November 5th, 2025
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Genesis - Genesis powered two presales in October, accounting for 18% of the total monthly revenue, the highest share since inception.
Protocol Revenue - Protocol revenue reached $2.0M in October.
$MPLX Buyback - $1.1M of Metaplex protocol fees were used to buy back 5.3M $MPLX (0.5% of total supply / 0.9% of outstanding supply) for the Metaplex DAO.
On November 7th, Pump.Fun disclosed in its developer documentation that it would begin minting tokens using its new Mayhem Mode through SPL Token-22 rather than Metaplex’s Token Metadata. This change went into effect on November 12th and since then the percentage of total tokens launched daily by Pump.Fun that use Metaplex’s Token Metadata has declined to less than 15%.
Metaplex Foundation expects this to result in a decline in Metaplex protocol revenue near term with Pump.Fun contributing 44%, 60%, and 45% of total revenue during August, September, and October, respectively, after peaking at 86% in January 2025.
In light of the slowdown in memecoin activity, over the last few months the Metaplex Foundation has intentionally supported the expansion of the protocol from being purely an asset standard to a broader platform for Internet Capital Markets on Solana. Genesis, Metaplex’s protocol for fair onchain token launches, has found product market fit with over $1.1M in revenue generated since its launch in July 2025 and is now scaling. Metaplex is well positioned to become the canonical end-to-end platform for launching, discovering, and trading new assets on Solana.
The Metaplex Foundation remains well funded with more than three years of operating runway to support the Metaplex ecosystem even accounting for the loss of Pump.Fun associated revenue. This excludes the value of Foundation's and the Metaplex DAO's MPLX positions, which collectively account for more than 40% of the total supply. While this change will have a significant impact on revenue, the concentration risk was well understood, requiring no significant changes in the Metaplex Foundation’s operating plans or capital allocation.
Please note that the October revenue figures that follow in the rest of the newsletter below include revenue from Pump.Fun given the change occurred in November.
In October, Metaplex generated $2.0M in protocol revenue including $1.6M from Token Metadata (78%), $370K from Genesis (18%), and $72K from Core (4%). Genesis accounted for 18% of total revenue, its highest share since inception.
Combined, token creation (TM tokens) and token launches (Genesis) accounted for 91% of revenue while 9% was driven by the creation of NFTs (TM NFTs, Core, BG v2).
In October, 766K Token Metadata assets were created, including 720K fungible tokens (94%).
Core adoption increased in October, with 238K mints driving the cumulative mint total over 4M.
In October, creators and developers minted over 4M digital assets through Metaplex, including 3.0M compressed NFTs. This activity raised the protocol’s cumulative total to over 960M assets minted to date.
Unique user activity continued in October, with approximately 420K unique wallets authorizing transactions powered by Metaplex.
Approximately 290K new wallets collected a Token Metadata asset and over 570K new wallets collected a Bubblegum NFT in the month of October.
Genesis
October marked another strong month for Genesis, powering multiple token launches and expanding its role across gaming, DeFi, and consumer apps.
The month began with PlaySolana ($PLAY), a consumer gaming company building portable hardware devices and an onchain gaming ecosystem. Their fixed-price presale sold out within minutes, selling over $2.6M (13.2K SOL) to more than 1,600 participants who bought 150M $PLAY. The project has generated over $5M in total revenue to date, sold 9,000+ PSG1 consoles, and integrated Solana’s Mobile SDK for seamless wallet connectivity.
Soon after, dm.fun ($FUN), a social and trading superapp from the team behind Matrica Labs, launched its presale on Genesis, selling $1.5M USD (8.1K SOL) to over 1500 participants.
In early November, Beamable Network ($BMB) launched its sale and subsequent TGE on Genesis. The sale attracted 2,155 backers and sold $1.3M (8,050 SOL) worth of tokens. Beamable is building the DePIN layer for onchain gaming infrastructure, turning compute into a tradable asset class through its $BMB token.
The ecosystem surrounding Genesis also continued to grow. RainFi integrated support for all previously Genesis-launched tokens, including $EXO, $GOATED, $PORTALS, and $CARDS, enabling users to borrow or lend against them with no price-based liquidations.
Several projects are lined up to launch using the Genesis Protocol following the most recent Beamable launch, continuing to expand the network of teams selling tokens directly onchain. Additional launches will be revealed closer to their dates.
Genesis remains in alpha. Learn more at genesis.metaplex.com
Metaplex CLI
The Metaplex CLI introduced a new upgrade, developers can now update Core plugins directly from the command line. This new feature lets teams modify elements like royalties, rule sets, and collection settings in one go, without redeploying contracts or manual edits. The update further streamlines onchain asset management for builders using Metaplex Core.
Guides & Documentation
October brought updates to improve accessibility and developer experience across the Metaplex ecosystem.
Developers working with both @solana/kit and Umi can now easily convert types between them using the new Umi Kit Adapters, enabling smooth interoperability for addresses, keypairs, and instructions with full type safety.
Metaplex also expanded its global developer reach by launching localized documentation in Japanese and Korean, in collaboration with Superteam Japan and Superteam Korea, making it easier for builders across Asia to learn and build with Metaplex.
$1.1M USD (5,600 SOL) of protocol fees were used to buy back 5.3 million $MPLX (0.5% of total supply / 0.9% of outstanding supply) for the Metaplex DAO. Each month, 50% of the prior month’s protocol fees are allocated to buying back $MPLX for the DAO.
Protocol fees reached $2.0M USD (9,944 SOL), 50% of these fees will be used to buy back $MPLX for the DAO throughout November.
With cumulative protocol fees surpassing $45 million (~303,000 SOL) to-date, Metaplex continues to scale as core infrastructure for onchain assets, while the DAO remains a key driver of governance, development, and ecosystem growth.
Metaplex Earn Campaign
Season 3 of Metaplex Earn continued throughout October, with liquidity incentives running across both the MPLX-jitoSOL and MPLX-USDC vaults on Kamino.
The campaign remains focused on deepening $MPLX liquidity and expanding its presence across Solana DeFi. In addition to ongoing incentives, MPLX lending markets on Kamino are ready to be launched, subject to market conditions, which will mark the next step in expanding $MPLX utility within the ecosystem.
Metaplex DAO Grants
October featured a single grant proposal in the Metaplex DAO: the Retro Funding Pilot from Pairwise, which requested 125,000 MPLX (with a 1-year lockup) to run a community-driven retroactive funding round. The initiative aimed to allocate grants based on proven impact rather than projections, using Core NFTs and DAS API–based eligibility to ensure transparent, auditable participation.
The proposal ultimately did not pass, but introduced a new template for decentralized, outcome-based grant allocation that may inform future DAO processes.
LBank Listing
$MPLX was officially listed on LBank, expanding access to global users and strengthening liquidity for the token powering Internet Capital Markets.
LBank launched an MPLX Listing Carnival with up to $100,000 in rewards, featuring new user bonuses, invite-and-earn programs, and a trading challenge for participants.
The listing marks another step toward broadening $MPLX availability across major exchanges and introducing the Metaplex ecosystem to new audiences.
Genesis Partner Network
The Genesis Partner Network continued to expand in October, adding key infrastructure partners across liquidity, transparency, and performance to support projects launching through Genesis.
Titan Exchange joined the network to provide day-one liquidity for all Genesis-powered tokens. Through metaaggregation and deep Solana integrations, Titan ensures efficient routing and competitive execution for users across Internet Capital Markets.
Triton One partnered with Metaplex to offer free RPC credits and technical consulting to select Genesis projects, helping them scale infrastructure and optimize onchain performance.
InsightX integrated Bubblemaps analytics into Genesis launches, bringing greater transparency and fairness to token distribution by visualizing top-holder networks and onchain activity.
In addition, Marinade published a feature exploring how early Genesis partners like Goated, Portals, and Collector Crypt are incorporating staking yields into tokenomics, showcasing new ways to align incentives across Solana’s growing launch ecosystem.
Telegram Channel
Metaplex launched its official Telegram announcement channel, giving the community a direct line to key updates and ecosystem news. Subscribers can now stay informed on Genesis-powered launches, monthly round-ups, and major product and partner releases, all in one place.
Join here: t.me/metaplextg
Kinetic x Metaplex
Kinetic announced a new collaboration with Metaplex to provide pre-TGE support and feeless trading for Genesis Protocol tokens.
The integration introduces token discovery directly within Kinetic’s interface, featuring dedicated info pages for each launch, starting with $PLAY, now trading with zero fees.
DAS London
Metaplex sponsored Blockworks’ Digital Asset Summit in London, crypto’s leading institutional conference gathering allocators, asset managers, and financial institutions.
Metaplex Founder and Director at the Metaplex Foundation, Stephen Hess, joined Marc Arjoon on stage to discuss how Genesis is powering the next wave of internet capital markets. The team was on site throughout the three-day event with a dedicated booth, meeting founders, investors, and ecosystem partners, and sharing exclusive Metaplex merch with attendees.
Token2049
Following Solana APEX, the Metaplex team joined Token2049 Singapore, Asia’s flagship crypto conference bringing together founders, investors, and leaders from across the industry.
Metaplex Foundation’s Head of Strategy, Mackenzie Hom, moderated the main-stage Gaming Panel alongside executives from Animoca Brands, The Sandbox, Axie Infinity, and Immutable, exploring how tokens are transforming gaming, from speculation to systems built on loyalty and contribution.
The event capped a week of high-energy discussions around the next chapter of onchain markets, gaming economies, and Metaplex’s role in shaping them.
IslandDAO
Metaplex joined IslandDAO, a month-long Solana builder retreat in Mykonos, Greece, bringing together founders, developers, and creators from across the ecosystem.
As part of the program, Tony Boyle hosted a Metaplex Monday workshop focused on Metaplex Cores, giving builders hands-on experience with the tools powering the next generation of Solana projects.
Podcasts & Spaces
Metaplex continued to expand the Internet Capital Markets narrative across community podcasts and live discussions.
Metaplex Founder and Director at the Metaplex Foundation, Stephen Hess, joined WAGMI VC to discuss empowering creators through digital ownership and the transformative potential of web3 on Solana. He also appeared on Seed Club’s live broadcast, sharing how top teams are launching directly onchain through Genesis.
Meanwhile, Scharko, BD at the Metaplex Foundation, joined Kyzzen to highlight the importance of open access and permissionless design in building sustainable growth across Solana’s onchain economy.
October saw new product launches and integrations across gaming, music, and creator platforms, all leveraging Metaplex to bring ownership onchain. From artist economies to game assets, Metaplex continues to power innovation across Solana’s application layer.
Magic Eden rolled out its Collector Crypt-powered packs, merging Pokémon-style collecting with NFTs and $ME rewards. Over 35,000 packs were ripped in the first days, driving $5M+ in volume and reigniting market activity.
Play Solana surpassed 10,000 device sales for its handheld PSG1 console, continuing to onboard gamers into the onchain world ahead of its $PLAY token launch.
Audius introduced Artist Coins on Solana with the launch of Audius v1.0: the Open Audio Protocol, unlocking artist-driven capital markets and marking a major step toward an open, creator-owned music economy.
BR1: INFINITE integrated the Core to power its new Slasher Loot Boxes, where each box mints three unique weapon NFTs. The transparent burn-on-open design ensures scarcity and true digital ownership for players.
Portals hosted The Collector’s Cut with Block of Horror and Atari, a Halloween-themed interactive experience inside its virtual theater, as part of the Blocktoberfest Game Jam Weekend.
Raydium surpassed 1 million tokens launched via its LaunchLab SDK that uses Token Metadata, solidifying its role in building internet capital markets on Solana.
Meteora launched its long-awaited $MET token, marking a major milestone for liquidity on Solana. The debut introduced Checker and liquidity distributor NFTs, forming the backbone for a fully tokenized future.
Moonbirds announced their upcoming $BIRB token launch on Solana, joining a growing wave of projects moving their ecosystems onchain.
Nomadz launched Season 1, turning travel into onchain progression where users earn XP, lootboxes, and rewards as they book stays, building travel identities powered by Solana
Lynk unveiled The Lynk App, an all-in-one Solana platform uniting creators, traders, and communities, powered by Arcium, Helius, Magicblock, and Metaplex, and available on Solana Mobile.
Goodfellas celebrated ARTOBER 2025 with 11 days of mints culminating in its first Metaplex Core animated pieces, spotlighting leading digital artists and rewarding long-term collectors.
GameBient introduced the BGL Cartridge Protocol, a Solana-native gaming primitive built on Metaplex Core that brings the nostalgia of physical cartridges to the onchain world.
Follow @metaplex on X for ongoing community updates. You can also subscribe to receive these monthly updates directly to your email here. To contribute to the Metaplex protocol, engage with us on GitHub or submit a Metaplex Improvement Proposal (MIP) at mip.metaplex.com.
Last, thanks to TopLedger for their data support on this month’s round-up. They provide real-time monitoring of Metaplex activity and usage to the ecosystem. For additional Metaplex onchain metrics, please refer to the following link.
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A monthly overview of ecosystem activity and community contributions to the Metaplex Protocol.
A monthly overview of ecosystem activity and community contributions to the Metaplex Protocol.
A monthly overview of ecosystem activity and community contributions to the Metaplex Protocol.