Solana witnesses NFT sale of Degen Ape worth $1.1M

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The prominent layer one solution, Solana, is one fire. The blockchain witnessed its first-ever million-dollar non-fungible token [NFT] sale of Degen Ape.

Both NFT and Solana ecosystem has been bustling with activity like never seen before. In the latest development, the blockchain advisory and investment partnership firm Moonrock Capital announced the purchase of the Solana-based NFT for a whopping 5,980 SOL, which is roughly worth $1.109 million. Its tweet regarding the same read,

Solana’s Degen Ape #7225 happens to be one of the Degenerate Ape Academy NFTs listed as the 13th rarest in the collection. The NFT features a zombie version of an ape that is scarred all over its face and body. It also has a halo on top of it, a gold tooth, and a brain squished in its mouth.

Solana at the forefront of the market

Nevertheless, Solana has had a wild run this summer. It has observed a meteoric rise in terms of the price of its native crypto SOL. Despite the tremendous success, it couldn’t escape the technical difficulties facing NFTs released on the blockchain. All in all, the project has been at the forefront.

It continues to dominate crypto conversations even as the broader market was stuck in a southbound price movement. Over the past week alone, SOL clocked in gains of 27.05% amidst market-wide rout. The rise also coincided with the launch of NFT Degenerate Ape Academy, created on Solana blockchain on August 15. At the time of writing, the sixth-largest crypto asset was priced at $179.69.

The Andreessen Horowitz-backed platform’s spectacular growth can be attributed to the spike in investors’ interest in Ethereum’s rival blockchains with decentralized finance, NFT, and smart contract offerings. Its emergence as a stiff competitor to Ethereum can be evidenced by the $12.09 billion in TV, according to DeFi Llama’s latest stats. The latter’s TVL figures, on the other hand, have taken a significant plunge as gas fees hiked.

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