mumtaz Slams Metaplex For Making Loss
In a May 23 blogย post, the chief executive officer of Helius Labs condemned Metaplex, a company that allows users to build their own Solana-based non-fungible cryptoย token (NFT) marketplaces, for failing to raise revenue regardlessย of raising greaterย than $46 Million in financing last year.
BREAKING: @0xMert_ CLAIMS THAT IF @heliuslabs, @xNFT_Backpack, OR @tensor_hq HAD @metaplexโS FUNDING THAT @solana WOULD NOW BE A โTYPE 3 CIVILIZATION ON THE KARDASHEV SCALE, HARNESSING THE POWER OF DYSON SPHERES FOR INTERGALACTIC BLOCKCHAIN DOMINATION AGAINST THE DARK ELVESโ pic.twitter.com/bMziRCkD6N
โ DEGEN NEWS ๐๏ธ (@DegenerateNews) May 23, 2023
Metaplex raised $46 Million in January in a financing round led by Multicoin Financialย resources and Jump Cryptocurrency. The finding initiative likewise saw the participation of other notable investors, including Alamedaย Research Ventures, Allen Iverson, Animoca Brands, Michael Jordan, and Solana (SOL) Ventures.
In a newsย release, at the time, Metaplex stated it would use the secured funds to scale its operations and provide grants toย facilitate creators from underrepresented cryptocurrency communities. Metaplex had launched greaterย than 85,000 projects as of January 2022.
Regardlessย of receiving huge amounts of funds, Metaplex has failed to harness Solana (SOL) to causeย a profit in the past plentyย of months. Althoughย while condemning Metaplex for its failure to generate revenue, Mert Mumtaz, the co- founder of Helius Labs, remarked:
โLook all Iโm saying is if helius or backpack or tensor had metaplexโs financing (18x more)โ solana would now be a Type 3 Civilization on the Kardashev scale, harnessing the power of dyson spheres for intergalactic blockchainย tech domination against the dark elves.โ
Solana (SOL) Non-Fungibleย Tokenย (NFTs) Dropped Over 50 percent In Sales On YoY
Solana (SOL) Non-Fungibleย Tokenย (NFTs) are down over 50 percent in trading sales volume year-over-year. Reportsย by CryptoSlam, Solana (SOL) Non-Fungibleย Tokenย (NFTs) have fallen from $26 Million in May 2022 to just $3.4 Million in May 2023. Solana (SOL) Non-Fungibleย Tokenย (NFTs) have likewise recorded short growth in the number of Non-Fungibleย Tokenย (NFT) buyers and sellers.
Solana (SOL) Non-Fungibleย Tokenย (NFT) Sales Volume: Source: CryptoSlam.io
In December 2022, Solana (SOL) experienced a big blow after its top Non-Fungibleย Tokenย (NFT) collection. DeGods and y00ts, announced intendsย to shift to its rival Ethereumย (ETH) network. DeGods migrated to Ethereumย (ETH) while its sister Non-Fungibleย Tokenย (NFT) collection y00ts went to Polygon, an Ethereumย (ETH) growing solution.
DeGods will officially bridge to Ethereumย (ETH) in Q1 of 2023.
The bridge is not the destination.
It is on the path to get there. pic.twitter.com/Wy8CbGx5VZ
โ DeGods III (@DeGodsNFT) December 25, 2022
