- The holders of Solana Monkey Business NFTs have acquired the project’s IP rights
- Holders of SMB NFTs will manage the collection through a DAO called MonkeDAO
- SMB was previously owned by NFT exchange Hadeswap which had acquired it in February
The holders of Solana Monkey Business (SMB) NFTs have acquired the project’s intellectual property rights from NFT exchange Hadeswap which acquired it in February. SMB NFT holders will manage the collection through a decentralized autonomous organization (DAO) called MonkeDAO. MonkeDAO acquired everything related to the NFT project for $2 million with 97% of the HadesDAO members approving the purchase although it’s unclear how much Hadeswap had paid for the project.
The End of a Long Struggle
According to MonkeDAO’s pseudonymous co-founder Nom, the acquisition presents a chance for the project’s NFT holders to showcase their leadership qualities. The DAO touted the feat as the end of a long struggle to take ownership of the project. In February, for example, MonkeDAO attempted but failed to snatch the acquisition deal from Hadeswap.
8/ I didn’t want to get a ton of parties involved as they all want different terms & things get messy and slow. The @GalacticGeckoSG were generously offering to chip in, for that I am super appreciative. 🤝
I offered @MonkeDAO $1M bridge loan, 0% interest. Paid back post mint. pic.twitter.com/Ml6T5Giu9l
— S◎L Big Brain (@SOLBigBrain) April 11, 2023
MonkeDAO initially promoted the project voluntarily before disagreements between its creators arose causing the DAO to ask for a share of royalties. After some negotiations, they reached a funding deal.
However, there seemed to be tension between Hadeswap and MonkeDAO after the February acquisition causing Hadeswap to consider relinquishing the project’s ownership to MonkeDAO. According to an NFT whale known on Twitter as SOL Big Brain, Hadeswap’s founder pseudonymously known as HGE feared that a disagreement would take “months” to resolve.
4/ A 30 minute conversation later and some venting from both sides as well as trying to come to a common ground and REALLY understand the wants from both sides.
The main point made was..@HGESOL did not want whatever to happen to drag on for months upon months with @MonkeDAO
— S◎L Big Brain (@SOLBigBrain) April 11, 2023
SMB is in Good Hands
The whale revealed that he provided $1 million to aid in the acquisition. According to Nom, the NFT project is in good hands since MonkeDAO is made up of developers, builders and other important players across the Solana blockchain.
8/ I didn’t want to get a ton of parties involved as they all want different terms & things get messy and slow. The @GalacticGeckoSG were generously offering to chip in, for that I am super appreciative. 🤝
I offered @MonkeDAO $1M bridge loan, 0% interest. Paid back post mint. pic.twitter.com/Ml6T5Giu9l
— S◎L Big Brain (@SOLBigBrain) April 11, 2023
Nom added that they’re dedicated to expanding the project and improving the experience for SMB NFT holders. With MonkeDAO finally on the steering wheel, it’s yet to be seen what they’ll do differently.
