Off the back of its mint on Tuesday, new Solana-based NFT project Okay Bears has rendered historic trading figures which trounce those of popular projects built on the Ethereum blockchain. To be exact, data from OpenSea reported that the collection generated 187,543 SOL (approximately $18.4 million) in sales in its first 24 hours of activity, however at the time of writing, this figure has risen to 242,500 SOL (approximately $24 million).
To get its trading ball rolling, the collection of 10,000 unique, PFP-styled, cartoon ursidae characters launched on Solana’s flagship NFT marketplace Magic Eden, with each available to mint for 1.5 SOL (approximately $145). In the 24 hours following the mint, and perhaps with the aid of OpenSea’s integration of Solana, secondary sales of the collection ran rampant, causing the collection’s floor price, and therefore overall trade volume, to soar in tandem.
To everyone’s surprise, the record breaking mint and following 24 hour trade window produced figures which surpass those of other recently launched collections, despite them being built on the more frequented Ethereum blockchain. Such collections include Gary Vee’s VeeFriends V2, which generated $13.1 million, as well as Yuga Labs’ Imaginary Ones, which generated $11.9 million.
In addition, the landmark trade window heavily contributed to the 216% increase in Solana’s24 hour NFT trade volume to $29.1 million. However, to put this in perspective with regards to the scaling differentiation between Solana and Ethereum, throughout the same timespan, Ethereum’s NFT trade volume sat at $104 million, despite being down 25%.