Metaplex

Metaplex is the tokenization platform that most Solana tokens and NFTs are built on. It started in 2021 as the network's NFT standard. Today it covers the whole life of an asset. Token Metadata and Core define tokens and NFTs. Bubblegum makes cheap compressed NFTs. Genesis runs token sales, and MPL-3643 handles regulated real-world assets. Since September 2026 it also runs a trading app called Vantage. Its website says more than 1 billion assets have been made with it (October 2026). The code is open source and run by the Metaplex Foundation. Half of all fees go to the Metaplex DAO, which spends them buying back its token, MPLX.

How Metaplex works on Solana

A plain Solana token is just a balance. It has no name, image or creator record. Metaplex programs add that layer. When a wallet shows a token's name and logo, or a marketplace shows an NFT's artwork and royalties, it is usually reading data that a Metaplex program attached to the asset.

That makes Metaplex infrastructure rather than an app most people visit. Launchpads, wallets, games and marketplaces call its programs in the background. Metaplex charges a small protocol fee on many of these actions. Its fee page says 50% of protocol fees are converted to MPLX for the DAO treasury, and the Metaplex Foundation keeps the other 50% to fund its operations.

Revenue is spread across the product line. In August 2026, Metaplex reported $226,000 in protocol revenue, its second-highest month since March. Token Metadata brought in 40%, Genesis 29% and Core 27%, per its August round-up.

Metaplex Core and Token Metadata: Solana's NFT and token standards

Token Metadata is the older standard. It attaches a name, symbol, image link, creators and royalty settings to a standard SPL token, and it still sits behind most fungible tokens launched on Solana. In August 2026, 83% of the 106,000 new Token Metadata assets were fungible tokens. Many token launchpads use it to give new coins their name and logo.

Metaplex Core is the newer NFT standard, launched in 2024. It stores each NFT in a single account instead of several. Metaplex's Core docs put a Core mint at about 0.003 SOL and 17,000 compute units, against about 0.022 SOL and 205,000 compute units for a Token Metadata NFT. Core adds plugins, small add-ons that give an asset extra behaviour such as enforced royalties, freezing, burning or on-chain attributes. Core collections can update royalties or freeze every asset at once. Metaplex now recommends Core for new NFT projects.

Compressed NFTs on Solana with Bubblegum v2

Bubblegum is Metaplex's program for compressed NFTs, launched in November 2022. Normal NFTs each need their own account. Bubblegum instead stores a fingerprint of many NFTs in one shared data tree. That cuts the cost of a huge collection to a fraction of a cent per NFT. It suits game items, loyalty passes and airdrops that need millions of assets.

Bubblegum v2 is the current version. It set a monthly record in August 2026 with 1.2 million mints, up 179% from July. Compressed NFTs don't sit in normal accounts, so wallets read them through the DAS API. Metaplex defined this interface, and the major Solana RPC providers serve it.

Metaplex Genesis token launches: launch pools, presales and bonding curves

Genesis is Metaplex's framework for on-chain token sales, announced in July 2025. It lets a team raise funds and distribute a new token in one transparent on-chain process. The Genesis docs list these launch types:

• Launch pool: buyers deposit during a set window, and the price is decided by how much was deposited in total.
• Presale: a fixed price, first come first served. Permissionless fixed-price sales went live in September 2026.
• Uniform price auction: everyone pays the same clearing price, suited to larger raises.
• Bonding curve: the price rises automatically as people buy.

Buyers pay no deposit or withdrawal fee in launch pools and presales. Creators pay 5% when they withdraw the funds raised. Bonding curve trades carry a 0.5% protocol fee plus 0.6% for the creator. After a sale, liquidity can move to a Raydium RAY$1.83-1.1% CPMM pool, where Metaplex takes a 0.4% protocol fee and 20% of liquidity is locked for a year with quarterly unlocks.

Native vesting arrived in September 2026, letting teams set custom unlock schedules and cliffs inside the launch flow. A Genesis SDK, released in December 2025, lets other launchpads build on the program. Its flagship August 2026 launch, Claynosaurz's HEEBOO token, drew $1.2 million from more than 1,800 backers.

MPL-3643 for tokenized securities and real-world assets

MPL-3643 is a standard for permissioned tokens, unveiled on 29 September 2026. It is built for issuers of tokenized securities and real-world assets (RWAs) who must control who can hold a token. The issuer writes rules into the token itself: investor eligibility checks, allowed jurisdictions, lockup periods and transfer limits. A wallet that fails the checks can't receive it.

MPL-3643 is a compliance layer on Solana's Token-2022 program, built with the sRFC 37 token access standard and the Solana Attestation Service, which records verified facts about a wallet. An investor verified once can reuse that check across other MPL-3643 tokens. Metaplex names Orca ORCA$1.97+1.1%, Raydium, Solflare, Jupiter JUP$0.315-1.3% and Phantom CASH$0.9990.0% as launch integrations. The name mirrors ERC-3643, the equivalent Ethereum standard. As of October 2026 it is in limited-access alpha, with no issuer announced yet. We covered the launch in our MPL-3643 report.

Metaplex Vantage trading terminal

Vantage is Metaplex's first trading app, launched in beta on 23 September 2026. The screen is built from blocks you can add, remove, resize and move. Each trader can set up different boards for different plans. It offers swaps, market and limit orders, token research and market data. It also tracks your profit and loss, and lets you follow any Solana wallet.

Access is through a waitlist at vantage.metaplex.com, with new users added in batches. Crypto Briefing reported that Metaplex charges no fees during the beta. The launch post does not say whether Vantage is fully self-custodial, so check how it handles your keys before funding it.

Metaplex developer tools: Core Candy Machine, CLI, Umi and DAS API

Most developers use Metaplex through its code kits. Umi is the JavaScript client. The Metaplex CLI works from the command line. The DAS API reads assets. Core Candy Machine runs NFT mints with set prices, start times and allow lists.

The original Candy Machine ran many of Solana's early NFT mints. It is now deprecated, and new projects should use Core Candy Machine. Auction House, Gumdrop, Fixed Price Sale, Hydra, Token Entangler and Fusion are retired too. Old guides that point to them are out of date.

Other live programs are smaller. MPL-Hybrid swaps NFTs for tokens and back. MPL-Distro handles token airdrops. Inscription stores data on-chain. Agent Registry gives AI agents an on-chain identity, and DAS began indexing those agents across major RPC providers in June 2026.

MPLX token: buybacks, supply and governance

MPLX is the Metaplex DAO's governance token, launched in September 2022 with a fixed supply of 1 billion. Each month the DAO spends 50% of the previous month's protocol revenue buying MPLX on the open market. In August 2026 it bought 7.1 million MPLX, taking its holdings to 345 million tokens, 35% of supply.

The Metaplex Foundation also buys MPLX for its own treasury. It bought 42.3 million MPLX on 11 August 2026 and held 207 million, 20.7% of supply, after the purchase. Live price and market data appear on this page's token widget. Metaplex publishes its financials on a Blockworks dashboard and a Token Transparency Filing on Bloomberg Terminals.

Who should use Metaplex

• NFT creators and game studios launching collections should start with Core, or Bubblegum v2 for collections in the hundreds of thousands. They should expect to work with a developer or a no-code tool built on Metaplex, as there is no simple consumer app for minting.
• Token teams raising funds who want a transparent on-chain sale with vesting and a Raydium pool can use Genesis. The 5% creator withdrawal fee is a real cost on a large raise.
• Regulated issuers and tokenization platforms can apply for MPL-3643 alpha access. It is not yet production-ready for an issuer that needs a live track record.
• Active Solana traders can join the Vantage beta, which is waitlist-only and still changing.
• MPLX holders get a token linked to protocol revenue through buybacks, but governance power is concentrated (see below).

Is Metaplex safe? Audits, upgrade authority and risks

Metaplex's programs have been audited, but not all equally. Its security page lists audits by Sec3, Accretion and OtterSec. The date of the last major audit varies by program:

• Token Metadata: last major audit 8 November 2025.
• Bubblegum and compression: 12 May 2025.
• Core: 6 May 2024.
• Candy Machine V2 and V3: November 2022.

Genesis is described as audited, but the security page has no Genesis entry and no auditor is named for it. MPL-3643 and Vantage have no published audits.

Upgrade authority. In November 2024, Metaplex handed Token Metadata's upgrade authority to a multisig of three independent security firms ahead of a planned move to immutability, as Solana announced. Metaplex does not publish who can upgrade Core, Bubblegum v2, Genesis or MPL-3643, and we could not confirm their upgrade authorities on-chain for this profile. Treat them as upgradeable by Metaplex until shown otherwise.

Other risks:

• Concentration: the DAO and the Foundation together held about 55% of MPLX supply after August 2026, so governance votes are effectively controlled by Metaplex-linked treasuries.
• Launch risk: Genesis makes a sale transparent, not the project behind it. A token launched through Metaplex is no more trustworthy than its team. The docs suggest revoking mint and freeze authority after launch, so check whether a project has.
• Deprecated programs: Auction House, the original Candy Machine and other retired programs still run, but Metaplex no longer maintains them.

Metaplex alternatives and comparisons

• Token-2022 metadata extension: Solana's newer token program can store a name, symbol and image link in the token itself, without Metaplex. It suits simple fungible tokens. It lacks Metaplex's NFT features, and some older apps read only Token Metadata.
• Launchpads like Pump.fun: bonding-curve launchpads are faster and cheaper for memecoins. Genesis suits teams that want a structured raise with presales, auctions and vesting.
• Our token creation tool: if you only need to mint an SPL token with a name and logo, Solana Compass runs a token creation tool. Its fees go to our liquid staking token.
• ERC-3643 on Ethereum: the established standard for permissioned securities, with live issuers. MPL-3643 brings the same model to Solana but is still in alpha.

Metaplex history and team

Metaplex was incubated inside Solana Labs and launched in June 2021, according to Messari. It was co-founded by Stephen Hess, then Solana Labs' head of product, who is still named as its founder. The protocol was handed to the non-profit Metaplex Foundation in August 2021. Candy Machine became the standard tool for Solana NFT mints during the 2021 boom.

In January 2022, the Foundation raised $46 million in a round co-led by Multicoin Capital and Jump Crypto. MPLX launched in September 2022. Compressed NFTs followed in November 2022, Core in 2024 and Genesis in July 2025. In September 2026 it shipped open presales, vesting, Vantage and MPL-3643. That took Metaplex from asset standards into trading and regulated assets.