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Solana Outpaces Ethereum NFT Projects: Okay Bears Generate $18M in One Day

Okay Bears, a Solana-backed NFT collection, raised $18M within one day of launching. The novel NFT project was so popular it outperformed every Ethereum-based collection in terms of trading volume.

Two weeks ago, Rarible Protocol launched a custom marketplace for Solana NFT projects, finally drawing attention to Solana projects. Okay Bears is the latest proof of the incredible growth the NFT marketplace has seen in the past weeks.

Okay Bear #116  |   Solanart.io

The new bear collection describes itself as a ‘culture shift’, consisting of over 10,000 unique bear avatars. Additionally, the project offers a diverse range of real-world services. There are parks, merch products, boutiques, and a studio, attached to the brand. During the launch yesterday, the project had a mint price of 1.5SOL(Over $140 estimate). 

The collection bears some similarity to the popular Bored Ape Yatch Club. They both have the same characteristic use of an avatar centrally themed around an animal with different traits. In addition, Okay Bears has partnerships with popular brands like Shopify and Magic Edens.

Making the Bear Bearable

The collection’s performance defies the bearish sentiment pervading the market of late.

What was Okay Bear’s performance after its launch? 

7324 out of the listed 7324 all minted during the whitelist sale. The public sale performed even better. While the sale went on, token prices spiked within hours, generating millions of dollars in trading volume. Going by data from OpenSea, Okay Bears did not only beat all Ethereum-based collections in trading volume for the day, it just might have set the highest daily metric ever. 

Okay Bear #1290  |  Solanart.io

In the past 48 hours, the collection saw over 194,000 SOL worth of secondary trading volume (nearly $20 million at current market prices). This of course makes sense, considering the collection’s floor price surged from 1.5 SOL to 50 SOL. At present, Okay Bears still maintains an impressive floor price of 49 SOL. 

While impressive in their time, other Ethereum NFT project launches still don’t compare with the new record. Despite good records like Yuga Labs’ Meebits ($10 million generated) and Veefriends V2 launch ($13.1 million raised), Okay Bears comfortably holds the record. For now.

Some Rivalry

Solana is slowly offering itself as competition for Ethereum as the backbone for new NFT projects. The past two days also represent the first time a SOL-based project outperformed top Ethereum projects in a 24-hour trading volume. Regardless, it might not be the last. Even more interestingly, it could be the first of many. Okay Bears trades at a 168,456 SOL 24-hour trading volume at present, almost 48 hours after its initial launch. This means the collection is maintaining its healthy start yet.

Opensea first supported trading of Solana NFTs on April 7th. The accommodation of collectibles from the Solana ecosystem has been an obvious boost for the network. Solana offers lower transaction fees than Ethereum and poses itself as a more energy-efficient protocol than Ethereum.

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Besides naming itself as “the Ethereum Killer”, this might just be its most significant auspicious sign yet.

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