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The Metaplex Foundation, behind the Solana-powered NFT ecosystem of the same name, has raised $46 million in its first funding round.

The investment round was led by Multicoin Capital and Jump Crypto, with participation from Solana Ventures, Alameda Research, Animoca Brands, former basketball player Michael Jordan, rapper Snoop Dogg and other investors.

Metaplex Foundation director Stephen Hess has noted the funds raised will be used to expand the potential use cases for Solana NFT and support projects that create new tools based on the protocol.

According to the organization, Metaplex, which launched in June 2021, has helped issue more than 5 million Solana-based non-fungible tokens for 85,000 projects.

Hess has also said the foundation intends to launch its own META governance token “in the near future.”

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