Okay Bears sets new records on Solana’s NFT market
NFT News

Okay Bears sets new records on Solana’s NFT market

BTC Peers Reporter

Although Ethereum has continued to dominate the NFT scenes, Solana is quickly becoming a worthy rival as new projects attract fresh capital to the rising rival. Interestingly, a new Solana NFT project has smashed previous records, generating more trading volume than its Ethereum counterparts.

Okay Bears, a collection of 10,000 bear avatars, made its debut yesterday and broken previous minting records on the Solana ecosystem. The floor price of the project, which minted at 1.5 SOL (about $145) per NFT, quickly surged to over 50 SOL within 24 hours.

According to data from leading NFT marketplace OpenSea, Okay Bears became the most-traded collection that it tracks, outshining a plethora of top Ethereum collections. In the past 24 hours, the collection has seen over 195,000 SOL worth of secondary trading volume (nearly $20 million at current market prices).

Comparatively, Gary Vaynerchuk’s new VeeFriends V2 collection recorded 4,372 ETH ($12.5 million) worth of sales, Yuga Labs’ recently-acquired Meebits saw 4,140 ETH ($11.9 million) in secondary volume, and Imaginary Ones traded 3,766 ETH ($10.7 million) within 24 hours.

This is undoubtedly the first time that a Solana NFT project will beat individual Ethereum projects in terms of 24-hour sales volume. The rally pushed the trading volume of Solana NFTs by 216% over the past 24 hours, according to data from CryptoSlam. However, while Solana NFT trading volume is up to $29.1 million, Ethereum sits at $104 million.

As of press time, the cheapest Okay Bears NFT was worth 50 SOL (almost $5,000) on Solana’s top marketplace Magic Eden. Meanwhile, the NFT marketplace also tweeted that it had seen record overall NFT trading volume over the past day.