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The Solana blockchain has now seen its first NFT sale of $ 1 million.
Moonrock Capital blockchain consulting firm purchased one of the NFTs of the Degenerate Ape Academy for 5,980 SOL Saturday, valued at $ 1.1 million.
Moonrock bought Degen Ape #7225, a scarred zombie version of a monkey with a halo, a gold tooth, and a brain in its mouth. The monkey is the 13th rarest in the collection, according to HowRare.is. The firm also picked up the 18th rarest SolPunk – a Solana-themed version of CryptoPunks – for 1,388 SOL ($ 260,000).
There were previously sales on Solana for amounts that would now be worth over $ 1 million, such as Degen Ape # 1674, which was sold for 7,000 SOL. But this appears to be the first sale worth over $ 1 million at the time of purchase.
This marks a shift in the development of NFTs in the blockchain ecosystem. Since their inception, they have typically been created and sold on the Ethereum blockchain, where the majority of the value and interest remains today. But with high fees becoming a growing problem, some investors have turned to other platforms, such as Solana, Cardano, and Tezos, to experiment at a lower cost.
YouTuber-turned-boxer KSI noted this trend, picking up a Solana Monkey Business NFT on Thursday before later receiving an honorary Degen Ape.
Friday it tweeted, “Ethereum’s fees are too high, so the man moves to Solana. GOML,” – sense Get on my level.
KSI changed their crypto account profile picture to Solana Monkey Business NFT. Source: Twitter.
Other celebrities have also taken over Solana’s 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 building blocks of NFTs have multiplied in recent weeks.
There has been the launch of new markets, such as Digital Eyes and SolSea, which are trying to keep up with the growing number of NFT mints. Additionally, since the launch of Aurory, projects have started using Metaplex’s Candy Machine to manage the typing process, which has resulted in a smoother ride.
On the flip side, the growing number of NFT projects on Solana has started to dilute value among collections – despite strong demand for earlier projects like Degenerate Apes. Many projects have seen their bottom prices drop in recent days, with some coins not selling and a number of projects selling below the strike price.
At the same time, the price of Solana’s native token, SOL, skyrocketed from $ 100 to $ 200 briefly in just over a week, propelling it into the top 10 coins by market cap. To reflect this rise, NFT projects have started lowering their mint prices, to keep them affordable.
The price of Solana has increased over the past 30 days. Source: CoinGecko.
Some projects even gave them away for next to nothing. The upcoming snake-themed NFT project Sneks has revised its prices from 2.25 SOL to 0 SOL, following a failed launch, while Lit Jesus is giving away its NFTs (and physical copies) for free. In addition, some did not even keep the profits. Trippy Bunny Tribe, who sold his NFTs for 1.11 SOL on Saturday, donated his $ 220,000 in proceeds to the American Foundation for Suicide Prevention.
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© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
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