Metaplex: The Hidden Infrastructure Powering 99% of Solana NFTs and 90% of FTs

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Metaplex has quietly become the backbone of digital asset creation on Solana, enabling the minting of over 99% of all NFTs and 90% of fungible tokens (FTs) on the network. Despite flying under the radar for most users, its tools—like Core, Bubblegum, and TokenMetadata—are used daily by creators, platforms like Pump.fun, and major marketplaces. As Solana’s ecosystem expands, so does Metaplex’s influence, making $MPLX a compelling long-term investment with strong fundamentals and growing utility.

The Invisible Engine Behind Solana’s Digital Assets

While names like Jupiter or Tensor often dominate headlines, Metaplex operates behind the scenes as the foundational infrastructure powering asset creation across Solana. Most users interact with Metaplex protocols without even realizing it—every time they mint an NFT or launch a token, there's a high chance Metaplex is involved.

With over 550 million assets minted through more than 5.5 million unique wallets, Metaplex is not just dominant—it’s essential. Its suite of developer tools sets industry standards for efficiency, scalability, and cost-effectiveness in digital asset management.

👉 Discover how Metaplex is shaping the future of blockchain asset creation.

Core Products Driving Adoption

Core: The Next-Gen NFT Standard

Core redefines NFTs on Solana with a single-account model, drastically reducing storage costs and computational load. This innovation enables faster transactions and lower fees compared to legacy systems. Key features include:

By streamlining the technical complexity of NFT creation, Core has become the go-to standard for serious builders on Solana.

Bubblegum: Mass NFT Minting at Unprecedented Scale

Bubblegum allows creators to mint compressed NFTs (cNFTs)—a breakthrough in scalability. Thanks to compression technology, users can mint up to 100 million NFTs for just 500 SOL, unlocking new possibilities for gaming, identity systems, and large-scale digital collectibles.

This level of efficiency makes Bubblegum indispensable for projects requiring massive scale without prohibitive costs.

TokenMetadata: Universal Metadata for All Token Types

Originally designed for NFTs, TokenMetadata now supports fungible tokens (FTs) and semi-fungible assets. It's the reason why every token launched on Pump.fun carries rich metadata—image, name, description—all powered by Metaplex.

As demand grows for richer token experiences beyond simple transfers, TokenMetadata becomes increasingly critical across DeFi, social tokens, and meme coins.

CandyMachine: Trusted NFT Launchpad

CandyMachine remains one of the most widely used NFT launch solutions on Solana. It ensures fair, transparent, and decentralized mints—critical for community-driven projects. With customizable settings and robust security, it continues to be the gold standard for NFT drops.

Additional tools like Sugar, Fusion, and Hydra extend Metaplex’s reach into hybrid assets, multi-chain deployments, and enterprise use cases.

Market Dominance: By the Numbers

Metaplex isn’t just popular—it’s overwhelmingly dominant. Recent data highlights its entrenched position:

Since inception:

These figures underscore Metaplex’s role as the default infrastructure layer for digital assets on Solana.

Strategic Expansion Beyond NFTs

While NFTs brought Metaplex into focus, its evolution into fungible token infrastructure marks a pivotal shift. With platforms like Pump.fun relying entirely on Metaplex’s TokenMetadata program, its relevance now spans the entire spectrum of tokenized assets.

Looking ahead, Metaplex is expanding to emerging networks:

As these ecosystems mature, Metaplex is poised to replicate its dominance beyond Solana.

Tokenomics and Value Accrual: The $MPLX Advantage

The $MPLX token benefits from a powerful value accrual mechanism driven by protocol fees and buybacks.

In March 2024, Metaplex announced that 50% of all protocol fees would be used to buy back $MPLX and send it to MetaplexDAO, while the other 50% funds ongoing development. This creates a deflationary pressure that strengthens long-term holder value.

Since June 2023:

With rising SOL prices, each buyback increases in dollar value—amplifying scarcity over time.

👉 Learn how token buybacks can drive long-term value growth.

FAQ: Frequently Asked Questions

Q: What makes Metaplex different from other NFT platforms?
A: Unlike consumer-facing marketplaces, Metaplex is infrastructure-first. It provides the foundational tools that other platforms build upon—making it more akin to an operating system than an app.

Q: Is $MPLX undervalued compared to competitors?
A: Yes. Despite generating higher fees than Tensor (TNSR), $MPLX has a significantly lower fully diluted valuation (FDV), indicating strong upside potential given its market dominance.

Q: Does Metaplex face competition?
A: Not directly. While marketplaces like MagicEden compete with Tensor, no protocol challenges Metaplex’s position as the core standard for asset creation on Solana.

Q: How does Metaplex benefit from both NFTs and FTs?
A: Its tools support both asset types. As platforms increasingly use TokenMetadata for meme coins and social tokens, Metaplex earns fees regardless of NFT market cycles.

Q: Where can I track Metaplex’s real-time revenue?
A: Public dashboards on Dune provide live updates on protocol fees, buybacks, and usage metrics—ensuring full transparency.

Investment Thesis: Why $MPLX Is a Hidden Gem

Metaplex combines three rare qualities in crypto:

  1. Market dominance: Near-total control over asset creation on a top-tier blockchain.
  2. Revenue generation: Consistent fee income from millions of transactions.
  3. Deflationary mechanics: Ongoing buybacks reduce supply and increase scarcity.

Despite this strength, $MPLX remains underrecognized because it operates beneath the surface. But awareness is growing—especially after major funds like Pantera Capital and ParaFi Capital acquired large stakes from FTX’s estate in September 2024.

Pair Trade Strategy: Go Long $MPLX, Short $TNSR

A strategic trade involves:

This hedge captures Metaplex’s growth while offsetting risks tied to broader NFT market volatility. Rationale:

  1. Higher Fees, Lower Valuation: Metaplex earns ~$1M/month in fees (7,956 SOL), surpassing Tensor (~$777K). Yet $TNSR has a much higher FDV.
  2. No Direct Competition: Metaplex has no rivals in infrastructure; Tensor faces threats from MagicEden and others.
  3. Diversified Revenue Streams: Metaplex profits from both NFTs and FTs; Tensor relies solely on marketplace volume.

This makes $MPLX not only cheaper but also fundamentally stronger.

👉 Explore how strategic crypto trades can hedge market risk and boost returns.

Conclusion: The Undisputed Standard for Digital Assets

Metaplex is more than a protocol—it’s the invisible foundation of Solana’s digital economy. From NFTs to tokens, games to RWAs, its tools enable innovation at scale. With aggressive buybacks, expanding use cases, and zero meaningful competition, $MPLX stands out as one of the most compelling infrastructure plays in Web3 today.

For investors seeking exposure to Solana’s long-term growth through proven, revenue-generating infrastructure, Metaplex offers unmatched potential. As awareness grows, so too will recognition—and valuation—of this silent powerhouse.

Core Keywords: Metaplex, Solana NFTs, MPLX token, NFT infrastructure, TokenMetadata, compressed NFTs, blockchain asset creation, crypto buybacks