Okay Bears is a Solana-based NFT collection that has had a massive launch that could be compared to other famous collections that are on the Ethereum network. OpenSea data, reports that the collection has generated 187,543 SOL, which is approximately $18.4 million in sales in its first 24 hours of activity. However, a week later, the collection has already generated about 242,500 SOL, which equates to about $24 million generated.
This collection includes 10,000 unique, profile picture-style cartoon characters, and were launched on Solana’s flagship NFT marketplace, called Magic Eden, and all were available at an initial price of 1.5 SOL (about $145). However, most of the revenue generated came from secondary sales on the OpenSea marketplace, which has now incorporated the NFT collections that exist on the Solana network.
This launch has generated more revenue than other famous collections such as Gary Vee’s VeeFriends V2, as well as Yuga Labs’ Imaginary Ones, both generating $13.1 million and $11.9 million. The launch of this new collection also contributed to a 216% increase in Solana’s 24-hour trading volume at NFT, to $29.1 million. However, to put this in perspective with respect to the scale differentiation between Solana and Ethereum, over the same time period, Ethereum’s NFT trading volume remained at $104 million, despite declining by 25%.
The launch of this collection shows that NFTs are still booming and that collections with a value proposition, still have a lot of potential. The second main point is that we are starting to see other blockchain networks, such as in this case Solana, that can compete with Ethereum and with competition comes growth and improvement, which could perhaps eventually mean the anticipated launch of Ethereum 2.0.