Ethereum-based NFTs have always maintained their reign in the Non-Fungible Token (NFT) landscape. However, the last 24 hours seemed to have dethroned the mighty ETH-based NFTs. And, interestingly, the one to have facilitated that, is none other than Solana (SOL).
Okay Bears, SOL-based NFT completely sold out within the first 24-hours of going live. The NFT further witnessed a trading volume of 147,161 SOL with a 19.48% hike in the last 24 hours of press time.
In just three days since the NFT launched on OpenSea, Okay Bears noted a trading volume of 510.1K with a floor price of 115 SOL. At the time of writing, the NFT had 1,356 sales with a day’s trading volume of 6,259.09 SOL.
It is in this context, that one might be easily reminded of Bored Ape Yacht Club (BAYC) NFTs. And, you might ask if Okay Bears will surpass BAYC in the near future.
Let’s look for an answer
After its launch in April 2021, the BAYC NFT, on 4 May 2021, witnessed a trading volume of 960.197. Furthermore, MAYC, which was launched on 28 August 2021, witnessed a trading volume of 1,149 with approximately 212 sales on 6 September 2021.
Upon comparing the sale of the “bears” to the sale of the “Apes”, it can be stated that Okay Bears is most valuable to Solana the way BAYC and MAYC are to Ethereum.
Furthermore, as per data from Dune Analytics, the OpenSea daily volume for SOL (left) has spiked significantly post 25 April 2022 and the OpenSea daily NFT transaction for SOL (right) has also shown significant growth post the launch of the Okay Bears NFT collection.
Furthermore, the data chart given below depicts “Total NFT Trade Count” as per Santiment. As of 30 April 2022, the overall NFT trade volume stands at 19,717, which is a dip as compared to the overall sale on 29 April 2022.
The price chart given below further depicts that 26 April 2022 witnessed a lower trade volume of 46,923, which then picked up on 27 April 2022 and reached 58,494 only to drop down again.
What lies ahead?
With the Okay Bears NFT collection sold out within hours of being launched, the creators put out a statement sharing plans for the future.
A tweet was put out by the Okay Bears community, which stated that the founders have laid out plans for the next 12 months. It wouldn’t be unwise to look at the sale of the Okay Bears NFT collection and speculate that SOL might be ready to rule over the NFT marketplace in the coming future.