Today, Solana witnessed its first million dollar NFT sale for Degen Ape #7225.
The blockchain platform has seen its NFT ecosystem grow rapidly in the past few weeks.
Solana Blockchain has now seen its first million dollar NFT sale.
Blockchain consultancy Moonrock Capital bought one of the Degen Ape Academy NFTs on Saturday for 5,980SOL, worth $1.1 million.
The firm purchased Degen Ape 7225, a scarred zombie version of the ape with a halo, gold teeth and a brain in its mouth. According to HowRare.is, this ape is the 13th rarest in the series.
There have been previous sales on Solana that are now worth over a million dollars, such as Degen Ape #1674, which sold for 7,000 SOL. But this appears to be the first sale worth over a million dollars at the time of purchase.
This marks a shift in the development of NFTs across the blockchain ecosystem. Since their inception, they have typically been created and sold on the ethereum blockchain, where most of the value and interest remains today. But as high fees become a growing problem, some investors have looked to other platforms – such as Solana, Cardano and Tezos – to experiment at lower costs.
YouTuber-turned-boxer KSI noticed the trend and picked up a Solana Monkey Business NFT on Thursday before he was later honored with a Degen Ape.
Other celebrities have also joined the Solana NFTs. television host Steve Harvey changed his Twitter profile picture to a Solana Monkey Business NFT last Thursday.
A Growing NFT Ecosystem
In the Solana ecosystem, the number of NFT building blocks has been growing over the past few weeks.
There have been several marketplaces launched, such as Solanart and Digital Eyes, which are trying to keep up with the rapidly growing number of NFT miners. Also, since the launch of Aurory, projects have started using Metaplex’s candy machines to handle the minting process, which has made it smoother.
On the other hand, the multiplication of the number of NFT projects on Solana has started to dilute the value in the collection – despite the high demand for early projects such as Degenerate Ape. In recent days, the floor prices for many items have slipped, with some coins not selling out and some items going for less than mint prices.
Meanwhile, the price of Solana’s native token SOL has been rocketing, rising from $100 to briefly breaking $200 in a little over a week – propelling it into the top 10 coins by market cap. To reflect this rise, the NFT program has begun to lower their mint price to keep their price up.
Over the past 30 days, Solana’s price has recovered.
Some projects are even giving them away for almost free. Sneks, the upcoming snake themed NFT project, revised its price from 2.25 SOL to 0 SOL after a failed launch, and Lit Jesus is giving away its NFTs (and physical copies) for free. In addition, some companies aren’t even keeping the profits.Trippy Bunny Tribe sold its NFT for 1.11 SOL on Saturday and donated its $220,000 in proceeds to the American Foundation for Suicide Prevention.