What is Solana Monkey Business?

Solana Monkey Business, also known as SMB, is a Solana-based NFT collection that consists of 5,000 pixelated algorithmically-generated monkeys. 

More and more apes have been swinging around the ever-expanding non-fungible token (NFT) jungle in the last year, competing for popularity, profitability, and attention from NFT enthusiasts all over the world. In fact, the origin of the crypto slang “ape” actually started from the Bored Ape Yacht Club craze, which spread to other blockchains including Solana.

While many derivative NFTs and other ape copycats have spread across all chains that support NFTs, a particular band of monkeys on the Solana blockchain has not only differentiated themselves from the rest but also became one of the most valuable collections on the network. 

Background 

The Solana Monkey Business team aims to build a community of NFT enthusiasts that can enjoy exclusive privileges and live in a space conducive for asset growth. 

On top of these things, it also wants to establish its very own community wallet and a voting system that can further benefit its community. 

What is Solana Monkey Business (SMB)? 

Solana Monkey Business, also called the Gen2 Monkeys, is a Solana-based collection composed of 5,000 pixelated algorithmically-generated monkeys. 

Each 24×24 monkey was derived from 99 possible traits distributed on 6 layers, creating unique, stylish, and even rare pixelated assets. The collection’s metadata is stored on Arweave, a collectively owned global hard drive, with a permanent decentralized data storage. 

Gen 1 Monkeys 

The Gen1 Monkeys is composed of 4 different space-themed monkeys, which are ‘Monkanician,’ ‘Astromonkey,’ ‘Monkos,’ and ‘Monkalien’, each with limited supply. 

Gen 1 collectors who can hold 1 monkey from each race will have the privilege to gain royalties on all Gen2 monkey trades. 

Perks of Early Adopters 

OG Monkey 

The first members who joined Solana Monkey Business’ Discord server last May 2021 received a special OG Monkey as the team’s gratitude for their early support. 

Monking NFT 

The first holders of a complete Gen 1 collection received a Monking NFT for their early support of the collection. 

Jungle Jams 

The collaboration between SMB and Audius, a blockchain-powered music streaming platform, gave birth to ‘Audius Edition NFT’, and was airdropped to the community.

Solana Monkey Business: A Closer Look 

The Solana Monkey Business, with a current floor price of 400 SOL, equivalent to USD 40,812, has gained recognition as the most valuable Solana NFT collection so far. 

Many analysts see the floor price achieved by SMB as a good indicator for the Solana blockchain and the entire NFT landscape. 

But even with SMB’s impressive floor price, it remains considerably small compared to ETH’s blue-chip collections. 

For one, Bored Ape Yacht currently has a floor price of 103 ETH, which is equivalent to an estimated $320,000. 

But even with the large difference between SMB’s floor price against its ETH rivals, one major advantage it holds is its lack of gas fees, thanks to the Solana blockchain. 

SMB Marketplace 

SMB’s marketplace, which is still in its ‘beta’ mode, as of this writing, charges 5% royalties on Gen2 collection, 7% on Gen1, and 1% on OG. 

To make an offer, a collector must place a minimum price that is 50% higher than the prevailing floor price. 

Also, when buying or selling NFTs, the digital asset or the sales amount will automatically be seen by Solana users on their wallets.

MonkeDAO 

MonkeDAO is a decentralized autonomous organization composed of thousands of members pooling their various skills for the good of the community. 

This DAO is built to support and fund community-led projects that can fast-track innovations in the Solana ecosystem.

It also aims to improve the concepts of passive ownership and centralized value storage to bring better benefits to the organization’s members. 

SMB Roadmap 

May-June 2021

Community Launch 

Gen 1 and OG Release 

July 2021 

Gen1 Marketplace launch 

Transition to Metaplex standard 

August 2021 

Release of Gen2 collection 

Gen2 minting 

October 2021

SMB Marketplace transitions to Anchor framework 

November 2021 

SMB bidding system rolls out 

2022

MonkeDAO

SMB metaverse 

Celebrity Support 

Famous comedian and entertainer Steve Harvey had made headlines when he changed his Twitter profile picture into one of SMB’s pixelated monkeys. 

Even though there was no official announcement of Harvey being the new face of the collection, his move has boosted SMB’s popularity and improved its standing. 

YouTube celebrity and rapper KSI has also purchased a Solana Monkey Business NFT and made it as a profile picture in his crypto Twitter account.

SMB Merchandise 

SMB has released its very own personalized embroidered merchandise and promises them to be high-quality outfits that the community would be proud to wear. 

SMB Personal and Commercial Use

SMB allows holders to copy and display the specific monkey NFT they’ve purchased anywhere in the world with zero royalties. 

It also allows them to use their NFTs in commercial activities such as printing the image on t-shirts, hoodies, and necklaces. 

The mentioned ventures are allowed as long as holders comply with the SMB’s existing terms and conditions. 

Only the official logo of the Solana Monkey Business is protected by a trademark and rightfully belongs to the team. 

Conclusion 

Solana Monkey Business has certainly achieved an impressive feat that raised its status and helped the Solana ecosystem as well. 

But with its short and vague plans in the near future and its NFTs’ limited utilities, it is unclear if SMB can retain its current position and keep the excitement of its community. 

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• Source: https://www.asiacryptotoday.com/solana-monkey-business/