After holding a community vote to approve the purchase, MonkeDAO, a decentralized autonomous organization that manages the Solana Monkey Business (SMB) NFT collection, has bought the project’s intellectual property (IP) for $2 million.
MonkeDAO Acquires Solana Monkey Bussiness IP from Hadeswap
This news was announced via a tweet on April 14. Sources suggest that MonkeDAO had previous intentions to acquire the Solana Monkey Business project. Still, the founders opted to sell it to Hadeswap, a decentralized trading protocol on Solana, approximately two months prior. Nevertheless, Hadeswap has now elected to transfer the project’s intellectual property to MonkeDAO.
The transfer of SMB’s intellectual property also entails the transfer of all associated rights, assets, accounts, and keys to MonkeDAO. These will come in exchange for 2 million USDC. MonkeDAO will also receive any legal registrations associated with the brand, SMB website code, and social media accounts, including Twitter and Discord. MonkeDAO is of the belief that the acquisition will be advantageous to SMB NFT holders and to the SMB project in general, particularly those holding the SMB Gen2 NFTs.
The Solana Monkey Business Project and its Popularity
The Solana Monkey Business (SMB) project rolled out its initial “Gen1” collection in June 2021, followed by “Gen2” just two months later. The collection comprises of 5,000 pixelated monkeys that have gained immense popularity amongst collectors. As of the current writing, the collection has amassed over 1.8 million SOL, equivalent to $43 million in trading volume. The floor price for the collection stands at 223 SOL or $5,427.
Upon hearing the news, several experts in the industry expressed their opinions. Some stating that MonkeDAO’s purchase of SMB’s IP will result in a surge in NFT market activity. Furthermore, this acquisition will contribute to the project’s decentralization, as MonkeDAO is a decentralized autonomous organization that will allow the community to manage its operations.
Potential Impact of the Acquisition on the NFT Space
HadeDAO, the decentralized autonomous organization that governs the Solana Monkey Business project, passed a proposal indicating that its decision to sell the project’s IP to MonkeDAO primarily focused on maximizing its treasury. As so, the founders of the SMB project will preserve their legacy by selling the IP to MonkeDAO, ensuring that the project remains true to its origins.
According to certain analysts, the purchase of SMB’s IP by MonkeDAO is likely to intensify competition among NFT projects. This could motivate other projects to improve their own intellectual property to maintain a competitive edge. As so, this may help drive innovation and creativity in the NFT industry.
Implications for the Future of NFTs
MonkeDAO’s acquisition of the Solana Monkey Business project’s IP is a significant development in the NFT space. The acquisition may help SMB NFT holders. It may do so by making the project more decentralized. The IP transfer will enable MonkeDAO to govern the project fully. The increased competition that may result from this acquisition could lead to increased creativity and innovation in the NFT space.
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