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Solana Monkey Business IP purchased by the DAO of NFT holders

Solana Monkey Business IP purchased by the DAO of NFT holders

NFT project Solana Monkey Business is owned by its independent shareholders.

MonkeDAO, an autonomous group of SMB holders, has supported Solana Monkey Business (SMB), one of the most valuable and well-known NFT collections. The DAO acquired the project’s intellectual property today after disputes with its creators and most recent owner.

A HadesDAO governance proposal passed by over 97% of token-based votes allowed Hadeswap, a Solana NFT exchange, to sell the SMB IP and all associated keys, assets, and accounts to MonkeDAO for $2 million.

Nom, MonkeDAO’s pseudonymous CEO and co-founder, said, “I believe it’s a fantastic resolution for the community to demonstrate ownership and responsibility for the leadership of a project.”

MonkeDAO, a decentralized autonomous organization (DAO) or exclusive online community with token-based membership, called the event its “independence day,” alluding to the difficult journey to acquiring the intellectual property around which its members had built a collective.

Solana Monkey Business launched in June 2021 with a limited Gen1 selection before the 5,000 pixel profile images were removed.

CryptoSlam reports Gen2 has traded $164 million. Magic Eden data shows secondary market values start at slightly over 200 SOL, or $4,375.

After Gen2, NFT supporters organized gatherings, a DAO-managed Solana network validator, and even company investments.

However, MonkeDAO requested a share of secondary market royalties to fund DAO-approved efforts that improved the project’s worth. MonkeDAO claims the developers promised a particular amount of funding but only supplied a fraction.

MonkeDAO and Hadeswap support

MonkeDAO participants considered “wrapping” their SMB NFTs into new tokens in early 2022 to divert royalties from authors to the DAO’s treasury. However, they agreed on financing.

In February, Hadeswap bought the SMB IP from its founders with plans to expand and “bridge the gap on its deficiencies.” Hadeswap’s IP price is unknown.

Nom added that MonkeDAO also wanted the IP. DAO members opposed Hadeswap’s governance mechanism after the surprise agreement.

“Hadeswap had plans around governance via the HadesDAO, which ultimately didn’t line up with the governance incentives people were expecting via previous voting tied to ownership of the actual SMB NFT,” Nom noticed.

SOL Big Brain, a pseudonymous NFT whale, just tweeted that he gave MonkeDAO $1 million to start the Hadeswap purchase process. Big Brain reported that pseudonymous Hadeswap creator HGE sold to the collective to avoid a “months-long dispute” with MonkeDAO.

Nom said, “For the broad future, SMB and MonkeDAO represent the best community of builders, founders, devs, and degenerates in the Solana ecosystem. We are dedicated to pushing not only better experiences and opportunities to our members, but also to expand what it means to be a part of MonkeDAO.”

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About MahKa

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

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