SNEAK PEEK
- Solana’s popular NFT project, Solana Monkey Business, has been acquired by Hadeswap.
- The acquisition has led to the concern whether the DAO of NFT holders will accept the move.
- Hadeswap is in talks with MonkeDAO members to work with the DAO by establishing a strong relationship.
Solana Monkey Business has got a new owner, as its IP rights have been owned by Hadeswap. The latter utilizes AMM or automated market maker as well as trading pools. A rare marketplace, it has bought the rights from the original creators and is looking forward to supporting the project.
The marketplace has shared that it respects Solana Monkey Business’ legacy and aims to work on its shortcomings to make the project even accessible to a wider audience. Other plans include incorporating the project inside the Hadeswap and HADES token ecosystem.
Hadeswap acquires SolanaMonkeyBusiness🐒
— SolanaMonkeyBusiness 🐒 (@SolanaMBS) February 13, 2023
→ @Hadeswap transfers ownership to HadesDAO to lead the initiative
→ Dedicated team of contributors, ops, devs and culture leaders to reinforce the SMB brand
→ Involvement in @Hadeswap's DAO funding & proposals
Full Press Release ↓
In June 2021, Solana Monkey Business was released as one among the initial projects in the Solana NFT space with the launch of 205 pixel collectibles that represented a monkey in space. However, the bigger Gen2 collection had 5,000 NFT PFPs, which are now famous among Solana collectors.
According to CryptoSlam’s data, SMB has earned more trading volume as compared to other projects based on Solana. The reason behind is its popularity at the time when SOL was at its peak of $260 which was in late 2021.
Even though the SMB has been dominant, the original creators have become the victim of pushback from NFT holders. A number of NFT owners created MonkeDAO, an unofficial online collective, to expand the project along with its ecosystem.
MonkeDAO was involved in a public conflict with the project’s creators on the grounds of fame and funding for DAO projects. Certain members considered wrapping their non-fungible tokens and transforming them into new assets to eliminate the secondary sale royalty of creators followed by redirecting the money into the DAO.
However, things were sorted and Solana Monkey Business agreed to help in funding DAO efforts. But since Hadeswap has now acquired the project, it is not clear if MonkeDAO will join.
Hadeswap announced being in talks with MonkeDAO members and expects to work closely with the strong and effective DAO. A representative at Hadeswap said that they want to ensure being able to support the MonkeDAO to meet their goal. Also, they believe that they will form an intact relationship with them.
MonkeDAO tweeted that a collaboration has not been formed yet though they are interested in a discussion. In the coming months, MonkeDAO might launch its NFT collection and it will be based on the Solana Monkey Business with an expanded set of both character elements and PFP designs.
MonkeDAO was trying to purchase the SMB IP at the time of Hadeswap’s deal. MonkeDAO was going through the IP purchase set up and both the DAO and team at SMB knew the step in the process.
Traders are not required to pay creator royalties, which cuts off funding for the DAO. Hadeswap’s representative Rawr refused sharing any more details regarding the deal.
