Metaplex drop by 60% amid the second airdrop of its native token

The Solana NFT platform Metaplex (MPLX) saw a significant drop in the value of its native token. This comes after the announcement of a second airdrop.

The Metaplex Token ($MPLX) is the governance and utility token for the Metaplex Protocol, which serves as the backbone of the Solana NFT ecosystem, and has been $0.35 on average over the previous two weeks. But it is now $0.12. This project’s announcement of a second token airdrop coincided with the 60% decline.

In order to reward creators who made use of the project’s tools to publish their NFT collections on Solana, the Metaplex Foundation held its first airdrop in September. 

Some community members pushed for the airdrop to be extended to include collector rewards. The DAO was asked to vote on this issue, but the supporters lacked the necessary number of votes to form a quorum.

Metaplex Foundation declared on Tuesday that it would distribute 40 million MPLX tokens to collectors as a reward regardless of the outcome of the vote.

The recipients of this second airdrop were collectors who had used the earliest iteration of the Metaplex minting module to produce at least five NFTs.

Another airdrop has already begun. The two airdrops totaled 10.8 million MPLX tokens, according to data from the project’s website.

These tokens grant holders the ability to exercise governance rights, which entitles token owners to participate in DAO voting.