MonkeDAO, the decentralized autonomous organization set up by owners of the Solana Monkey Business (SMB) NFT collection, is set to buy the project’s IP for $2 million. The announcement was made on April 14 via a tweet after a community vote was held in favor of the move.
The Solana Monkey Business project was sold by its founders to Hadeswap, a decentralized trading protocol based on Solana, two months ago. This decision was not well-received by MonkeDAO, who had plans to take over the project themselves. However, Hadeswap promised to respect the culture and legacy of SMB at the time of sale, and they used HadesDAO to govern the project.
On April 13, HadeDAO passed a proposal that allowed MonkeDAO to purchase the SMB’s IP, and this plan became a reality. The takeover will involve the transfer of all rights, assets, accounts, and keys to MonkeDAO for 2 million USDC. In addition, any legal registrations for the brand, the SMB website code, and its social accounts such as Twitter and Discord will also be transferred to MonkeDAO.
We did it.
pic.twitter.com/GV4tAZDp8u
— MonkeDAO
(@MonkeDAO) April 13, 2023
MonkeDAO Takeover will Benefit SMB NFT Holders
The proposal notes that “MonkeDAO believes the SMB project and all holders of the SMB Gen2 NFTs will benefit from this acquisition and that HadesDAO will benefit more from money in its treasury rather than maintaining ownership of the SMB project.”
SMB launched its “Gen1” collection back in June 2021 before releasing “Gen2” two months later. The collection features 5,000 pixelated monkeys that have proved quite popular with collectors. As of press time, the collection has done over 1.8 million SOL, or $43 million in trading volume, with the floor price sitting at 223 SOL, or $5,427.
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The post MonkeDAO Snaps Up Solana Monkey Business IP For $2 Million appeared first on NFT Plazas.