Solana Monkey Business NFT Sells for a Historical $2 Million

An NFT from the Solana Monkey Business collection has sold for a historical $2 million! This is the first NFT on the Solana blockchain to fetch the record-breaking amount. The star of the show is Solana Monkey #1355, one of the rarest NFTs in the collection.

Solana Monkey #1355 features a monkey with a rare skeleton body and an orange jacket. Furthermore, on its head rests an extremely rare bejewelled Crown – only 0.02% of Solana Monkeys have this. It was recently sold for 13,027 SOL (Solana blockchain’s native token) or around $2.1 million. 

What is Solana Monkey Business NFT?

Solana Monkey Business is a collection of 5,000 unique generative art monkey NFTs. These monkeys are generated from over 99 traits across six layers. The collection comes with member-only benefits, a community wallet, and a future governance system. The latter will allow community members to decide how and when to use the $SOL in the community wallet.

According to Solanalysis, Solana Monkey NFTs have amassed around $23 million in sales volume in the past seven days (at the time of writing). Currently, the collection has a market cap of $309 million. Moreover, a single Solana Monkey NFT costs an average of 369.6 SOL. 

Due to the high gas fees on Ethereum, the Solana blockchain has been gaining popularity in recent months. Just three weeks back, Solana sold its first NFT worth over $1 million. Blockchain advisory firm Moonrock Capital purchased a Degenerate Ape Academy NFT for 5,980 SOL or around $1.1 million.

Meanwhile, in August, SOL surpassed its all-time high level, thanks to the Degenerate Apes.  Remarkably, it was the first cryptocurrency to achieve the feat after the Marketwide crash in May.