MonkeDAO, a decentralized autonomous organization (DAO) on the Solana blockchain, has revealed plans to acquire the rights to the popular non-fungible token (NFT) collection Solana Monkey Business (SMB).
SMB enthusiasts formed the organization. To join, one must own an SMB NFT. SMB currently has a floor price of 220 SOL, equivalent to approximately $5,353, and has a total sales volume surpassing $1.8 million SOL, or about $43 million.
The collection of 5,000 pixelated monkeys was launched in June 2021, with its “Gen2” edition released in August of the same year, gaining significant popularity in the NFT market.
HadesDAO, which acquired SMB from its original founders in February and pledged to preserve the project’s legacy, passed a proposal on Thursday that would allow MonkeDAO to buy the SMB intellectual property (IP) for $2 million USDC. The purchase will include all the legal registrations for the SMB brand, ownership of the SMB Twitter and Discord channels, SMB website code, accounts, and keys.
In the proposal submitted to HadesDAO, MonkeDAO expressed the belief that the acquisition would benefit all SMB Gen2 NFT holders, stating that “HadesDAO will benefit more from money in its treasury rather than maintaining ownership of the SMB project.” The announcement has been welcomed positively on Twitter, with many users calling it a “historic” move.
The purchase of the SMB collection rights by MonkeDAO is a significant event in the Solana NFT space, indicating the increasing importance of DAOs in the ecosystem. It also underscores the growing interest in NFT collections, which are becoming increasingly valuable and sought after by collectors and investors alike.