The Okay Bears’ NFT collection spiked the Solana NFT network in a 24-hour record-breaking sales. Many collectors showcased prototypes of their Okay Bears NFT on Twitter. Some auctioned theirs at a price far higher than the floor price. And they’re still selling out.
The project has come a long way from popularity to breaking into the Solana NFT market with an overwhelming secondary trading volume of up to 91 percent, according to Magic Eden’s 29th of April tweet. We can’t ignore the floor price that jumped at a point as high as 165 SOL during mint. Indeed, it’d appear that anyone who owns an Okay Bears right now hasn’t only hit the jackpot but wields it.
So far, we’ve got our eyes on the Okay Bears collection, and here’s our sneak peek.
The Okay Bears collection came in with a striking all-time and all-high trade volume of 1.35 million SOL (approximately equivalent to $73.5 million) since minting on the 26th of April, making it the current strength center of the Solana NFT network. There are 10,000 NFTs in the Okay Bears collection, and each came with a mint price of 1.5 SOL. You can check these stats out on Moonly.
Okay, Bears kicked off its first batch of sales with 7400 NFTs at 18:00 UTC for whitelist members. It then started selling its second batch of 2500 NFTs to the public at 20:00 UTC. You could easily sense the anticipation in Okay Bears Twitter space when they announced the mint date. The collectors were more than the public NFTs available; this soon resulted in massive secondary sales, invariably upsurging the floor price. And within the first 24 hours of sales, the Okay Bears collection had recorded a record-breaking NFT trade, a fact reflected in its 27th of April tweet.
This high trading volume isn’t surprsing. We expected something close but not as high. Moreover, the project is vehemently popular, housing a discord community of 86,519 members and well-over 91,000 Twitter followers as of the 25th of April, the eve of minting. At the time of writing: Okay Bears’ Twitter followers and discord members have risen to approximately 135,000 and 122,000, respectively. Indeed, the Okay Bears NFT appears to have set a trading volume record for other upcoming Solana NFT projects to break, as the Solana NFT network has never hit such a high trading volume.
We’ve seen the Okay Bears soar high. But what’s the story behind this deal?
The Okay Bears project draws inspiration from the need to rejuvenate life in a barren land; by founding a Park that’ll accommodate a community of people in a metaverse. The goal is to transform a virtual world into a real-life experience. But Okay Bears’ concept holds that you need a bear to access this noble community. If that’s the case, then the reason behind the rush to collect one of these bears isn’t far-fetched. At some points, collectors complained that the network slowed down. Of course, this was due to the massive concurrent requests, causing some transactions to fail.
We aren’t sure how these bears will aid people into the Park. But your bear will be the most valuable pet you need to roam this metaverse. And of course, it’s your pass, too. So, hold yours tight; someone will soon need it to access the soothing view of the said Park if you don’t use it. It sure is worth a fortune, regardless of your intentions with it.
Solana announced a downtime of its network in its 1st of May official tweet. It stated that it was a result of incessant heavy botting on the Metaplex Candy Machine used to launch many new NFT projects.
However, there were no speculations linking Okay Bears’ high transaction volume with this situation. It was an obvious result of heavy botting in the Solana network, which isn’t the first of its kind during mints.
Looking at Okay Bears’ roadmap, it’s obvious it’s offering some perks along with the NFTs that people buy. Indeed, it prioritized community building in its execution. The team’s professional conduct is also top-notch. The Okay Bears team promises a spectacular use-case of their NFTs in the metaverse, including what it means to own one. And their website and roadmap are crystal clear and well-laid out — -with detailed information for visitors who want to know about the project.
Also pertinent to Okay Bears’ success is its partnership with investors and leaders in the industry. A notable one is Magic Eden. Drawing an inference from the Okay Bears’ case, it’d then seem that beyond pulling off some captivating pieces of NFTs, the story behind an NFT project, its roadmap, and its goals are paramount to its adoption, hence, success.
Originally published on https://moon.ly/nft/okay-bears