Degenerate Ape #7225 sells for $1.1 million, Solana continues to attract NFT users at fast rate

The NFT ecosystem is shifting from Ethereum to layer 2 scaling solutions and Solana. SOL has emerged as Ethereum’s fiercest competitor, capturing NFT market share. 

First Solana based NFT sold for $1 million, SOL continues upward climb

NFTs on Solanart, Solana’s largest non-fungible token marketplace are contributing to rising SOL on-chain activity. 

Recently, Moonrock Capital, a Blockchain advisory and investment partnership firm acquired an NFT from the Degenerate Ape Academy NFT collection for a whopping $1.1 million. This is Solana network’s first million dollar NFT sale. The blockchain protocol continues attracting trending NFT projects. 

Moonrock bought Degen Ape #7225, a zombie that is identified as the 13th rarest in the collection of 10,000 apes according to HowRare.is. 

When the Degenerate Ape Academy collection was first launched on August 16, 2021 on the Solanart marketplace, the altcoin hit a new all-time high of $63.33. 

The entire collection was sold out within eight minutes and the altcoin’s market capitalization hit $17.75 billion for the first time. Since then, Solanart has triggered a consistent spike in daily trade volume of SOL. 

Top two NFT collections on Solanart, Degenerate Ape Academy and Aurory Project have hit 1 million Solana in trading volume. Unique and trending NFT collections are lining up on Solana’s NFT marketplace, driving the demand for SOL higher. 

After hitting an all-time high of $213.47, Solana’s price has failed to budge and the ongoing rally is likely to be prolonged.

FXStreet analysts have evaluated the strength of the Ethereum-killer’s uptrend following the recent flash crash. The analysts’ bullish target for SOL is $276.