Degenerate Ape NFT Nets Solana Its First Million Dollar Sale

While blockchains throughout the crypto realm were riding the latest downturn, the rapidly growing Solana network had cause to celebrate. Over the weekend, investment firm Moonrock Capital, purchased a single Degenerate Ape NFT for an incredible 5980 $SOL.

Degenerate Ape #7225 represents the 13th rarest item in the collection. At the time of the sale, this single acquisition equated to $1.1 million worth of monkey madness and as such, has set a new purchase record for an NFT on the Solana network. Therefore, it seems that the simian obsession that has gripped Ethereum has now spread over to Solana.

The Degenerate Ape collection came into being in mid-August, with an initial minting fee of 6 $SOL. However, after just one month in existence, prices have skyrocketed. The floor price now stands at 69 $SOL, with the most expensive Ape changing hands for 7000 $SOL. If all that sounds impressive, just remember, the $SOL token has more than tripled in price since the Apes came into being.

This phenomenal sale is testament to the incredible growth in the Solana network in recent months. And, as Ethereum Mainnet grapples with its ridiculous fees, Solana has taken this opportunity to get a foothold in the market. Furthermore, with the hugely anticipated Star Atlas on the horizon, the future is looking rosy for the Solana blockchain.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

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