What is Metaplex on Solana?

Metaplex is a protocol on Solana that establishes NFT standards for the ecosystem, enabling creators to mint NFTs with lower costs and greater ease. It has facilitated over 99.9% of NFT minting on Solana and introduced innovations like compressed NFTs, reducing minting costs by over 1000x. Metaplex also supports features like royalty fees for creators and has a governance token, MPLX, for community participation in the protocol's future development.