Solana Enters Million-Dollar NFT Club By Sale of Degenerate Ape

Solana Enters Million-Dollar NFT Club By Sale of Degenerate Ape

Thanks to Degen Ape #7225, Solana has joined the million-dollar NFT Club. Moonrock Capital bought a Degenerate Ape Academy NFT for 5,980 SOL ($1.1 million) on Saturday.

Degen Ape #7225 is the 13th rarest NFT. Its odd appearance makes it easier to detect. It’s not often you see a scarred zombie ape with a gold tooth and a brain in its mouth. The company also bought the 18th rarest SolPunk for 1388 SOL ($260,000).

The number and money involved are remarkable, but what strikes out is that Solana achieved this in just two months. However, Ethereum, the most popular NFT network, took three years to register its first million-dollar sale.

Solana’s first major NFT was Degenerate Apes. This group of dressed apes has varying degrees of rarity. Some NFTs are wearing sunglasses, while others are munching on shoes and sandwiches.

Collection of 10,000 Sold Out in Just 10 Minutes

However, the proliferation of NFT experiments on Solana has begun to diminish the usefulness of previous efforts like the degenerate apes. Many projects’ floor prices have fallen recently, with some mints not selling out and others selling below minting price.

Despite technological difficulties, the Collection of 10,000 sold out in just 10 minutes.  Solana is a proof-of-stake network, which means it can compete with Ethereum on speed and pricing. Solana is destroying the crypto charts.

Solana has a market value of approximately $52 billion and a price of Solana (SOL) $176.79 at the time of writing, according to CoinMarketCap. Four days ago, the blockchain’s SOL token hit an all-time high of $214.36, breaking the previous NFT record (September 8). This new record marks a 13,200% increase from the January 1 price of $1.61.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.