As Solana continues to challenge Ethereum’s dominance of the NFT ecosystem, the former’s new profile picture project Okay Bears generated more trading volume on its first day than any rival’s.
With 10,000 unique avatars, Okay Bears launched this week on Solana NFT marketplace Magic Eden at a mint price of 1.5 SOL (about US$145) per NFT. Secondary market sales quickly surged, sending the price of the collection soaring and generating US$18.4 million in trading volume.
First For Solana in Terms of a Single Day’s Trading Volume
The stunning Okay Bears performance represents the first time a Solana NFT project has beaten individual Ethereum projects in terms of 24-hour trading volume.
“Solana projects have just as bright a future as projects on other chains,” said Tiffany Huang, Magic Eden’s head of content and marketing, with some understatement.
With a more than passing physical resemblance to Ethereum’s Bored Ape Yacht Club avatars, Okay Bears sport a random array of mix-and-match traits. And like BAYC, the creators of Okay Bears plan to reward holders with future NFT drops, additional perks and benefits.
According to Huang, the platform generated over 380,000 SOL (about US$37.4 million) of secondary trading volume in 24 hours, a record for Solana. Yet Ethereum retains the ascendancy with its recent MoonBirds NFT launch generating more than US$200 million on debut. Earlier this week, a single Moonbirds NFT changed hands for more than US$1 million.
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