In a first for the Solana network, a monkey NFT sold for a record price of £1.47 million. The said monkey is referred to as ‘Solana Monkey #1355’ and is one of the 5000 NFT monkeys from the collection ‘Solana Monkey Business’.
This record-breaking sale comes just weeks after the selling of the NFTs on the Solana blockchain debuted in September.
The collection is getting increasingly in demand, and there appears to be a scarcity of it. This is due to the fact that Solana Monkey Business consists of only 5000 “unique and randomly generated” NFTs that reside on the Solana network blockchain.
Solana Monkey Business has a limited supply, although it’s not the smallest collection on the network. There are many more Solana collections that would fall in the category of the most limited.
This recent transaction is much more than what Solana monkeys go for on average, which has been 422 SOL per monkey over the last 24 hours, which is still a staggering £54,865. This is based on data from Solanalysis.
Swinging daily for an average price of 422 SOL, the monkeys from Solana Monkey Business are undoubtedly the most sought-after NFTs currently being auctioned on Solanalysis. This amount dwarfs the runner-up NFT collection, dubbed ‘thugbirds,’ which has sold for an average of 137.4 SOL (or £17,867.2) in the last 24 hours, despite having a supply of only 3,333.
There are currently over 400 projects on the Solana blockchain, and the company boasts that the blockchain is the “fastest… in the world” as well as “the fastest-growing ecosystem in crypto.” It’s also permissionless, and supports C, C++, and Rust programming languages for development.
Solana blockchain allows for sophisticated operations via smart contracts, such as the development and trading of NFTs and DeFi.