NFT Marketplace Metaplex Lays Off Part of Its Employees

NFT protocol development studio Metaplex, which is based on the Solana ecosystem, has laid off an unnamed number of employees due to a deteriorating market environment.

The co-founder and CEO of the company, Stephen Hess, has said:

“While our Treasury was not directly affected by the FTX crash and fundamentals remain strong, the indirect impact on the market was significant and requires us to take a more conservative approach.”

As the base layer of the Solana NFT ecosystem, Metaplex is “obligated to ensure the long-term sustainability of the protocol for the benefit of the community.”

According to him, in the near future, the team will focus on several initiatives in the field of royalty accrual, expanding opportunities for NFT creators, as well as improving developer tools and SDK.