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First Million-Dollar NFT Sale for Solana, and It’s for a Degenerate Ape

First Million-Dollar NFT Sale for Solana, and It’s for a Degenerate Ape
  • Today, Degen Ape #7225 became Solana’s first million-dollar NFT sale.
  • In the last few weeks, the blockchain platform’s NFT ecosystem has exploded.
  • NFT intends to reduce its mint pricing in order to keep the prices low.

The first million-dollar NFT sale has occurred on the Solana blockchain.

Moonrock Capital, a blockchain advising business, bought one of the Degenerate Ape Academy NFTs for 5,980 SOL ($1.1 million) on Saturday.

Moonrock purchased Degen Ape #7225, a scarred zombie ape with a halo, a gold tooth, and a brain in its mouth. According to HowRare.is, the ape is the 13th rarest in the collection. The company also paid 1,388 SOL ($260,000) for the 18th rarest SolPunk, a Solana-themed form of CryptoPunks.

It should be noted that there have been earlier sales for quantities that would now be worth more than a million dollars NFT such as Degen Ape #1674, sold for 7,000 SOL.

This is a big step forward in the growth of NFTs in the blockchain ecosystem. They’ve been created and sold on the Ethereum blockchain since their birth, and it’s still where the bulk of the value and focus is today.

When high fees become more of an issue, some investors turned to other platforms, such as Solana (SOL), Cardano, and Tezos (XTZ), to try out lower-cost options.

Solana NFTs have also caught the attention of some celebrities. Last Thursday, TV host Steve Harvey updated his Twitter profile photo to a Solana Monkey Business NFT.

The NFT ecosystem is expanding.

The number of building blocks for NFTs has been rising in the Solana ecosystem during the last few weeks. Markets like Digital Eyes and SolSea have been launched to keep up with the increasing number of NFT mints. Also, after the advent of the Aurory, projects have begun to use Metaplex’s Candy Machine to handle the minting process, which has made it easier.

At once, the price of Solana’s native token, SOL, has soared. Going from $100 to briefly breach $200 in less than a week — driving it into the top ten coins by market value. As a result of this increase, NFT began to plan to cut their mint pricing in order to keep them cheap.

Furthermore, some have not even retained their profits.

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Juliet is an ardent reader and a devoted writer who talks behind her keypads. She relishes her thoughts through writing articles, creative writings, and press releases.