BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Following the Demise of FTX, Metaplex has Announced Layoffs

BlockNews Team by BlockNews Team
November 21, 2022
in BUSINESS, CRYPTO, DEFI
Reading Time: 3 mins read
1
SHARES
13
VIEWS
Share on XShare in TelegramShare on Reddit

Metaplex, a developer of the Solana NFT protocol, said on November 17 that the firm had implemented a full-scale layoff. The ripple effect of last week’s collapse of the crypto exchange FTX continues to affect the Web3 ecosystem.

Co-founder and CEO Stephen Hess said today through Twitter that many staff had been laid off owing to the deteriorating market conditions in the cryptocurrency industry and Solana in particular.

“Since Metaplex is the base layer of the Solana NFT ecosystem, it’s our core responsibility to ensure the long-term sustainability of the protocol for the benefit of the community,” he said. “We are deeply grateful for the contributions of everyone impacted by this change. It will be my top priority to help these former team members quickly find new roles in the ecosystem while pushing ahead on critical path work.”

How Metaplex Plays a Key Role for Solana

Solana (SOL), a decentralized NFT network that aims to compete with Ethereum, uses the Metaplex protocol to power its NFTs. The startup started at the beginning of 2022, having successfully raised $46 million from investors like Jump Crypto, Multicoin Capital, and one of the living legends of the NBA, Michael Jordan.

During the bear market, it wasn’t until September that the company published its native governance token, MPLX. Unfortunately, the value plunged significantly right after its release.

Solana NFT sales dropped significantly in October, and there has been a noticeable decrease in market enthusiasm in recent weeks due to discussions about better royalties for the creators and more rewards for the collectors.

Then, in November, FTX fell.

It pulled down everything associated with Solana, the most preferred network of FTX’s founder Sam Bankman-Fried (SBF). Many speculate that because of Bankman-Fried’s outspoken support for Solana, his influence brought Solana’s prices to a new low. SOL’s value fell by 60% after FTX collapsed, three times as much as Bitcoin’s and Ethereum’s losses.

Solana Foundation – the institution that holds the Solana network together – lost millions of dollars in investments related to FTX and its subsidiaries. The close relationship between Bankman-Fried and the network has influenced the Solana ecosystem the most.

SBF has built notable Solana-based businesses, such as the decentralized exchange Project Serum and an NFT platform around Solana technology. Now, the NFTs are stuck in the platform due to the chapter 11 bankruptcy filing and John J. Ray III, the new acting CEO of FTX, taking action to resolve SBF’s wrongdoings.

The layoffs announced by Metaplex are just one more example of the far-reaching ramifications of FTX’s demise that have yet to be fully quantified.

The failed crypto exchange’s fallout and its founder seem to cause a domino effect to be isolated and obscure parts of the crypto industry. However, some experts say that the destruction of FTX may lead Solana in a better direction now that the technology is not correlated to SBF and his companies anymore.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: DeFiFTXMetaplexSolana
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow
CRYPTO

Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow

September 17, 2025
Here is Why SUI Crypto Could Soar 200% on Google Cloud Partnership and ETF Buzz
CRYPTO

Here is Why SUI Crypto Could Soar 200% on Google Cloud Partnership and ETF Buzz

September 17, 2025
Fed Jerome Powell Cuts Interest Rates by 25 BPS: How Did Bitcoin and Crypto React?
BITCOIN

Fed Jerome Powell Cuts Interest Rates by 25 BPS: How Did Bitcoin and Crypto React?

September 17, 2025
Here is Why Avalanche AVAX Could Hit $56 Soon: ETF Filing Ignites Bullish Optimism
CRYPTO

Here is Why Avalanche AVAX Could Hit $56 Soon: ETF Filing Ignites Bullish Optimism

September 17, 2025
Here is Why Taiko’s Integration of Chainlink Oracles Could Transform DeFi on Ethereum
CHAINLINK

Here is Why Taiko’s Integration of Chainlink Oracles Could Transform DeFi on Ethereum

September 17, 2025
ADA Price Prediction 2025: How High Can Cardano Go? – Here is What Investors Should Watch
CARDANO

ADA Price Prediction 2025: How High Can Cardano Go? – Here is What Investors Should Watch

September 17, 2025
Load More

Related News

Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow

Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow

September 17, 2025
Here is Why SUI Crypto Could Soar 200% on Google Cloud Partnership and ETF Buzz

Here is Why SUI Crypto Could Soar 200% on Google Cloud Partnership and ETF Buzz

September 17, 2025
Fed Jerome Powell Cuts Interest Rates by 25 BPS: How Did Bitcoin and Crypto React?

Fed Jerome Powell Cuts Interest Rates by 25 BPS: How Did Bitcoin and Crypto React?

September 17, 2025
Here is Why Avalanche AVAX Could Hit $56 Soon: ETF Filing Ignites Bullish Optimism

Here is Why Avalanche AVAX Could Hit $56 Soon: ETF Filing Ignites Bullish Optimism

September 17, 2025
Here is Why Taiko’s Integration of Chainlink Oracles Could Transform DeFi on Ethereum

Here is Why Taiko’s Integration of Chainlink Oracles Could Transform DeFi on Ethereum

September 17, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews