SolanaMonkeyBusiness bought by Hadeswap as NFT market consolidation continues
NFT
www.theblock.co
13 February 2023 18:05, UTC
Studying time: ~2 m
HadesDAO, the group related to the Hadeswap protocol, acquired NFT darling SolanaMonkeyBusiness (SMB) and its IP within the newest instance of consolidation within the NFT market.
“It’s a distinctive alternative to have the ability to empower a model so highly effective and distinctive,” Hadeswap wrote in a weblog saying the deal.
The phrases of the deal weren’t disclosed.
SMB is a set of 5,000 SolMonkey NFTs minted on the Solana blockchain. It rode a wave of hype after launching in summer season 2021 to turn out to be probably the most invaluable collections on the chain.
HadesDAO stated it could look to work intently with MonkeDAO, the unique neighborhood of SMB holders following the buyout.
“The acquisition of SMB by HadesDAO doesn’t change SMB holder’s entry to MonkeDAO nor does it grant HadesDAO entry to MonkeDAO’s governance,” MonkeDAO tweeted following the announcement. “The plans for OMC stay unchanged and we’re nonetheless anticipating to launch the Official MonkeDAO Assortment within the upcoming months.”
The transfer echoes different consolidation available in the market. In March final 12 months, Bored Ape Yacht Membership developer Yuga Labs purchased the IP for blue chip initiatives CryptoPunks and Meebits. April additionally noticed Netz capital purchase Pudgy Penguins for $2.5 million.
