Degenerate Ape NFT Sells for More Than $1M on Solana

The sale is a record for the layer-1 rival to Ethereum.

AccessTimeIconSep 11, 2021 at 7:31 p.m. UTC
Updated Sep 13, 2021 at 1:59 p.m. UTC
Daniel Alegre
CEO
Yuga Labs
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.
Daniel Alegre
CEO
Yuga Labs
Consensus 2023 Logo
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.

Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.

Daniel Alegre
CEO
Yuga Labs
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.
Daniel Alegre
CEO
Yuga Labs
Consensus 2023 Logo
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.

A Degenerate Ape Academy non-fungible token (NFT) on the Solana blockchain was sold Saturday for 5980 SOL, or $1.1 million, in the largest-ever NFT sale on the rival to the Ethereum blockchain.

Apparently not content with having shelled out more than $1 million for an NFT of a scarred zombie ape with a halo eating a brain, Moonrock Capital, a Europe-based blockchain advisory and investment firm, announced a few hours later it had purchased a CryptoPunks knock-off NFT also on the Solana blockchain for 1388 SOL, or $257,446.24.

While the NFT craze initially focused on the Ethereum blockchain, that very popularity caused traffic and fees on Ethereum to skyrocket. As a result, rivals like Solana with much lower fees and traffic have taken off.

And the price of Solana’s native token has followed suit, with the coin’s market capitalization hopping over XRP and dogecoin to become the world’s sixth-largest cryptocurrency with a value of $54 billion compared with XRP’s $43.5 billion and DOGE’s $32 billion.

A month ago, one SOL could have been had for about $40. After hitting an all-time high earlier this week of more than $200, the token was changing hands at about $185 in recent trading.


DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.


Read more about