Sat. Nov 27th, 2021
    Degenerate Ape Academy, NFT, Solana

    Solana-based NFTs, which resemble a lot like the Ethereum-based NFTs, are selling for huge cash. However, some investors think it’s a copy-paste of Ethereum. This article explores one of the prominent Solana NFTs — Degenerate Ape.

    Degenerate Ape Academy: NFTs on Solana Raking Millions

    Degenerate Ape Academy, Solana, NFT

    Solana is a blockchain framework for decentralized apps. It’s taking over the blockchain space with low fees and fast transactions. Launched in April 2020, it’s currently the sixth-largest cryptocurrency globally, with a market cap of $61 billion. Solana has been hitting the news headlines after a big sale of its NFT, Degenerate Ape. As a result, the price of SOL, Solana’s native coin, has gained value.

    The building blocks for non-fungible tokens (NFTs) have been rapidly growing within the Solana network in the last month. One example is the Degenerate Ape Academy, a collection of NFTs running on the Solana ecosystem, and has made Solana have its first million-dollar NFT sale.

    Degenerate Ape Academy — How It Started

    The Degenerate Ape Academy was released in August 2021 on the ‘principles of friendship making, crayon eating and absolute, unregulated, deplorable, degenerate behavior,’ with a simple mission:

    Take 10,000 of the smoothest brained apes, put them all in one location and let the mayhem ensue

    Truly to the mission, the mayhem ensued, and a collection of 10,000 unique pictures of cartoon apes sold big, more than expected.

    The Idea Behind Degenerate Ape

    This project aims to mint Degenerate Ape, which also acts as enrolment to the academy. As a student of the academy, one can mint the Apes and access all that the academy offers now and in the future.

    Also, the notion is that all apes are equal, but some are more equal than others, and the reason there are a total of 137 traits in the academy, to tell which students are geared to greatness via the trait rarity system. Traits are ranked from common (the lowest rank) to mythic (the highest rank), with each rank having a relative percentage possibility of being minted.

    Degenerate Ape Mechanisms

    The Degenerate Ape Academy NFT mechanism is based on minting, where users or the so-called students of the academy can buy and sell the Ape NFTs. The academy plans to donate a portion of the NFT sales to charitable causes. Also, approximately 10% of the total sales belong to the community fund, where they will be reinvested into the community vault to support future endeavors in the academy projects.

    The Degen Ape Academy plans to have every ape as “a playable driver in a student-only kart racing game” as part of its long-term roadmap.

    How Degenerate Ape NFTs Were Bought

    The sale of Degen Apes fortified the idea that the NFT industry has more room for growth and is still far from attaining its full potential. Launched on Solanart NFT marketplace, the sale of Degenerate Ape NFT lasted for around 8 minutes, and a collection of 10,000 unique pictures of cartoon apes were sold for over $1.1 million.

    Moonrock Capital, a blockchain advisory firm based in London, confirmed through Twitter to have paid 5980 SOL tokens, equivalent to $1,109,170.40, to purchase the Degen Ape NFT.

    Degenerate Ape Academy
    Moonrock Capital Twitter

    According to Decrypt, other Degen Apes in the collection have their prices up to $1.7 million. This made the overall trading volume reach approximately 96,000 SOL, that is, over $5.9 million.

    The excitement continued, and two days after the launch, the Degen Ape NFTs continued to gain popularity, with an overall trading volume of up to 131,100 SOL, approximately $7.7 million.

    To catch up with the latest sales, visit Solanart NFT Marketplace

    Degenerate Ape Academy Team — What They Had To Say

    According to the project’s team, the outcome was overwhelming, especially with the community’s interest, despite many things going wrong. From the Degenerate Ape Academy Twitter, they wrote:

    It was exponentially bigger than we thought

    Degenerate Ape Academy

    ________________________

    As a result of the Degen Ape NFT, many people, including celebrities, have started to show interest in Solana NFTs. The latest NFT craze following Solana’s sponsorship of Lollapalooza in July 2021 is still adding new strength to the ‘Solana Summer.’ As an investor, Solana’s NFTs space is something you can’t afford to miss.

    7
    0