For the first time, an NFT on Solana (SOL) was sold for more than $1 million

Solana NFT sold for over $1 million

Investment firm Moonrock Capital on Saturday bought a non-fungible token (NFT ) belonging to the Degenerate Ape Academy collection for SOL 5,980 or about $1.1 million. This is a record for an NFT created on the Solana blockchain (SOL).

Moonrock bought the Degen Ape (#7225), a zombie version of a monkey with a halo, a gold tooth and a brain in its mouth. The monkey is the 13th rarest monkey in the collection, according to HowRare.is. The company also acquired the 18th rarest SolPunk, a version of the CryptoPunks on Solana for 1,388 SOL or about $260,000.

At the launch of the Degen Ape Academy project, the collection of 10,000 unique images of apes was sold out in just 8 minutes, with the total volume even reaching nearly 96,000 SOL or about $6 million. Currently, the minimum price to acquire a degenerate monkey is a minimum of 72 SOL ($13,000).

Celebrities have even adopted Solana’s NFTs. TV presenter Steve Harvey changed his Twitter profile picture to an NFT Monkey Business last Thursday.

An ecosystem in turmoil

This record sale marks a paradigm shift for NFTs. Since their inception, they have generally been created and sold on the Ethereum blockchain (ETH), where the majority of value and interest remains today. But with high fees on the network becoming increasingly expensive, some investors have turned to other blockchains such as Solana and Tezos (XTZ).

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New marketplaces have been launched such as Digital Eyes, Solanart and SolSea. According to Solanalysis, NFT exchanges on Solana reportedly generated a total of $50 million in the last 7 days.

Currently, the most popular projects on Solana are Degenerate Ape Academy, Solana Monkey Business, SolPunks and Aurory.

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About the author : Florent David

For the first time, an NFT on Solana (SOL) was sold for more than $1 million

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Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.