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- The holders of Solana Monkey Business NFTs have acquired the project’s IP rights
- Holders of SMB NFTs will manage the collection through a DAO called MonkeDAO
- SMB was previously owned by NFT exchange Hadeswap which had acquired it in February
The holders of Solana Monkey Business (SMB) NFTs have acquired the project’s intellectual property rights from NFT exchange Hadeswap which acquired it in February. SMB NFT holders will manage the collection through a decentralized autonomous organization (DAO) called MonkeDAO. MonkeDAO acquired everything related to the NFT project for $2 million with 97% of the HadesDAO members approving the purchase although it’s unclear how much Hadeswap had paid for the project.
The End of a Long Struggle
According to MonkeDAO’s pseudonymous co-founder Nom, the acquisition presents a chance for the project’s NFT holders to showcase their leadership qualities. The DAO touted the feat as the end of a long struggle to take ownership of the project. In February, for example, MonkeDAO attempted but failed to snatch the acquisition deal from Hadeswap.
8/ I didn’t want to get a ton of parties involved as they all want different terms & things get messy and slow. The @GalacticGeckoSG were generously offering to chip in, for that I am super appreciative. ????
I offered @MonkeDAO $1M bridge loan, 0% interest. Paid back post mint. pic.twitter.com/Ml6T5Giu9l
— S◎L Big Brain (@SOLBigBrain) April 11, 2023
MonkeDAO initially promoted the project voluntarily before disagreements between its creators arose causing the DAO to ask for a share of royalties. After some negotiations, they reached a funding deal.
However, there seemed to be tension between Hadeswap and MonkeDAO after the February acquisition causing Hadeswap to consider relinquishing the project’s ownership to MonkeDAO. According to an NFT whale known on Twitter as SOL Big Brain, Hadeswap’s founder pseudonymously known as HGE feared that a disagreement would take “months” to resolve.
4/ A 30 minute conversation later and some venting from both sides as well as trying to come to a common ground and REALLY understand the wants from both sides.
The main point made was..@HGESOL did not want whatever to happen to drag on for months upon months with @MonkeDAO
— S◎L Big Brain (@SOLBigBrain) April 11, 2023
SMB is in Good Hands
The whale revealed that he provided $1 million to aid in the acquisition. According to Nom, the NFT project is in good hands since MonkeDAO is made up of developers, builders and other important players across the Solana blockchain.
8/ I didn’t want to get a ton of parties involved as they all want different terms & things get messy and slow. The @GalacticGeckoSG were generously offering to chip in, for that I am super appreciative. ????
I offered @MonkeDAO $1M bridge loan, 0% interest. Paid back post mint. pic.twitter.com/Ml6T5Giu9l
— S◎L Big Brain (@SOLBigBrain) April 11, 2023
Nom added that they’re dedicated to expanding the project and improving the experience for SMB NFT holders. With MonkeDAO finally on the steering wheel, it’s yet to be seen what they’ll do differently.
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Today, the Solana project is announcing the launch of a new blockchain-based marketplace that will enable network participants to purchase project rights through the purchase of Non-Fungible Tokens (NFTs). The limited-time Solana Monkey Business NFT Holders Purchase Project Rights will enable network participants to purchase preset amounts of rights from projects within the Solana ecosystem – at a discounted rate – in an effort to incentivize early user adoption and support for the Solana platform.
In a manner similar to other projects, these purchased rights will give the holder the opportunity to purchase Solana-based tokens for discounted rates, as well as other exclusive benefits, such as early access to exclusive project functionalities. The NFTs will also be transferable, and will be available for purchase in the Solana Monkey Business NFT Marketplace.
While traditional crowdfunding and venture-capital models have historically been the primary way of getting rights to projects, by utilizing the blockchain Solana is able to leverage its distributed ledger technology to open up new models that benefit users. By implementing a transparent system that empowers users to purchase rights and access additional features, Solana is providing a new way of accessing a project’s benefits.
This program utilizes an innovative pricing model that allows purchasers to access the rights they want at a fraction of the cost – while ensuring a greater level of equity within the Solana network. The purchasers of the rights will also earn higher rewards when the project launches and gains traction – making it a win-win situation for all involved.
This project also looks to be a great way for the team behind Solana to promote the platform and attract more users to the ecosystem. By offering users the ability to purchase preset amounts of rights for discounted rates, Solana is looking to drive up user adoption, and offer a variety of exclusive opportunities for those who invest in the project.
Overall, the Solana Monkey Business NFT Holders Purchase Project Rights is a revolutionary new way of accessing the rights from projects within the Solana ecosystem. With its low-cost pricing model and promise of additional benefits, this project looks to be a great way to encourage user adoption and support of the Solana platform.
