3 - 4 minute read
The rise of non-fungible tokens, or NFTs, has been a major development in the cryptocurrency space. Now, one decentralized autonomous organization (DAO) plans to take things to the next level by purchasing the rights to a popular NFT collection. MonkeDAO, the first NFT DAO on the Solana blockchain, plans to buy the rights to the Solana Monkey Business (SMB) NFT collection for $2 million USDC. The proposal, passed by HadesDAO, which currently owns SMB, will transfer all rights, assets, accounts and keys to MonkeDAO, which will now take control of the SMB project.
MonkeDAO is highly invested in SMB, as to join the organization, one must own an SMB NFT. SMB launched two generations of its collection in 2021, with 5,000 pixelated monkeys gaining widespread appeal. The NFT is also highly valuable, with a floor price of 223 SOL and over $1.8 million SOL in total sales volume. Hadeswap, a decentralized Solana trading protocol, acquired SMB in February and passed ownership to HadesDAO as a promise to respect the project’s legacy.
The acquisition of SMB by MonkeDAO has been largely perceived as a positive announcement on Twitter, with some calling the purchase “historic.” MonkeDAO believes the SMB project and all holders of the SMB Gen2 NFTs will benefit from this acquisition and that HadesDAO will benefit more from money in its treasury rather than maintaining ownership of the SMB project.
This acquisition is significant because it marks the first time an NFT collection is being purchased by a DAO fully. The deal sets a new precedent for DAOs in the NFT space and signifies the growing importance of NFTs in the broader crypto market. MonkeDAO’s acquisition of SMB creates a new opportunity for the organization’s NFT holders and the NFT market in general.
We did it. 🤝 pic.twitter.com/GV4tAZDp8u— MonkeDAO🍌 (@MonkeDAO) April 13, 2023
When it comes to the broader crypto market, this deal could potentially see a renewed interest in Solana, given the popularity of SMB within the network. The move also solidifies MonkeDAO as a significant player in the NFT space, positioning it as the premier Web3 community.
The Bottom Line
The acquisition of SMB by MonkeDAO marks a significant development in the NFT space. For traders looking to take advantage of this news, it is worth keeping an eye on Solana’s performance, as the deal could potentially attract greater attention to the network. Additionally, traders already investing in MonkeDAO may want to monitor the DAO’s activities moving forward, as it establishes itself as a key player in the NFT market.