When talking about Blue-chip collections on Solana, NFT traders’ minds usually go to Solana Monkey Business.
Solana Monkey Business (SMB) is a collection of 5000 pixelated monkeys. This collection finished minting on August 3rd, 2021, at a mint price of 2 SOL. In this article, you will discover more about this Solana NFT collection.
What is Solana Monkey Business?
Opposite to some lazy minting techniques we’re used to in the space, Solana Monkey Business stores their metadata on Arweave.
🙉 SMB #1355 SOLD for 13027.00 S◎L
— SMB Sales Bot (@SMB_SalesBot) October 1, 2021
Before the August mint, early supporters of the collection were heavily rewarded. A collection of 4 different space-themed gen 1 SMB was released on June 2nd, 2021.
Therefore, users who hold all 4 of the individual space monkeys receive 2% of the SMB royalties. There is a total of 25 possible complete Gen 1 sets, so they share that royalty amongst them.
Then, after the Gen 2 mint in August, the project took off. Not only do holders get access to a community wallet (That also receives 2% of SMB royalties), but they also get access to one of the best communities in the space.
Solana Monkey Business Community
The main pull of SMB to potential investors is the community that they offer. And, because we throw that term around to the point that it doesn’t have any meaning, more specifically MonkeDAO. Only accessible to SMB holders, this DAO recently passed a vote to officially take over as the community wallet. This was a move to completely decentralize the decision-making process.
1/ Good news Monkees! Our lead dev Steph has been hard at work updating the SMB Gen2 collection. We have adjusted royalties, updated metadata to the latest metaplex standard, and created master editions.
The next steps are to work with @MonkeDAO to complete on-chain governance.
— SolanaMonkeyBusiness (@SolanaMBS) March 7, 2022
At this point, the community DAO has around 3000 SOL in funding. All voting happens on-chain, a first for this collection and rare to see in the space. Watch for this collection to make serious waves in the space as they start to use this funded wallet.
How Much Cost a Solana Monkey Business NFT?
At the time of writing this article, the floor price for SMB is 129 SOL. This converts to USD 9486.6. That’s not a bad price tag in this space, for a top-tier project. If we convert that to ETH for comparison purposes, that is a price tag of 3.77 ETH.
For a collection that has been around for so long, that’s a solid price, at a low point in the market. The project has seen a total volume of 936.1k SOL throughout its life. That would put the collection in the top 50 of ETH projects in volume, specifically 44th. That is in between LOSTPOETS and CyberKongz VX.
As a result, we can start to see why the majority of the focus is on Ethereum NFTs in this space. The top-tier Solana project is on par with the 40th-50th most popular Ethereum projects. It’s not even in the same realm at this point. When people ask why Solana NFTs always seem like a second fiddle, maybe even third or fourth at this point, just point to the volume numbers. Volume flat-out is not there.
Though SMB is by no means a bad investment, you need to understand that just because it’s a ‘blue-chip’ doesn’t put it in the same conversation as ‘blue-chip’ ETH projects. For a community-focused project, SMB is one of the collections that set the standard.
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