Solana nets its first million-dollar NFT sale and it's for a Degenerate Ape
Blockchain advisory firm Moonrock Capital purchased one of the Degenerate Ape Academy NFTs for 5, 980 SOL on Saturday, worth $1.1 million.
Moonrock bought Degen Ape #7225, a scarred zombie version of an ape with a halo, a gold tooth and a brain in its mouth. The ape is the 13th rarest in the collection, according to HowRare.is
There have previously been sales on Solana for amounts that would now be worth more than a million dollars, such as Degen Ape #1674, which was sold for 7, 000 SOL. But this appears to be the first sale worth more than a million dollars at the time of purchase.
This marks a shift in the development of NFTs across the blockchain ecosystem. Since their inception, they have typically been created and sold on the Ethereum blockchain, where the majority of value and interest remains today. But with high fees becoming a growing issue, some investors have looked to other platforms — such as Solana, Cardano and Tezos — to experiment at lower costs.