October 1, 2021, marks a historical moment for Solana. An NFT project entitled “SolanaMonkeyBusiness” a collection of 5000 NFTs created on the Solana blockchain, saw one of its NFT sell for an unprecedented 13,207 SOL. This amount translates to approximately 2.1 Million on today’s market.
The monkey that made that amount was monkey #1355, the rarest monkey in the collection with three super rare traits; a skeleton body, orange jacket, and bejeweled crown. All of these traits were sought after by buyers minting their monkeys in the beginning days of the project.
Only three weeks ago the first Solana NFT to break USD 1 Million was reported. Now with this new record, it seems the days of Ethereum as the major market for NFT may be over. The fees of Solana are so low that buyers are willing to purchase multiple NFT from a project instead of just one. This increased use of the Solana blockchain has pushed the price of SOL increasing the value of the token. The SOL token has a $1 Billion market capitalization as of October 1.
The monkeys go for an average of 456 Sol according to Solanalysis and have now been ranked in the top five of the PFP power rankings. This puts the monkeys in the same sphere as the Bored Ape Yacht Club, Ethereums Cool Cats, and CryptoPunks.
The NFT sphere is here to stay and with more projects down the line, there are many more opportunities for buyers to get into an ecosystem that could potentially change their lives. With Solana as the blockchain of choice now the sky is the limit and if you were to create an NFT collection you wouldn’t have to worry about the outrageous fees just to produce. The next million-dollar sale is just around the corner, and it could be yours.
The content of this article, analysis, report, or webpage is not investment advice and does not constitute an offer or solicitation to offer or recommend any investment product. This content is for general purposes only and does not take into account your individual needs, investment objectives, and specific financial circumstances. The author may hold digital assets mention in this report