While Ethereum remains the platform of choice for NFT projects, rising star Solana is making noise as new projects gain traction and the network gains adoption. One such project, a bear-based Solana NFT drop, recently generated more daily trading volume than any Ethereum project.
Okay Bears price skyrockets
Okay Bears, a profile picture project replete with 10,000 unique avatars, debuted recently on the Solana NFT marketplace Magic Eden at the introductory price of 1.5 SOL (approximately $145) per NFT. Secondary market sales quickly soared, sending the collection’s price skyrocketing and generating millions of dollars in trading volume.
OpenSea data shows Okay Bears as the most traded collection, outperforming other prominent Ethereum collections. The marketplace shows 187,543 SOL worth of secondary trading in a recent 24 hour snapshot, which equates to approximately $18.4 million at Solana’s current price. This applies to the entire market, not just sales on OpenSea.
Compare that to 4,565 ETH ($13.1 million) in volume for Gary Vaynerchuk’s new VeeFriends V2 launch, and 4,136 ETH ($11.9 million) for Yuga Labs’ recently acquired Meebits.
Solana outperformed Ethereum
Apparently this is the first time a Solana NFT project has outperformed individual Ethereum projects in daily trading volume. Overall, Solana NFT trading had increased by 216 percent in one 24 hour period to $29.1 million, according to CryptoSlam data.
ChainCrunch, a Solana analytics platform, tweeted early this morning that Tuesday was the single largest day ever for NFT trading volume on the platform. According to ChainCrunch data, it was also the top day for unique users paying fees on the network and the most active Solana apps in a single day.
An NFT functions similarly to a deed of ownership to a one-of-a-kind digital item, such as profile avatars, art, sports collectibles, music, and movie clips.
Okay Bears falls in line with similar Ethereum projects like Bored Ape Yacht Club, featuring animal-themed avatars with a randomized set of traits. The creators of Okay Bears, like the creators of Bored Apes, intend to reward holders with future NFT drops as well as additional perks and benefits introduced by a “Manifesto”
Final thoughts
Recently, the cheapest Okay Bears NFT was listed for 52 SOL (approximately $5,100) on the Solana marketplace Magic Eden. Their official Twitter also tweeted that it had seen a record amount of NFT trading volume in the previous day. The platform generated over 380,000 SOL (approximately $37.4 million) in secondary trading volume in a 24-hour period, a record for the marketplace.
Owning one of the collection of 10,000 diverse bears grants owners exclusive access to “The Park”, where together, they work to build a virtuous community that purports to transcend the internet into the real world.
Through limited member-only merch drops, outdoor campaigns, exclusive live events and collaborations with startups and established big brands, the Okay Bears team hopes to create a community-centric, globally recognised brand that is a force for good. Based on sales and industry buzz, the project appears headed in the right direction.
I write about blockchain, crypto, NFTs and other disruptive technologies and innovations.
