Helius Labs CEO Criticizes Metaplexs $46M Fundraising, Citing Lack of Profit

Helius Labs CEO Criticizes Metaplexs $46M Fundraising, Citing Lack of Profit


Helius Labs CEO Mert Mumtaz criticizes Metaplex for raising $46 million in funding but failing to generate profit, stating that Solana would be better off if Helius, Backpack, or Tensor had Metaplex’s funding.

Mert Mumtaz, the co- founder and chief executive officer of Helius Labs, has slammed Metaplex for failing to generate profit regardless of raising greater than $46 Million in a financing initiative a year ago. He stated Solana (SOL) would be better than the way it is now.

Mumtaz Slams Metaplex For Making Loss

In a May 23 blog  post, the chief executive officer of Helius Labs condemned Metaplex, a company that allows users to build their own Solana-based non-fungible crypto token (NFT) marketplaces, for failing to raise revenue regardless of raising greater than $46 Million in financing last year.

Metaplex raised $46 Million in January in a financing round led by Multicoin Financial resources and Jump Cryptocurrency. The finding initiative likewise saw the participation of other notable investors, including Alameda Research Ventures, Allen Iverson, Animoca Brands, Michael Jordan, and Solana (SOL) Ventures.

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In a news release, at the time, Metaplex stated it would use the secured funds to scale its operations and provide grants to facilitate creators from underrepresented cryptocurrency communities. Metaplex had launched greater than 85,000 projects as of January 2022.

Regardless of receiving huge amounts of funds, Metaplex has failed to harness Solana (SOL) to cause a profit in the past plenty of months. Although while condemning Metaplex for its failure to generate revenue, Mert Mumtaz, the co- founder of Helius Labs, remarked:

“Look all I’m saying is if helius or backpack or tensor had metaplex’s financing (18x more)— solana would now be a Type 3 Civilization on the Kardashev scale, harnessing the power of dyson spheres for intergalactic blockchain tech domination against the dark elves.”

Solana (SOL) Non-Fungible Token (NFTs) Dropped Over 50 percent In Sales On YoY

Solana (SOL) Non-Fungible Token (NFTs) are down over 50 percent in trading sales volume year-over-year. Reports by CryptoSlam, Solana (SOL) Non-Fungible Token (NFTs) have fallen from $26 Million in May 2022 to just $3.4 Million in May 2023. Solana (SOL) Non-Fungible Token (NFTs) have likewise recorded short growth in the number of Non-Fungible Token (NFT) buyers and sellers.

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Solana (SOL) Non-Fungible Token (NFT) Sales Volume: Source: CryptoSlam.io

In December 2022, Solana (SOL) experienced a big blow after its top Non-Fungible Token (NFT) collection. DeGods and y00ts, announced intends to shift to its rival Ethereum (ETH) network. DeGods migrated to Ethereum (ETH) while its sister Non-Fungible Token (NFT) collection y00ts went to Polygon, an Ethereum (ETH) growing solution.

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