Data suggests Solana has had its best NFT trading volume day to date, as Okay Bears outperforms VeeFriends, Meebits and others.
Okay Bears is breaking records as an NFT project at Solana, and could signal a shift in NFT culture. Things are changing after two years of near-complete domination of the NFT space by Ethereum projects.
Sold out. We ARE Okay 👌🐻 pic.twitter.com/QxuLpeY1Jt
— Okay Bears (@okaybears) April 26, 2022
Well Bears Break OpenSea Records
Over the past few days, these various bears have taken over OpenSea, breaking all previous records for any Ethereum project. In the 24 hours following the minting of the 10,000 bears, OpenSea saw more than 187,500 SOL in secondary transactions, which equates to about $18.5 million.
Okay Bears is changing the way people perceive Solana NFTs. This new project is a collection of 10,000 avatars representing a diverse and unique range of characters.
It’s been a historical few days for Solana. The ecosystem developed and walked so @okaybears could run
— Magic Eden 🪄 (@MagicEden) April 29, 2022
What’s more, owning one of these NFTs gives you access to an exclusive club called “The Park.” In it, owners of Oval Bears will find members-only merchandise drops, outdoor campaigns, exclusive live events and a community of friendly bears.
OpenSea officially began listing Solana NFTs on April 7, and some wondered if it would work. Now, with the success of Okay Bears, many will welcome new Solana NFT projects to the website.
According to data from leading NFT marketplace OpenSea, Okay Bears is the most traded collection it tracks, beating out a number of prominent Ethereum collections. The marketplace shows a value of 187,543 SOL in secondary trades over the past 24 hours, or a value of about $18.4 million at the current Solana price. That covers the entire market, not just sales in OpenSea itself.
Compare that to the 4,565 ETH ($13.1 million) volume of Gary Vaynerchuk’s new VeeFriends V2 release in the last 24 hours, as well as the 4,136 ETH ($11.9 million) volume of Yuga Labs’ recently acquired Meebits and 3,534 ETH ($10.1 million) of the new Imaginary Ones project.
This appears to be the first time a Solana NFT project has outperformed individual Ethereum projects in terms of 24-hour trading volume. Overall, Solana NFT’s trading volume is up 216% in the last 24 hours to $29.1 million, according to CryptoSlam data, but Ethereum stands at $104 million over the same period (down 25%).
“We are thrilled to have launched and seen 96% of Okay Bears’ trading volume since launch,” Tiffany Huang, Magic Eden’s head of content and marketing, told Decrypt. “This is a new era of growth for Solana. Solana’s projects have as bright a future as those of other chains. Communities, regardless of the chains, will end up choosing the winning collections.”
Solana’s analytics platform, ChainCrunch, tweeted earlier in the morning that Tuesday had been the highest NFT trading volume day on the platform. It was also the day with the most unique users paying fees on the network, and the most Solana apps active in a single day, according to ChainCrunch’s data.
Yesterday on Solana:
ATH for the number of unique fee payers🤯
ATH for the number of programs (smart contracts) used📈
ATH for the volume of NFT traded🚀
ATH for the number of ATHs!!!🔥 pic.twitter.com/UtSA4UIdHy
— ChainCrunch (@chain_crunch) April 27, 2022
An NFT works like a deed of ownership of a unique digital item, which includes things like artwork, profile pictures, collectible sports memorabilia, etc.
Okay Bears is reminiscent of the popular Ethereum project Bored Ape Yacht Club, with animal-themed avatars featuring a number of random traits. As with Bored Apes, Okay Bears creators plan to reward holders with future NFT drops and additional perks and benefits in an extensive roadmap.