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MonkeDAO to buy Solana Monkey Business NFT Collection for $2M

MonkeDAO to buy Solana Monkey Business NFT Collection for $2M

MonkeDAO, a Solana blockchain DAO founded in 2021, intends to acquire the rights to the popular non-fungible token (NFT) collection Solana Monkey Business (SMB).

SMB enthusiasts established “the first NFT DAO on Solana,” claiming to have the first NFT collection on Solana. MonkeDAO necessitates the use of an SMB NFT.

With its 5,000 pixelated monkeys, SMB launched “Gen1” in June 2021 and “Gen2” in August 2021. SMB has sold almost $1.8 million SOL (about $43 million) with a floor price of 223 SOL (approximately $5,427).

In February, Hadeswap, a decentralized Solana trading system, purchased SMB from its founders and transferred it to HadesDAO, promising to respect the project’s history. MonkeDAO’s $2 million USDC acquisition of SMB IP and “all rights, assets, accounts, and keys from HadesDAO” was accepted by HadesDAO on Thursday. Brand legal registrations, SMB website code, SMB Twitter and Discord channels, and other features are included in the proposal.

Why MonkeDAO acquires HadesDAO?

“MonkeDAO believes that this acquisition will benefit the SMB project and all holders of SMB Gen2 NFTs, and that HadesDAO will benefit more from money in its treasury rather than maintaining ownership of the SMB project,” the proposal adds.

MonkeDAO’s legal counsel, Ariel Givner, said that active community member SOLBigBrain loaned the group $1 million USDC at 0% interest to facilitate the transaction. She stated that MonkeDAO will gather funds by launching The Monkes NFT collection.

MonkeDAO has invested in and scaled up projects to become the “premier Web3 community” since its inception. Over 2,730 SMB NFT holders participate in community activities throughout the world.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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