Prominent NFT project Solana Monkey Business now owned by independent collective of holders
Solana Monkey Business (SMB) is one of the most valuable and prominent Solana NFT collections, and the project has been steadily supported by MonkeDAO—an independent collective of SMB holders. And today, the DAO announced that following disputes with the creators and the collection’s most recent owner, it has officially acquired the IP to the project.
MonkeDAO purchased the SMB IP and all related keys, assets, and accounts from Solana NFT exchange Hadeswap for $2 million in a deal that was authorized by a HadesDAO governance proposal approved by nearly 97% of token-based votes.
“I think it’s a great resolution for the community to be able to showcase ownership and responsibility for the leadership of a project,” pseudonymous MonkeDAO CEO and co-founder Nom told Decrypt.
In social media posts, MonkeDAO—a decentralized autonomous organization (DAO), or an exclusive online community with token-based membership—framed the occasion as its “independence day,” referencing a long road to finally owning the IP that members had built a collective around.
Solana Monkey Business was one of the first notable NFT projects on Solana, launching in June 2021 with a small Gen1 collection before dropping the 5,000 pixel profile pictures that have come to define the project.
Trading volume and community growth
According to CryptoSlam, the Gen2 collection has yielded some $164 million worth of trading volume to date. Secondary market prices start at just over 200 SOL, or about $4,375, per data from Magic Eden.
MonkeDAO took shape soon after the Gen2 launch, with members forming a community around the NFTs and pursuing collective measures like in-person events, a DAO-managed Solana network validator, and even investments in startups.
But a dispute grew between the DAO and the original pseudonymous creators of SMB, with MonkeDAO requesting a share of secondary market royalties to fund initiatives that it believed had given the project additional value. MonkeDAO said that the creators had promised a certain amount of funding, but only delivered a fraction of that.
Conclusion
MonkeDAO’s acquisition of Solana Monkey Business is a significant event in the NFT world and demonstrates the power of decentralized autonomous organizations. With the SMB IP now in the hands of the DAO, members can work together to continue building the project and creating value for the community.
- Solana Monkey Business is now owned by the independent collective of holders that formed around it
- MonkeDAO purchased the SMB IP and all related keys, assets, and accounts from Solana NFT exchange Hadeswap for $2 million
- The acquisition was authorized by a HadesDAO governance proposal approved by nearly 97% of token-based votes
- MonkeDAO is a decentralized autonomous organization (DAO), or an exclusive online community with token-based membership
- The SMB Gen2 collection has yielded some $164 million worth of trading volume to date
