The Solana blockchain has now seen its first multi-million dollar NFT sale.
Blockchain Consulting Firm Monrock Capital Sold A member of NFT’s Degenerate Monkey Academy 5980 Today, Saturday, it is worth $1.1 million.
Bought Moonrock Degen Ape #7225, a scarred zombie version of a monkey with a halo, a golden tooth and a brain in its mouth. The monkey is the rarest of the group, according to HowRare.is. The company also pick up Rare 18 SolPunk – a version of CryptoPunks themed Solana – for 1,388 SOL ($260,000).
There were previously sales on Solana in amounts that could now amount to more than $1 million, such as Degen Ape #1674, which sold for 7,000 SOL. But this appears to be the first sale that was worth over $1 million at the time of purchase.
This represents a shift in the development of NFTs across the blockchain ecosystem. Since its inception, it has usually been created and sold on the Ethereum blockchain, where the majority of the value and interest remain today. But with the problem of high fees growing, some investors are looking to other platforms – such as Solana, Cardano, and Tezos – to experiment with lower costs.
KSI, turned YouTube boxer, took note of the trend, choosing Solana Monkey Business NFT on Thursday before he was later awarded an honorary Degen Ape award.
On Friday, he chirp, “Ethereum fees are very high at ATMs, so the guy is moving to Solana. jommel,” – the meaning Get my level.
Other celebrities also chose Solana NFTs. TV presenter Steve Harvey changed his Twitter profile picture to Solana Monkey Business NFT last Thursday.
A growing NFT ecosystem
Within the Solana ecosystem, the number of building blocks for NFTs has increased over the past few weeks.
New markets have been launched, such as Digital Eyes and SolSea, which are trying to keep pace with the rapidly growing number of NFTs. In addition, since the launch of Aurory, projects have begun to use the Metaplex candy machine to handle the coin minting process, which has made the journey much smoother.
On the other hand, the doubling of Solana’s NFT projects is starting to reduce value between groups – despite the high demand for earlier projects such as the rambunctious monkeys. Several projects have seen their minimum prices drop in recent days, with some mints not selling and a number of projects selling for less than the mint price.
At the same time, the price of Solana’s original token, SOL, rose from $100 to $200 for a brief period in just over a week – propelling it into the top 10 coins by market cap. To reflect this rise, NFT projects began lowering their prices to make them more affordable.
Some projects were even giving them for nothing. Next Snake-themed NFT project Sneks revised its prices from 2.25 SOL to 0 SOL, after the failed launch, while Lit Jesus is offering NFTs (and physical copies) for free. In addition, some did not retain earnings. Trippy Bunny, which sold NFTs for 1.11 SOL on Saturday, donated $220,000 in proceeds to American Foundation for Suicide Prevention.
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© 2021 The Block Crypto, Inc. all rights are save. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
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