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SolanaMonkeyBusiness bought by Hadeswap as NFT market consolidation continues


www.theblock.co 13 February 2023 18:05, UTC
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HadesDAO, the organization associated with the Hadeswap protocol, acquired NFT darling SolanaMonkeyBusiness (SMB) and its IP in the latest example of consolidation in the NFT market.

"It is a unique opportunity to be able to empower a brand so powerful and unique," Hadeswap wrote in a blog announcing the deal.

The terms of the deal were not disclosed.

SMB is a collection of 5,000 SolMonkey NFTs minted on the Solana blockchain. It rode a wave of hype after launching in summer 2021 to become one of the most valuable collections on the chain.

HadesDAO said it would look to work closely with MonkeDAO, the original community of SMB holders following the buyout.

"The acquisition of SMB by HadesDAO does not change SMB holder's access to MonkeDAO nor does it grant HadesDAO access to MonkeDAO's governance," MonkeDAO tweeted following the announcement. "The plans for OMC remain unchanged and we are still expecting to release the Official MonkeDAO Collection in the upcoming months."

The move echoes other consolidation in the market. In March last year, Bored Ape Yacht Club developer Yuga Labs bought the IP for blue chip projects CryptoPunks and Meebits. April also saw Netz capital acquire Pudgy Penguins for $2.5 million.

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