Okay Bears, the popular Solana NFT project which hit the Web3 spotlight back in April, is preparing to host its first community airdrop. Although every airdrop is inevitably exciting in its own particular way, the inaugural offering from Okay Bears is hitting new heights, as it entails the distribution of NFTs that can be redeemed for physical gold or crypto.
Dubbed ‘Founders Coins,’ the collection features 10,000 assets (the same size as the Okay Bears collection) that have each been randomly assigned a gold weight that’s either 0.25, 0.5, 1, 5, or 10 grams. Each also features a combination of hand-drawn attributes that are inspired by the original collection.
In Q4 of this year, holders will be able to redeem the NFTs in order to receive their assigned gold, with the current price of the primordial luxury asset being $56.50 per gram. That being said, as 10 grams is the minimum amount of gold that you can receive, those who hold an NFT with less than 10 grams of gold attached to it can redeem it and receive the equivalent cash value which will be paid in either $SOL or $USDC. In wake of an NFT redemption, the asset will be burned.
In order to alleviate any risks of scams, Founders Coins will be directly delivered to holders’ wallets. They will also be embedded with a 5% royalty share dynamic, wherein any sales that take place within their first eight weeks of existence will see a portion of its proceeds go to the Okay Bears fund called Okay Cares. In the upcoming future, the Okay Bears community will be able to vote on how the funds will be distributed to charities.