The largest NFT provider in the Solana ecosystem, Metaplex, has, on November 17, 2022, laid off many members of its studio’s team.
(1/7) Today we made the difficult decision to part ways with several members of the Metaplex Studios team.
— Stephen (@meta_hess) November 17, 2022
CEO of Metaplex, Stephen Hess, made this announcement on his Twitter page in the day’s final hours. According to him, it was a difficult decision to make, but it had to be taken for the safety of Solana and the studio’s protocol.
The platform is the cornerstone of the Solana NFT ecosystem and needs to maintain its sustainability and do right by the NFT community on its parent network.
The CEO went further to state that its reserves were not in any way directly affected by the collapse of the FTX exchange.Â
However, they are affected by the negative impact it has on the crypto market, and since they are not immune to this recent development, they need to tread cautiously.
Its parent network, on the other hand, was severely impacted by the exchange’s bankruptcy and has lost millions of dollars as a result of the crash.
FTX had been one of its principal backers. Therefore, its collapse did not bode well for the platform and brought about a lot of panic selling to the market.
SOL, its native token, has over the past week lost over 41% of its value and 94.77% of its all-time high. It dropped from $20.16 on November 9 to $13.61 at the time of this writing.
Several platforms like Binance, OKX, and Bybit have also recently halted transactions of the stablecoins in the ecosystem, all of which have given rise to fresh panic over Solana.Â
However, in the past 24 hours, the token has recorded a 1.89% increase in price value, a 1.92% increase in its market cap, and a 7.49% increase in its trading volume.
Currently, it’s ranked 14th in the crypto market, with a market dominance of 0.59% and a 6084.48% ROI (return on investment).
The FTX exchange collapse has no doubt put a tremendous strain on the crypto market and has placed Solana and all affiliated projects in a dark spot.
Nevertheless, the platform is doing all it can to contain the situation, and with the increases seen in the last 24 hours, it may soon shake off this problem and return to its normal position.
Hess concluded his tweet with a thank you to all who have contributed to the platform and were, in one way or another, affected by the recent development.
He also said he would do his best to help them get back on their feet in the industry and secure new roles.Â
Further, he urged that all employers who receive resumes containing Metaplex should not hesitate to consider hiring them.
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