Solana Gets First Million Dollar NFT Sell

Per a Saturday report, Blockchain advisory firm, Moonrock, has purchased Degen Ape #7225, one of the Degenerate Ape Acedemy NFTs, for 5,980 SOL worth $1.1 million, marking the first million-dollar NFT sales on Solana blockchain.

Degen Ape #7225 represents a zombie version of an ape with a halo, a gold tooth and a brain in its mouth. Among all the NFT collections, Degen Ape is the 13th rarest. Aside from the Degen Ape that Moonrock purchased, it also bought SolPunk, a Solana-themed version of CryptoPunks, the 18th rarest SolPunk, for 1,388 SOL, an equivalent for $26,000.

While this appears like the most significant sale on Solana to worth over a million dollars, this is not the first sale; prior sales on Solana would now be more than a million dollars, such as Degen Ape #1674, sold for 7,000 SOL.

This appears like a shift in the choice of blockchain for NFTs. Ethereum blockchain remains the oldest ever used for the creation and sale of NFTs. However, the high gas fee has become a factor necessitating the shift of interest to alternative blockchains like Solana, Cardano and Tezos for their low-cost effect.

KSI, a Youtuber-turned-boxer, who recently picked Solana NFT, said in a tweet that he is joining Solana because of the high gas fee of the Ethereum blockchain. According to him, “Ethereum fees are too high atm, so man is moving onto Solana. GOML.” Currently, KSI has changed his crypto Twitter profile picture to a Solana Monkey Business NFT that he just bought.

In recent weeks, the Solana blockchain has seen several NFT marketplaces joining the NFT minting game, the likes of Digital Eyes and SolSea, and Aurory. However, a growing number of blockchain projects has begun to affect the value of collections, despite the high demand for popular NFTs like the degenerate apes.

On the contrary, the Solana native token price continues to rally. It remains unaffected by the price that moved from $100 to $200 recently to push it to the top 10 coins.

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