Hadeswap, an NFT marketplace, has acquired one of the earliest and most prominent NFT projects on Solana. This is according to an announcement made at the start of the week. In a statement, Hadeswap notes that it intends to respect the legacy of the Solana Monkey Business while "bridging the gaps of its shortcomings." Also, there are plans to make the project more accessible to a broader audience. And in the future, the project will be integrated with the Hades token ecosystem.
Solana Monkey Business launched 20 months ago, initially releasing 205-pixel collectibles that showed a monkey in space. Then there was a Gen2 collection that comprised 5,000 NFT profile pictures (PFPs), which became a hit with Solana NFT collectors overtime.
Data from CryptoSlam shows that SMB has managed to generate more trading volume than any other project on Solana, with over $159 million in sales so far. However, despite this success, the project hasn’t been without its problems.
https://twitter.com/SolanaMBS/status/1625148181733339142It's Unclear Whether MonkeDAO Will Accept The New Solana Monkey Business Owners
The project creators have had issues with NFT owners, who proceeded to form a MonkeDAO (Decentralized Autonomous Organization). Their intention was to further the SMB project and expand its ecosystem.
One of the key issues was getting these creators to recognize and fund DAO initiatives. And when the creators appeared not to be keen to recognize and support the DAO, the NFT owners threatened to wrap their NFTs, thus turning them into new assets. By doing this, they would get rid of creators’ secondary sale royalties, which is how creators generate revenue, and redirect those funds into the DAO.
However, the issues would be resolved amicably. But with the sale of its IP rights to Hadeswap, it remains to be seen how the DAO will react. Interestingly, MonkeDAO was engaged with the project creators to purchase its IP rights. And this sale comes as a blindsight.
In a tweet, MonkeDAO member Ariel Givner notes that "The MonkeDAO team is just as surprised as you are with the Hadeswap SMB acquisition. After months of discussions with the SMB devs, unfortunately, it did not pan out."
Whether the DAO embraces the new Solana Monkey Business owners or branches out on its own remains to be seen.
Frequently Asked Questions
What is Solana Monkey Business?
Solana Monkey Business is a collection of 10,000 unique digital monkey NFTs (non-fungible tokens) built on the Solana blockchain. Each monkey has its own distinctive traits, making them rare and valuable.
How do I purchase a Solana Monkey Business NFT?
To purchase a Solana Monkey Business NFT, you need to have a Solana wallet with SOL (Solana's native cryptocurrency) in it. You can buy SOL from a cryptocurrency exchange such as Binance or Coinbase, and then transfer it to your Solana wallet. Once you have SOL in your wallet, you can use it to buy a monkey from the Solana Monkey Business website.
What makes Solana Monkey Business NFTs valuable?
The value of Solana Monkey Business NFTs is largely based on their rarity and uniqueness. Since there are only 10,000 monkeys in the collection, some monkeys are more rare than others, making them more valuable. Additionally, the community around Solana Monkey Business is passionate about the project, which can drive up the price of the NFTs.
What can I do with my Solana Monkey Business NFT?
Once you own a Solana Monkey Business NFT, you can hold onto it as a collectible, trade it with others, or sell it for a profit. You can also use your monkey as a profile picture on social media platforms such as Twitter or Discord to show your support for the project.
Is Solana Monkey Business a good investment?
As with any investment, it's important to do your own research and make your own decisions based on your financial goals and risk tolerance. The value of Solana Monkey Business NFTs has fluctuated since their release, so there is no guarantee that they will continue to increase in value. However, some investors believe that the combination of the Solana blockchain and the popularity of NFTs could make Solana Monkey Business a worthwhile investment.
