Robert Steinadler, a month ago

Solana Monkey Business: DAO acquires intellectual property

Solana NFTs were the hottest thing during the bull market in 2021. This situation has changed since the overall NFT market cooled down. Solana’s NFT market also lost traction and many NFT projects dropped in value or simply vanished. However, some collections became so iconic that they defied the bear market and are still valuable collections. One of these collections is the Solana Monkey Business and the project underwent important changes yesterday.

How did the creators behind Solana Monkey Business hand the intellectual property to the community?

Everything comes with a price

The intellectual property of Solana Monkey Business (SMB) was bought by Hadeswap earlier and the story behind the acquisition is a feud between the creators and the MonkeDAO. MonkeDAO requested the pseudonymous creators to allocate some of the royalties to DAO. According to the DAO, these funds were needed to operate and promote SMB.

It is not clear how much Hadeswap paid for the IP but MonkeDAO paid $2 million to Hadeswap. The purchase includes IP, keys, accounts, and everything related to the project. MonkeDAO dubbed the acquisition “Independence Day” and celebrated the fact that the DAO now owns Solana Monkey Business.

Unlike other DAOs that just govern a protocol, the MonkeDAO is highly active. Owners of an SMB NFT can participate in activities such as community meetings that are being held in person, investment opportunities, and more. MonkeDAO is also fostering relations with other projects based on Solana. This has indeed created a unique community that now fully owns their NFTs together.

Iconic collections retain value

One part of the success story behind SMB is the strong community that is still active without any regard to market conditions. Most projects took a big hit in terms of dollar value and so did Solana Monkey Business. At the time of writing the floor price is at about 195 SOL which is around $4,300.

Of course, this is nowhere near the price of a collection like the BAYC or CryptoPunks. On the other hand, NFT collections on Solana were always less exclusive than their bigger counterparts on Ethereum. Nevertheless, the prices for Degenerate Apes, DeGods, and Y00ts have remained relatively stable. This indicates that some collections could profit heavily if the market is going to turn around at some point.

This week, the Solana smartphone Saga was released and its dedication to Web3 could also contribute to the future success of Solana’s NFT ecosystem.

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