Solana-based NFT

SolMonkey becomes the first Solana-based NFT to sell for over $2M

Solana Monkey #1355 has set a new record for the most expensive non-fungible token (NFT) sold on the Solana network. A report disclosed this news on October 1, noting SMB is part of the Solana Monkey Business (SMB) collection, which comprises 5,000 NFTs minted on Solana. Reportedly, Solana Monkey #1355 sold for 13,027 SOL ($2,000,000).

According to HowRare.Is, Solana Monkey #1355 is the rarest NFT in the SMB collection. The NFT depicts a monkey with a skeleton body (only 2.42% of monkeys in the collection have this feature). Additionally, the NFT dons an orange jacket, a feature specific to only 1.05% of the 5,000 SolMonkeys. On top of this, Solana Monkey #1355 features a bejeweled crown, a trait available in only 0.02% of the NFTs in the entire collection.

Reportedly, the SMB collection comprises the most valuable NFTs on Solana at the moment. Per data from Solanalysis, the average price of a Solana Monkey is 379.8 SOL after losing 6.18% in the past 24 hours. In comparison, the second most valuable pieces on Solana are NFTs in the thugbirds collection, and their average price is 156.1 SOL after gaining 27.46% over the last 24 hours.

With the sale of Solana Monkey #1355, the SMB collection has entered the list of leading NFTs, regarding PFP (profile picture) power rankings. Other collections in the list include the Bored Ape Yacht Club, Ethereum’s Cool Cats and CryptoPunks, Axie Infinity, and Pudgy Penguins, among others.

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Solana’s NFT ecosystem continues gaining steam

This news comes after an NFT in the Degenerate Ape Academy sold for 5,980 SOL ($1.1 million) on September 11. The NFT in question is Degen Ape #7225, and it became the first piece on Solana to fetch more than $1 million. Degen Ape #7225 depicts a scarred zombie ape with a halo, a golden tooth, and a brain in its mouth.

This feat represented a shift of power in the NFT space, seeing as Ethereum has supported the digital collectibles industry since its inception. While the network still holds the majority of NFTs, it is gradually losing its grip on the NFT space due to high gas fees.

An example of Ethereum’s high transaction fees became evident during TIME Magazine’s latest NFT auction, which saw buyers pay fees that almost quadrupled the prices of the NFTs. As a result of the high gas fees, NFT projects and enthusiasts alike have begun shifting to more friendly platforms.

This shift is demonstrated by the swelling market capitalization and trading volume of Solana-based NFTs. According to Solanalysis, the market cap of Solana-based NFTs sits at $1,175,087,094 after gaining 11.20% in 24 hours. The seven-day volume is also up 15.81% to hit $150,368,363.