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MonkeDAO, a decentralized autonomous organization (DAO) launched in 2021 on the Solana blockchain, has announced plans to buy the rights to the preferred non-fungible token (NFT) collection Solana Monkey Company (SMB).

The organization, which calls itself “the very first NFT DAO on Solana,” was formed by enthusiasts of SMB, one particular of Solana’s earliest NFT collections. To join MonkeDAO, you need to personal an SMB NFT.

SMB launched “Gen1” of its collection in June 2021 and then released “Gen2” in August 2021, with the collection of five,000 pixelated monkeys gaining widespread appeal. At the time of writing, SMB has a floor value of 223 SOL (about $five,427) and has carried out more than $1.eight million SOL (about $43 million) in total sales volume.

In February, decentralized Solana trading protocol Hadeswap acquired SMB from its original founders and transferred its ownership to HadesDAO, promising to respect the project’s legacy. On Thursday, HadesDAO passed a proposal that would permit MonkeDAO to buy the SMB intellectual house (IP) like “all rights, assets, accounts and keys from HadesDAO” for $two million USDC. According to the proposal, this consists of any legal registrations for the brand, SMB internet site code, ownership more than the SMB Twitter and Discord channels and extra.

“MonkeDAO believes the SMB project and all holders of the SMB Gen2 NFTs will advantage from this acquisition and that HadesDAO will advantage extra from revenue in its treasury rather than keeping ownership of the SMB project,” the proposal says.

The announcement was received frequently favorably on Twitter, with some calling the buy “historic.“

Ariel Givner, MonkeDAO’s legal counsel, told CoinDesk that SOLBigBrain, an active MonkeDAO neighborhood member, gave the organization a $1 million USDC loan at % interest to facilitate the acquisition. She added that MonkeDAO will quickly launch its personal NFT collection titled The Monkes in order to supplement funding.

Given that its launch, MonkeDAO has set out to turn into the “premier Web3 neighborhood,” by investing in and assisting to scale emerging projects. The neighborhood boasts more than two,730 distinctive SMB NFT holders and hosts neighborhood events about the globe.