The NFT collection also outperformed Mutant Ape Yacht Club with $4.07 million in volume
Monkey Bet DAO, a newcomer in the NFT world, has recorded impressively strong performance in the past 24 hours, surpassing big names like Art Blocks and Mutant Ape Yacht Club (MAYC). The Ethereum-based collection saw 1,750 sales worth a whopping $4.07 million. This means that an average sale was worth around $2,325.
With this stellar performance, Monkey Bet DAO is steadily climbing the charts. It currently sits at number 11 on the DappRadar Top Collections charts for the past 24 hours.
What is Monkey Bet DAO?
Monkey Bet DAO is just what the name suggests with a little cherry on top. The project relies on the principles of decentralized autonomous organizations. However, instead of the traditional governance tokens, users can participate in the DAO if they own a Monkey Bet NFT. This is a slightly different approach to structuring a DAO. However, with the current NFT craze, it is no surprise that such use cases are surfacing.
The Monkey bet platform also includes a casino side where users can play Slots, Black Jack, and Roulette. Betting in the casino happens through an ERC-20 token called Monkey Money (MM). Additionally, the Monkey Bet NFTs can serve as player avatars in the casino. Monkey Money is also distributed to all initial Monkey Bet NFT holders. In other words, people who first minted a Monkey Bet NFT also received 25,000 MM.
Aside from the gambling side of the project, Monkey Bet DAO also allows NFT owners to stake their Monkey Bet NFTs, and receive staking rewards in MM tokens.
An NFT-influenced Casino
An interesting detail differentiating Monkey Bet DAO from other casino platforms on the blockchain is the purpose NFTs play in the game. According to the official website, NFT rarity plays a role in how lucky or not players are in the casino.
This is an interesting shift in the way traditional casino games function. Not to mention that casino games fans would love to purchase some of the rarest Monkey Bet NFTs to gain a competitive advantage.
Monkey Bet NFTs are composed of seven different characteristics. The rares ones are as follows:
- Jail background
- Purple body
- Bride costume
- Glitch eyes
- Female gender
- Daddy’s girl head
- Anibal mouth
There are a total of 10,000 unique Monkey Bet NFTs, each with a different combination of traits. While not all of them fall into the rare category, each NFT allows its owner to play in the casino and earn MM tokens.
DappRadar will continue monitoring Monkey Bet DAO’s development as more NFT enthusiasts join the community. If you are one of the early birds and already have Monkey Bet NFTs, you can easily check them out in grid view through DappRadar Portfolio.
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