MonkeDAO Moves Closer To Buy Rights Solana Monkey Business With $2 Million
- MonkeDAO will buy Solana Monkey Business’s intellectual property rights from its existing owner, HadesDAO.
- MonkeDAO was founded independently by SMB NFT owners.
- SMB has created the most trading volume of any Solana project.
MonkeDAO, a Solana blockchain-based decentralized autonomous organization (DAO), has announced ambitions to buy the rights to the popular non-fungible token (NFT) collection Solana Monkey Business (SMB).
The organization was founded by fans of SMB, one of Solana’s original NFT collections. You must possess an SMB NFT in order to join MonkeDAO.
SMB was now under new ownership. In February, Hadeswap, a Solana NFT marketplace, stated that it had purchased the project’s intellectual property rights. The NTF marketplace bought the rights to Solana Monkey Business from the original authors and wanted to sponsor the well-known product further.
On Thursday, HadesDAO approved a proposal that would enable MonkeDAO to pay $2 million USDC for the SMB intellectual property (IP), including all rights, assets, accounts, and keys from HadesDAO. This includes any legal registrations for the brand, SMB website code, ownership of the SMB Twitter and Discord channels, and other things, according to the plan.
“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 released Gen1 of its collection in June 2021, followed by Gen2 in August 2021, with the 5,000 pixelated monkeys gaining popularity. SMB currently has a floor price of 212 SOL (about $5,344).
Solana Monkey Business has emerged as a significant initiative in the Solana NFT ecosystem in recent months. It is comparable to CryptoPunks or the Bored Ape Yacht Club on Ethereum, both of which are still active.
But, the designers and the DAO collecting community are now tussling with one another. Worse, any dramatic solution will act as a hard fork in the project, resulting in a split. And if this occurs, it will undoubtedly have an impact on its future.
According to MonkeDAO, the organization needs further resources to explore other projects that will benefit all SMB holders. Finally, the dispute between MonkeDAO and Solana Monkey Business has resulted.
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