Following its launch on Tuesday, the new Solana-based NFT project Okay Bears has produced historic trading figures that outperform those of popular Ethereum-based ventures. According to OpenSea data, the collection generated 187,543 SOL (about $18.4 million) in sales in its first 24 hours of operation, however this figure has since climbed to 242,500 SOL (roughly $24 million) at the time of writing.
To get the ball going, Solana’s flagship NFT store Magic Eden launched a collection of 10,000 distinct, PFP-styled, cartoon ursidae characters, each available to mint for 1.5 SOL (about $145). Secondary sales of the collection exploded in the 24 hours following the mint, possibly aided by OpenSea’s integration of Solana, leading the collection’s floor price, and hence overall trading volume, to climb in lockstep.
Despite being constructed on the more popular Ethereum blockchain, the record-breaking mint and subsequent 24-hour trade window yielded results that outperformed those of other recently created collections. Gary Vee’s VeeFriends V2, which brought in $13.1 million, and Yuga Labs’ Imaginary Ones, which brought in $11.9 million, are two examples.
Furthermore, the historic trade window had a significant role in Solana’s 24 hour NFT transaction volume increasing by 216 percent to $29.1 million. To put this in perspective in terms of the scaling differences between Solana and Ethereum, Ethereum’s NFT trading volume was $104 million within the same time period, despite being down 25%.
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