The proprietary token for a platform built on Solana (
SOL
) dedicated to non-fungible tokens (NFTs) experienced a significant increase of almost 30% this week, despite the overall sluggishness of the crypto market.
Metaplex (
MPLX
), designed to streamline the process of creating, selling, and managing NFTs, saw a rise in its token value this week as it drew attention to the increasing on-chain activity.
According to information shared on the social media platform X, in May, a record number of 834,000 unique wallets engaged in transactions directly with the Metaplex protocol, marking the highest activity month to date.
Additionally, it was revealed that last month alone, 3.1 million new wallets acquired a digital asset generated through the Metaplex project.
In recent times, Metaplex has also seen a significant amount of development activity. In a recent report, the crypto analytics platform Santiment ranked the project as the third most active among all NFT-related protocols based on notable GitHub events in the past 30 days.
With 23.07 GitHub events, Metaplex followed closely behind Flow (
FLOW
), a layer-1 permissionless blockchain, and Decentraland (
MANA
), an Ethereum (
ETH
)-based virtual reality platform.
Santiment clarified that routine updates were not taken into consideration, and a thorough methodology was utilized to gather data on GitHub events, based on a tried and tested process.
The native token of Metaplex, MPLX, is currently trading at $0.342, up from $0.264 a week ago. However, the crypto asset, ranked 294th, experienced a slight decline of over 5% within 24 hours on Friday.
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