MonkeDAO intends to acquire the rights to the popular Solana Monkey Business NFT Collection for $2 million
All IPR in the collection will be purchased from HadesDAO by MonkeDAO, a decentralized autonomous organization founded by the owners of the Solana Monkey Business NFT project.
Solana Monkey Business (SMB) is a popular collection of non-fungible tokens (NFTs), and in 2021, the decentralized autonomous organization (DAO) MonkeDAO wants to acquire the rights to SMB.
This group, which proclaims itself “the first NFT DAO on Solana,” was founded by supporters of SMB, one of the original NFT collections on the network.
The 5,000 pixelated monkeys in SMB’s “Gen1” and “Gen2” collections were an instant hit when they were published in June and August of 2021, respectively. As of this writing, SMB has a starting price of 223 SOL (about $5,427) and a total sales volume of more than 1.8 million SOL.
Hadeswap, the decentralized Solana trade system, bought SMB from its creators in February and gave ownership to HadesDAO, with the intention of honoring SMB’s history.
The SMB IP, comprising “all rights, assets, accounts, and keys from HadesDAO,” would be sold to MonkeDAO for $2 million USDC, according to a proposal approved by the DAO on Thursday.
The proposal states that this includes the SMB brand and any related legal registrations, the SMB website’s source code, and the SMB Twitter and Discord accounts.
Twitter users reacted positively to the news, with some even labeling the acquisition “historic.” According to CoinDesk, Ariel Givner, MonkeDAO’s legal counsel, an active member of the MonkeDAO community named SOLBigBrain loaned MonkeDAO $1 million USDC at 0% interest to help finance the purchase. She also said that in order to supplement finances, MonkeDAO would be releasing its own NFT collection called The Monkes.
Since its inception, MonkeDAO’s goal has been to become the “premier Web3 community,” mostly through investing in and facilitating the growth of new blockchain initiatives. There are more than 2,730 individual SMB NFT holders in the community, and they run events all around the globe.