{"id":396762,"date":"2023-05-23T06:08:17","date_gmt":"2023-05-23T06:08:17","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=396762"},"modified":"2023-05-23T06:12:19","modified_gmt":"2023-05-23T06:12:19","slug":"helius-labs-ceo-slams-nft-layer-metaplex-for-failing-to-make-profit-despite-raising-46m","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/helius-labs-ceo-slams-nft-layer-metaplex-for-failing-to-make-profit-despite-raising-46m","title":{"rendered":"Helius Labs CEO Slams NFT Layer Metaplex For Failing To Make Profit Despite Raising $46M"},"content":{"rendered":"<p>Mert Mumtaz, the co-founder and chief executive officer of Helius Labs, has slammed Metaplex for failing to generate profit despite raising more than $46 million in a funding initiative last year. He said Solana would be better than the way it is now.<\/p>\n<h2>Mumtaz Slams Metaplex For Making Loss<\/h2>\n<p>In a May 23 blog post, the chief executive officer of Helius Labs condemned Metaplex, a company that allows users to build their own Solana-based non-fungible token (NFT) marketplaces, for failing to raise revenue despite raising more than $46 million in funding last year.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: <a href=\"https:\/\/twitter.com\/0xMert_?ref_src=twsrc%5Etfw\">@0xMert_<\/a> CLAIMS THAT IF <a href=\"https:\/\/twitter.com\/heliuslabs?ref_src=twsrc%5Etfw\">@heliuslabs<\/a>, <a href=\"https:\/\/twitter.com\/xnft_backpack?ref_src=twsrc%5Etfw\">@xNFT_Backpack<\/a>, OR <a href=\"https:\/\/twitter.com\/tensor_hq?ref_src=twsrc%5Etfw\">@tensor_hq<\/a> HAD <a href=\"https:\/\/twitter.com\/metaplex?ref_src=twsrc%5Etfw\">@metaplex<\/a>&#39;S FUNDING THAT <a href=\"https:\/\/twitter.com\/solana?ref_src=twsrc%5Etfw\">@solana<\/a> WOULD NOW BE A &quot;TYPE 3 CIVILIZATION ON THE KARDASHEV SCALE, HARNESSING THE POWER OF DYSON SPHERES FOR INTERGALACTIC BLOCKCHAIN DOMINATION AGAINST THE DARK ELVES&quot; <a href=\"https:\/\/t.co\/bMziRCkD6N\">pic.twitter.com\/bMziRCkD6N<\/a><\/p>\n<p>&mdash; DEGEN NEWS \ud83d\uddde\ufe0f (@DegenerateNews) <a href=\"https:\/\/twitter.com\/DegenerateNews\/status\/1660823376125136896?ref_src=twsrc%5Etfw\">May 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Metaplex raised $46 million in January in a funding round led by Multicoin Capital and Jump Crypto. The finding initiative also saw the participation of other notable investors, including Alameda Research Ventures, Allen Iverson, Animoca Brands, Michael Jordan, and Solana Ventures.<\/p>\n<p>In a press release, at the time, Metaplex said it would use the secured funds to scale its operations and provide grants to support creators from underrepresented crypto communities. <a href=\"https:\/\/www.metaplex.com\/\">Metaplex<\/a> had launched more than 85,000 projects as of January 2022.<\/p>\n<p>Despite receiving huge amounts of funds, Metaplex has failed to harness Solana to make a profit in the past several months. While condemning Metaplex for its failure to generate revenue, Mert Mumtaz, the co-founder of Helius Labs, remarked:<\/p>\n<blockquote><p><em>\u201cLook all I\u2019m saying is if helius or backpack or tensor had metaplex&#8217;s funding (18x more)\u2014 solana would now be a Type 3 Civilization on the Kardashev scale, harnessing the power of dyson spheres for intergalactic blockchain domination against the dark elves.\u201d<\/em><\/p><\/blockquote>\n<h2>Solana NFTs Fell Over 50% In Sales On YoY<\/h2>\n<p>Solana NFTs are down over 50% in trading sales volume year-over-year. According to CryptoSlam, Solana NFTs have fallen from $26 million in May 2022 to just $3.4 million in May 2023. Solana NFTs have also recorded short growth in the number of NFT buyers and sellers.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-396765\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/Solana-NFT-Sales-300x145.png\" alt=\"Solana NFT Sales\" width=\"840\" height=\"406\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/Solana-NFT-Sales-300x145.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/Solana-NFT-Sales-768x370.png 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/Solana-NFT-Sales.png 1345w\" sizes=\"(max-width: 840px) 100vw, 840px\" \/><\/p>\n<p>Solana NFT Sales Volume: Source: <a href=\"https:\/\/www.cryptoslam.io\/blockchains\/solana\">CryptoSlam.io<\/a><\/p>\n<p>In December 2022, Solana experienced a big blow after its top NFT collection. DeGods and y00ts, announced plans to shift to its rival Ethereum network. DeGods migrated to Ethereum while its sister NFT collection y00ts went to Polygon, an Ethereum scaling solution.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">DeGods will officially bridge to Ethereum in Q1 of 2023.<\/p>\n<p>The bridge is not the destination. <\/p>\n<p>It is on the path to get there. <a href=\"https:\/\/t.co\/Wy8CbGx5VZ\">pic.twitter.com\/Wy8CbGx5VZ<\/a><\/p>\n<p>&mdash; DeGods (@DeGodsNFT) <a href=\"https:\/\/twitter.com\/DeGodsNFT\/status\/1607156858019794944?ref_src=twsrc%5Etfw\">December 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3>Related NFT News:<\/h3>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/paris-hilton-set-to-launch-new-nft-collection-in-the-sandbox-this-week\">Paris Hilton Set To Launch New NFT Collection In The Sandbox This Week<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/stepn-teams-with-apple-pay-to-let-its-users-buy-nfts-using-credit-cards-on-the-app\">STEPN Teams With Apple Pay To Let Its Users Buy NFTs Using Credit Cards On The App<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/copium-tank-nfts-trend-on-opensea-best-nfts-to-buy-now\">Copium Tank NFTs Trend On OpenSea \u2013 Best NFTs To Buy Now<\/a><\/li>\n<\/ul>\n\n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Mert Mumtaz, the co-founder and chief executive officer of Helius Labs, has slammed Metaplex for failing to generate profit despite raising more than $46 million <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/helius-labs-ceo-slams-nft-layer-metaplex-for-failing-to-make-profit-despite-raising-46m\" title=\"Helius Labs CEO Slams NFT Layer Metaplex For Failing To Make Profit Despite Raising $46M\">[&#8230;]<\/a><\/div>","protected":false},"author":1882,"featured_media":396764,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-396762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Helius Labs CEO Slams NFT Layer Metaplex For Failing To Make Profit Despite Raising $46M<\/title>\n<meta name=\"description\" content=\"Helius Labs CEO has slammed the Metaplex for failing to generate profit despite raising $46 million in a funding round last year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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