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Messari has published its quarterly update on Metaplex, covering protocol performance, infrastructure upgrades, and ecosystem growth in Q1 2025. Key highlights:
Metaplex by the Numbers
Daily fungible token mints via Token Metadata rose 11.2% QoQ to 43,619, a 419% YoY increase.
Core NFT and cNFT daily mints normalized at 7,787 and 882,290, respectively, after Q4 surges.
$8.3 million in protocol fees generated, sustaining record levels.
22 million $MPLX (~2.2% of supply) repurchased through fee buybacks.
Cumulative transactions surpassed 1 billion, with 82.9k daily unique signers at peak.
Core, Bubblegum, and Token Metadata Evolution
Core NFTs continued to lower minting costs with a single-account design (~0.0029 SOL per mint).
Bubblegum sustained cost-efficient mass minting of cNFTs, despite cooling from December highs.
Token Metadata strengthened its role as the standard for fungible tokens on Solana, with issuance volume 2.6x higher than Ethereum + L2s
Infrastructure and Ecosystem Growth
Over 3 million NFTs were resized through Token Metadata optimization, and more than 7,000 SOL claimed by users and saving nearly 1 GB of onchain storage.
New integrations spanned AI (aiPool, Virtuals), gaming (Rubians, Dungeon.Cash), NFT platforms (Dripster, OWLS), RWAs (Remora Markets), and token launches, including $TRUMP.
Governance and Earn Initiatives
Metaplex Earn Season 1 drove a nearly 4x increase in MPLX liquidity across DEXs. Season 2 was approved in March, allocating 2 million MPLX over three months to deepen market liquidity and strengthen DeFi integrations.
Strategic grants and partnerships continued expanding adoption, including One Mug Coffee, weRate, and the Momentum Accelerator.
Future Outlook
Metaplex remains at the core of the Solana and SVM ecosystems, driving scalable asset creation and protocol innovation across NFTs, fungible tokens, gaming, AI, and DeFi.
Read the full Messari report here.
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