Metaplex Protocol Sees Record-Breaking Fees in November 2024, Fueled by Surge in Digital Asset Creation on Solana

Metaplex – the blockchain protocol used to create virtually every token, memecoin and NFT on Solana – saw record-breaking protocol fees in November 2024, fueled by a surge in digital asset creation on Solana.

Blockchain protocol Metaplex, which is used to create virtually every token, memecoin and NFT on Solana, saw record-breaking protocol fees in November 2024, thanks to a surge in digital asset creation on Solana.

Being the protocol behind virtually all token creation on Solana, Metaplex enjoyed the benefits of the extraordinary surge in digital asset creation on the Solana network.

This activity, which includes everything from memecoins to AI tokens and NFTs, contributes directly to Metaplex’s protocol fees.

The increased protocol fee generation funded record-breaking $MPLX token purchases for the Metaplex DAO.

Since June 2024, 50% of the prior month’s protocol fees and a portion of the historical fees have been used to fund MPLX token purchases for contribution to the DAO.

In November 2024, this culminated in 12,000 SOL worth of MPLX purchases, which is approximately $3 million at current prices and marks a substantial 58% increase month-over-month and the largest monthly MPLX token purchases to date.

Continuing the momentum, Metaplex’s November protocol fees hit an ATH (all-time high) of $3.5 million, which sets the stage for even larger allocations for MPLX purchases in December.

Record-Breaking Metaplex Protocol Metrics in November

The protocol activity in November shattered previous records across multiple metrics.

About the Metaplex Protocol

Metaplex is the leading decentralized protocol on Solana and SVM, offering tools and programs for developers and creators to build DApps (decentralized applications) that use digital assets.

With a growing user base and a commitment to innovation, Metaplex is driving the next wave of DeFi (decentralized finance) and commerce.

About the Metaplex Foundation

The Metaplex Foundation is a Cayman Islands non-profit dedicated to supporting the development and growth of the Metaplex Protocol.

By offering open-source tools and resources, the foundation empowers developers, creators and users around the globe to participate in a decentralized and inclusive digital economy.