Hadeswap Buys IP rights for Solana Monkey Business
Hadeswap, a Solana-based NFT marketplace, has taken over the ownership rights to Solana Monkey Business (SMB), one of the most widely recognized NFT projects on the Solana blockchain.
Buying a monkey business
In a recent announcement, Hadeswap expressed its commitment to preserving the legacy of SMB while addressing its limitations and making it more widely accessible to a broader user base.
Hadeswap has positioned itself as a one-of-a-kind NFT marketplace, deviating from the conventional listing model through the utilization of automated market makers and trading pools. The platform has ambitious plans to incorporate Solana Monkey Business (SMB) into its existing Hadeswap and HADES token ecosystem.
One of the most successful NFT collections on Solana
The inception of Solana Monkey Business took place in the month of June, in the year 2021. It was introduced with 205 inaugural pixel art collectibles showcasing an astronaut primate. The second-generation collection boasts a massive number of 5,000 NFT profile pictures (PFP), which have garnered widespread popularity among Solana enthusiasts. According to statistics from CryptoSlam, SMB has recorded more trading volume in US dollars than any other Solana project, with a staggering sum of $159 million.
Despite the success of Solana Monkey Business, its creators encountered resistance from NFT holders. In response, MonkeDAO was established as an unofficial online community with the aim of furthering the project and broadening its scope. Tensions arose between MonkeDAO and the original creators over matters of recognition and funding for DAO initiatives.
While Hadeswap desires to collaborate closely with MonkeDAO, the latter has not yet entered into a formal partnership agreement. MonkeDAO is preparing to launch its own NFT collection in the near future, extending the original Solana Monkey Business concept with a diverse range of PFP designs and character attributes.
MonkeDAO community concerned with the takeover
Hadeswap is a creation of the anonymous NFT enthusiast, known only as HGE, who is also the mastermind behind successful Solana NFT ventures, ABC, and OpenDAO. The platform operates without the need for traders to contribute creator royalties. The decision to neglect artists royalties has been a controversial trend in the NFT market, and one that has the potential to hamper funding for MonkeDAO.
The recent acquisition of Solana Monkey Business by Hadeswap has sparked concerns about the fate of MonkeDAO and its funding sources. This development echoes similar occurrences in the Ethereum community, such as when Bored Ape Yacht Club’s Yuga Labs acquired the rights to CryptoPunks and Meebits IP from their original creator, Larva Labs. Afterwards, Yuga took steps to empower CryptoPunks owners and advance the project further.
The acquisition of Solana Monkey Business by Hadeswap has raised many uncertainties and speculations regarding its future direction and the relationship between MonkeDAO and the new owners. The details of the deal and Hadeswap’s intentions for SMB are yet to be disclosed, making it a notable event in the Solana NFT community. The outcome of the interaction between MonkeDAO and Hadeswap, as well as the fate of SMB, are worth observing with keen interest.