Home NFTs MonkeDAO Takes Over Solana Monkey Business’s IP for $2M

MonkeDAO Takes Over Solana Monkey Business’s IP for $2M

MonkeDAO Takes Over Solana Monkey Business’s IP for $2M

MonkeDAO — an independent Solana Monkey Business (SMB) holder collective — has continuously supported the NFT project. This led the Decentralized Autonomous Organization (DAO) and SMB to bash heads constantly. But, finally, MonkeDAO now obtains intellectual property (IP) rights to the esteemed Solana project. 

Quick Takes: 

  • MonkeDAO successfully acquires the IP rights to SMB, alongside all associated assets, keys, and accounts from Hadeswap.
  • HadesDAO authorized the governance proposal, with 97% of community members voting in favor of the takeover.
  • Celebrating its “independence day”, MonkeDAO took to Twitter yesterday to mark the resolution of its efforts to obtain ownership of the IP following past issues.
  • Continuous royalty disputes led MonkeDAO to purchase SMB for $2 million.

MonkeDAO’s Acquisition of Solana Monkey Business’s IP

MonkeDAO recently acquired the IP rights of SMB, alongside all associated assets, accounts, and keys from Hadewap (a Solana NFT exchange), for $2 million.

HadesDAO carried out the governance proposal, with 97% of community members approving the initiative via token-based votes.

Following past debates between the two projects, the DAO revealed the good news about its “independence day” on Twitter yesterday:

The Tweet glosses over a long journey towards achieving ownership of the IP community members had established together.

Solana Monkey Business vs. MonkeDAO – Past Issues 

SMB became one of the most noteworthy NFT initiatives on the Solana network in June 2021. In the wake of success, the project now has a trading volume of $164 million, according to CryptoSlam data.

The collectibles were initially launched with a limited Gen1 collection. A debut of 5,000 pixelated profile pictures (PFPs) soon followed, which have since become parallel with the project.

MonkeDAO formed around SMB’s Gen2 launch. The DAO began actively participating in collective pursuits, such as managing the Solana network validator, attending in-person events, and investing in startups surrounding the project.

Following the DAO’s involvement, disagreements soon arose between SMB and MonkeDAO. The DAO requested a portion of secondary market royalties following its efforts. According to MonkeDAO, the creators of SMB initially agreed to provide funding. However, the team members did not go ahead with the compromise as promised — despite the DAO hoping to support more of the project’s initiatives with the funds.

The lack of support caused MonkeDAO members to consider “wrapping” their SMB NFTs in early 2022. The reason was to direct royalties away from the creators and to send funds to the DAO treasury instead. However, before things got messy, the two sides agreed on funding shortly afterward.

Nevertheless, disputes continued, and Hadeswap grew tired of the constant clashing. The collective agreed to sell SMB to MonkeDAO for $2 million to solve matters.

As the Web3 world evolves, it is clear that negotiations and collaborations are essential for the growth and success of NFT projects. 

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