Okay Bears overtook VeeFriends, Meebits and other projects in terms of sales in one day. Ethereum remains the dominant blockchain for NFTs, but rising competitor Solana is entering the fray as new projects gain more attention and top marketplaces begin to adopt the network. So, over the past day, the new Solana NFT project has created more trading volume than any Ethereum project.
Based on Solana, Okay Bears’ profile picture project featuring 10,000 unique avatars launched today on the Magic Eden NFT marketplace at a price of 1.5 SOL. Secondary sales soared rapidly, causing the price of the collection to skyrocket as well, with millions of dollars in trading volume.
According to the leading marketplace OpenSea, the Okay Bears collection has become the best-selling collection, surpassing a number of well-known collections. The market shows that 187,543 SOL worth of tokens have been traded on the secondary market in the last 24 hours, or about $18.4 million at Solana’s current price. This covers the entire market, not just sales on OpenSea itself. For comparison, Gary Vaynerchuk’s VeeFriends V2 project raised 4,565 ETH ($13.1 million) in 24 hours, while the Meebits project, recently acquired by Yuga Labs, raised 3,534 ETH ($10.1 million) over the same period of time. .
See Also: Anheuser-Busch Joins the Metaverse
Today’s record was the first time in history that the Solana project outpaced the Ethereum projects in terms of trading volume in 24 hours. Solana NFT’s total trading volume in the last 24 hours is up 216% to $29.1M, while Ethereum’s trading volume in the same period was $104M, down 25%, according to CryptoSlam.
“We were very excited when we launched and immediately saw 96% of the trading volume for Okay Bears. This is a new era of growth for Solana. Solana projects have the same bright future as projects on other blockchains. Communities, regardless of the blockchain, will ultimately choose the winning collections,” shared Magic Eden’s head of content and marketing, Tiffany Huang.
In addition, according to analytics firm ChainCrunch, Tuesday was the biggest day in history in terms of NFT trading volume on the platform, as well as a unique day for users paying fees on the network, and the most active day for Solana applications.
Okay Bears is reminiscent of the popular project Bored Ape Yacht Club, with animal-themed avatars that have a randomized set of characteristics. As with Bored Apes, the makers of Okay Bears plan to reward owners with future NFT drops and additional perks and perks that will be made available according to an extensive roadmap.
At the moment, the cheapest token in the Okay Bears collection is selling for 52 SOL (about $5,100 at the time of writing) on the Magic Eden marketplace. Moreover, this project pushed the Magic Eden market to its own record. According to a Twitter post, the platform has generated over 380,000 SOL (about $37.4 million) in secondary trading volume.
