Today marks a milestone in the story of the Metaplex Foundation as we launch our utility and governance token. Beginning on September 20, 2022, the Metaplex Token (MPLX) will be airdropped to eligible international developers, creators and artists through our claim site. For regulatory reasons, MPLX is currently not available in the United States or to U.S. persons.

Whether you’re an ‘Ape,’ a ‘God’ or a whale, NFTs are for everyone — and some of the most vibrant communities and marketplaces live on Metaplex and Solana. In just one year, the open-source Metaplex Protocol has become the largest NFT ecosystem in the world, with more than $1 billion in primary sales revenue and over $3 billion in secondary sales revenue generated for artists and creators building in our expansive ecosystem.

Not only are we the NFT Standard on the Solana blockchain, but with our extensive Metaplex Program Library (MPL) and robust Developer and SDK tools, we are hyper-focused on building out-of-the-box solutions like the iconic Candy Machine program to drive developer growth and creator freedom.

To further advance our platform and mission, the Metaplex Foundation has issued MPLX as a method of decentralized governance for future projects and strategic decisions.

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MPLX and Governance

MPLX serves as the Metaplex Foundation’s multi-faceted, native utility token for an open metaverse. While MPLX will play multiple roles throughout the ecosystem, one primary function is coordinating governance and upgrades to the Metaplex Protocol.

Holders of MPLX will have the opportunity to vote in the Metaplex DAO, an on-chain program built on the governance framework provided by the Solana Program Library (SPL).

How will this work? Any proposed program introduction will first move through an ‘experimental status’ designation, during which time the Metaplex Foundation will administer community-driven bug bounties and formal audits. Once a program has moved through this stage, MPLX holders will then vote on a proposal to bring the program under the control of the Metaplex DAO.

This framework puts ultimate control over the addition, subtraction or modification of programs in the hands of MPLX holders. As a result, the Metaplex DAO, alongside the MPLX token and its holders, becomes the decentralized governance structure of the Metaplex Protocol.

Other MPLX Functionality

Alongside governance, MPLX will also help facilitate the interaction between marketplaces, developers, creators and other members of the Metaplex ecosystem in many varied and imaginative ways. 

We expect to layer on multi-faceted token utility over time as we weave MPLX into the Metaplex ecosystem.

For instance, one of MPLX’s many use cases is to allow the Metaplex DAO to host exclusive community events and giveaways for MPLX holders.

The first drop using this new system leveraging the Metaplex DAO and MPLX will be the release of this white paper itself. This limited 1,000-piece NFT collection with artwork from Contrastive will be available exclusively to MPLX holders through the DAO. Token holders can claim their Metaplex Whitepaper NFT on the claim site. This idea can expand to other exclusive benefits like access to events, among others.

As the Metaplex Protocol expands, MPLX holders will be the driving force not only for DAO governance but also for the integration of MPLX into the functionality of the protocol. Moreover, builders in the ecosystem have the opportunity to incorporate MPLX into their own projects — developing further utility and functionality for the token.

MPLX is the essential conduit between the protocol and the Metaplex ecosystem and its members.  

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Token Release Information - What You Need to Know

Starting on September 20, 2022, international developers and creators who have participated in developing the Metaplex Ecosystem can visit our token website to check eligibility and claim their tokens here.

For more information regarding MPLX availability, click here.

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Closing Thoughts

We’re excited for MPLX to facilitate community participation in the future of the Metaplex Protocol, the Metaplex DAO and our host of on-chain programs, developer tools and more. As a community-focused protocol, MPLX holders must have a say in governing the protocol — aligning directly with our overall mission and established web3 values.

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FAQs

‍Why was the MPLX token created? 

MPLX is the community governance token for the Metaplex Protocol. It provides a decentralized approach to protocol key authority. We want to reward NFT community participants for the value they’re driving to the protocol, with a focus on creators; developers/builders; marketplaces like Fractal and OpenSea; and collectors - and a DAO is an organizational channel that enables these participants to access their power, and for Metaplex to create healthy community incentives that drive long term growth. Governance, accessibility and more about the DAO and token launch are here.

Who is responsible for MPLX?

MPLX is issued by the Metaplex Foundation.

Who profited from the launch of MPLX?

The token was issued as a method of governance for the Metaplex Protocol. Token holders include early supporters of the Metaplex Protocol, the Metaplex Foundation and its service providers including Metaplex Studios, and those who purchase the token on the secondary market. Early supporters include advisors and the first developers on Metaplex, as well as the first buyers of Metaplex NFTs.

Is MPLX a cryptocurrency?

MPLX is a fungible SPL-token. 

Where can I buy MPLX? 

As of 9/20 MPLX is available on FTX, Kucoin, and Huobi. MPLX only available and intended for non-US persons.

Why is the price trending low/high?

Any token value may be volatile and affected by broad market forces. Metaplex Foundation makes no claims about the store of value or potential future value of the MPLX token. Metaplex Protocol is used to build a new category of NFT economy which will take time; the token should be evaluated in the long-term.

How did the Foundation decide who would receive tokens, and how many?

The Metaplex Foundation structured the airdrop to reward the earliest supporters of Metaplex: the developer community. We then allocated distribution to early collectors of Metaplex (Solana) NFTs. For regulatory reasons, only persons who reside outside of the U.S. are eligible for the airdrop. 

How many tokens were distributed and to whom?

This has not been disclosed.‍

What was the release schedule?

Tokens were first distributed to recipients on September 19, 2022 with cascading recipient pools receiving allocations throughout September.

How can I sign up for the airdrop?

Tokens were allocated via previous web3 wallet activity. It is not possible to register for airdropped tokens.

I was supposed to get MPLX tokens and didn’t. Now what?

Please ensure that you are using the correct wallet. If you have multiple wallets, please try and connect them to our token claim site. 

What wallet should I connect to receive my tokens?

It is possible that creators and developers have used multiple wallets when interacting with Metaplex programs. The best way to ensure you receive all of the tokens you are eligible for is to link each wallet you have used with Metaplex programs to the claim site. 

What do you do with the MPLX token?

The MPLX token is the method of governance for the Metaplex Protocol. Via the DAO, token holders can vote on projects and strategic decisions the Metaplex Foundation may take. The token also has various utility within the Metaplex ecosystem, for example integrated as a form of payment for developers to use certain features within the program library.

If I buy MPLX, is this considered an investment in Metaplex Studios? 

No. MPLX is a governance token issued by the Metaplex Foundation, which is a non-profit entity separate from Metaplex Studios.

Are cryptocurrencies supposed to be flipped or should I hold it?

Metaplex Foundation does not give investment advice. MPLX is a governance token that can be used in various functionality through the DAO and the Metaplex Protocol.

Can I exchange my tokens for fiat? 

Non-US persons located outside of the United States are able to utilize MPLX on exchanges that support the token. 

Can I swap MPLX for other crypto?

Non-US persons located outside of the United States are able to utilize MPLX on exchanges that support the token. 

Can I use MPLX on Solana?

MPLX is a governance token built on the Solana blockchain. It has various uses within the DAO as well as embedded into functionality in the Metaplex Protocol.

Where is Metaplex based?

The Metaplex Foundation is based in Cayman Islands.

Metaplex Studios has a distributed, remote workforce and is incorporated in the US.

Is the Protocol/ product/ ecosystem growing? 

Metaplex is the largest NFT ecosystem in the world, and the Protocol is one of the fastest-growing creator platforms of all time.

Is MPLX a scam?

MPLX is the method of governance for the Metaplex Protocol, one of the fastest growing web3 platforms in history.

Why does Metaplex have so many corporate and non-profit entities?

The entities serve different functions in the Metaplex ecosystem. The Metaplex Foundation is the long-term governance entity responsible for guiding development of the open-source Metaplex Protocol and administering the Metaplex DAO. The Metaplex Foundation is a non-profit to best serve the needs of all parties in the open-source ecosystem.

Metaplex Studios is a service provider for the Metaplex Foundation, hired to provide engineering, consulting and operational support. Metaplex Studios also develops its own programs and tools built atop the open-source Metaplex Protocol for artists, brands, creators and collectors in the Metaplex ecosystem.

Metaplex Studios and the Metaplex Foundation are separate legal entities and organizations.

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