Metaplex, the Solana-based NFT protocol, is laying off an unspecified number of employees following the collapse of FTX in November 2022. While the company's treasury was not directly impacted, the broader market turmoil and the significant drop in Solana's native token SOL—a favorite network of FTX's founder—have pressured the NFT ecosystem. The layoffs come amid a prolonged crypto bear market, declining NFT sales on Solana, and the underperformance of Metaplex's governance token MPLX. The company, which raised $46 million in early 2022, is navigating these challenges as the industry grapples with the fallout from major crypto failures.
