Degenerate Ape Academy is a Solana-based NFT collection containing 10,000 algorithmically-generated unique 3D apes.
The Solana network is undoubtedly one of the most innovative blockchain networks in the industry today. In fact, it has already positioned itself as one of the biggest threats to Ethereum’s dominance. We have seen a flourishing ecosystem of non-fungible tokens (NFTs) in this space, which was spearheaded by hyped-up Degen Ape Academy, possessing 10,000 strong armies of funky-looking apes.
Table of Contents
Background
The Degenerate Ape Academy project, which is Solana’s first million-dollar NFT collection, is run by ‘Monoliff,’ who heads the art and development team, ‘Obbotis1’, who is responsible for project management, and ‘Conorholds,’ who manages the development side of the project.
The team’s passion for creativity has led them to create a collection of apes that express their love for art and their desire to bring something fresh and bold to the NFT market.
What Is Degen Ape Academy?
Degenerate Ape Academy is a Solana-based NFT collection containing 10,000 unique apes that serve as an interface that allows users to exchange their digital assets. Users can “enroll” in the Ape Academy by minting a Degenerate Ape, which allows them to have a valuable asset and enjoy their utility.
Buyers can rest assured that they will acquire full intellectual property rights of both the art and the Degen Ape itself after purchasing the asset, thanks to the power of smart contracts. After the purchase, the Degenerate Ape Academy cannot modify, seize, or freeze ownership of Ape NFTs from new owners.
All these aspects eliminate any ownership issues after SOL tokens have exchanged hands, and new owners can focus on flipping their new assets to gain profits.
How To Buy A Degen Ape?
There are two ways to purchase Degen Apes. One is through the website or directly through Solanart. If you head over to the website, you have to use the ‘Apeintosh,’ which is a first-gen Macintosh-like computer, which users can immediately see upon opening the website.
During the mint date, buyers could only mint one Ape per transaction and had to fight through thousands of other buyers. Today, you can easily mint as much as you want on Solanart, but the prices are a bit higher.
On the Apeintosh’s screen, users must enter a code, connect their wallet, and click ‘mint.exe’. From there, you will be directed to Degen Ape’s Solanart page, where you can buy the NFTs.
Solanart is a fast-rising secondary marketplace in the Solana blockchain. Here’s a quick look at how buyers can purchase their Apes in Solanart.
- Set up Solana-supported wallets, which are Sollet for mobile, Sollet for web, and Phantom wallet.
- Purchase SOL tokens from SOL-supporting crypto exchanges, including Binance, FTX, Kucoin, Uphold, and Gate.io.
- Transfer SOL tokens to the wallet.
- Connect the wallet to Solanart.io
- Choose and buy a Degenerate Ape.
How To Check If A Degen Ape Is Genuine?
- Click an Ape you plan to purchase, and click ‘View Token’.
- Click “ctrl+f” for the page search box and copy/paste this exact address: DC2mkgwhy56w3viNtHDjJQmc7SGu2QX785bS4aexojwX.
If this address is highlighted on the ‘Update Authority’ section, then it’s a good indication, but the verification procedure isn’t done yet.
- Next, look at the ‘Transactions History’ section, and click on the link at the very bottom. Note: Do not forget to click the ‘Load More’ button to find the very first link.
- Again, search for the same address by clicking “ctrl+f” and “ctrl+v”, if it’s highlighted, then the Degen Ape NFT is 100% legitimate.
Traits and Rarity
The apes in the collection contain seven main physical features: head, body/clothing, fur/skin, background, eyewear, and mouth, and has 137 possible traits. Moreover, they also have a trait hierarchy system that starts from ‘Common,’ ‘Uncommon, ‘Rare,’ ‘Super Rare,’ up to the ‘Mythic’ level.
Buyers can also measure each rank’s value on the website’s ‘Academy Trait’ section and check their percentage, which indicates their likelihood of being minted.
Community Vault
The Apes team has allocated 10% of the total sales and 10% of the secondary market royalties into its Community Vault and will increase this percentage as it continues to establish its presence in the NFT space.
A part of this fund will go to hiring team members and contractors to expand the Academy further, strengthen its position, and roll out new offerings.
The First Million-Dollar Collection In Solana
Last September of this year, MoonRock Capital, a blockchain advisory company, purchased Degen Ape #7225, the collection’s 13th rarest Ape for 5980 SOL, which is equivalent to $1,109,170.
The DegenApe #7225 is a zombie ape with semi-blood stained scars, a brain in its mouth, a golden halo, and a gold tooth.
Another notable thing here is that the Degen Ape Collection took only two months two bring Solana’s first million-dollar NFT, while its bigger blockchain network rival, the Ethereum, took three long years to achieve a first million-dollar NFT.
Why Solana Blockchain Matters
The Solana Network is an enhanced proof-of-stake network, and even though Ethereum is currently the biggest and most popular dapp L1 network today, Solana wins in terms of speed and costs.
It also features “wormholes,” which act as an efficient bridge between different networks, which solves the interoperability problems that most blockchain networks are experiencing.
Conclusion
The achievement that Degen Ape Academy has attained made it one of the hottest collections in the NFT space today. In addition, its Solana-based blockchain allows collectors to flip them easily and at low costs. Today, we now see several successful high quality NFT projects on Solana due to the hype generated by Degen Ape Academy.
