menuIcon
$ 87,231.6
BTC
$ 87,231.6
-0.73 %
$ 2,019.04
ETH
$ 2,019.04
-2.68 %
$ 0.7346
ADA
$ 0.7346
-2.59 %
$ 622.61
BNB
$ 622.61
-1.47 %
$ 138.06
SOL
$ 138.06
-4.21 %
Prabhjeet Bhatla
Apr 28, 2022
by Prabhjeet Bhatla

Solana's Okay Bears Top All Ethereum NFT Projects With $18M in Sales in One Day

Solana Ethereum NFT
Although Ethereum remains the most popular NFT platform, growing challenger Solana is putting up a fight as new projects gain traction and key exchanges accept the network. A new Solana NFT project has produced more trade volume than any Ethereum project in the last day.

Okay Bears, a Solana-based profile image project with 10,000 unique avatars, debuted on Solana NFT marketplace Magic Eden yesterday for 1.5 SOL (about $145) per NFT. Secondary market sales exploded, sending the collection's price skyrocketing and earning millions of dollars in trade volume.

Okay Bears is the most-traded collection tracked by renowned NFT marketplace OpenSea, topping out a number of well-known Ethereum collections. Over the previous 24 hours, the marketplace has seen 187,543 SOL worth of secondary trade, or nearly $18.4 million at Solana's current pricing. This applies to the entire market, not just OpenSea sales.

In comparison, Gary Vaynerchuk's new VeeFriends V2 launch saw 4,565 ETH ($13.1 million) worth of trade in the last 24 hours, as did 4,136 ETH ($11.9 million) for Yuga Labs' recently purchased Meebits and 3,534 ETH ($10.1 million) for new project Imaginary Ones.

This appears to be the first time that a Solana NFT project has outperformed individual Ethereum projects in terms of trading volume over a 24-hour period. According to CryptoSlam data, Solana NFT trade volume has increased by 216 percent in the last 24 hours to $29.1 million, while Ethereum has increased by $104 million in the same time period (down 25 percent ).

"We are thrilled to have launched and seen 96% of the trade volume for Okay Bears since launch,” Tiffany Huang, Magic Eden’s head of content and marketing. “This is a new era of growth for Solana. Solana projects have just as bright of a future as projects on other chains. Communities, regardless of chains, will ultimately pick winning collections.”

Early this morning, Solana analytics platform ChainCrunch announced that Tuesday was the platform's single greatest day ever for NFT trade volume. According to ChainCrunch's data, it was also the busiest day for unique users paying fees on the network and the most active Solana apps in a single day.

An NFT functions as a document of ownership for a one-of-a-kind digital asset, such as artwork, profile images, sports souvenirs, and more.

With animal-themed avatars that boast a randomized assortment of attributes, Okay Bears is reminiscent of the popular Ethereum project Bored Ape Yacht Club. The makers of Okay Bears, like the Bored Apes, want to reward holders with future NFT drops as well as additional perks and bonuses as part of a long-term roadmap.

As of this writing, the cheapest Okay Bears NFT is offered for 52 SOL (about $5,100) on the top Solana marketplace Magic Eden. Magic Eden also tweeted that overall NFT trade volume has reached new highs in the last day. According to Huang, the platform generated over 380,000 SOL (about $37.4 million) in secondary trade activity in a 24-hour period, a new high for the market.

Follow us on: News
Ethereum NFT Solana Solana Ethereum NFT
Solana's Okay Bears Top All Ethereum NFT Projects With $18M in Sales in One Day
Prabhjeet Bhatla
Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

Top Picks