Solana NFT Collection ‘Okay Bears’ Generates $18 Million in First Day

A decentralized, blockchain-based game called “Okay Bears” has managed to raise over $18 million in just a single day. The collectible virtual items were sold on the ERC20 standard, which was developed by Ethereum and can be used as an alternative to cryptocurrencies like bitcoin that are based on private blockchains.

The “okay bears nft floor price” is a NFT that was released on the Ethereum blockchain. It has generated $18 million in the first day of trading. The NFT is currently the most expensive item on the market.

Following its launch on Tuesday, the new Solana-based NFT project Okay Bears has produced record trading statistics that outperform those of prominent Ethereum-based ventures. According to OpenSea statistics, the collection produced 187,543 SOL (about $18.4 million) in sales in its first 24 hours of operation, however this number has since climbed to 242,500 SOL (roughly $24 million) at the time of writing. 

To start the ball going, Solana’s main NFT store Magic Eden offered a collection of 10,000 distinct, PFP-styled, cartoon ursidae figures, each available to mint for 1.5 SOL (about $145). Secondary sales of the collection exploded in the 24 hours after the mint, perhaps aided by OpenSea’s integration of Solana, leading the collection’s floor price, and hence total trading volume, to climb in lockstep. 

Despite being constructed on the more popular Ethereum blockchain, the record-breaking mint and subsequent 24-hour trading window yielded results that outperformed those of other recently created collections. Gary Vee’s VeeFriends V2, which brought in $13.1 million, and Yuga Labs’ Imaginary Ones, which brought in $11.9 million, are two examples.

Furthermore, the historic trading window had a significant role in Solana’s 24 hour NFT transaction volume increasing by 216 percent to $29.1 million. To put this in context in terms of the scaling differences between Solana and Ethereum, Ethereum’s NFT trading volume was $104 million within the same time period, despite being down 25%.

 

Okay Bears is a collection of NFTs that generated $18 million in its first day. Okay Bears was created by Solana, a blockchain platform that allows users to create their own cryptocurrency. Reference: okay bears magic eden.

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