A Hot New Solana NFT Project, Okay Bears Sold Out in 1 Day With $18M in Sales

Although Ethereum remains the most popular NFT platform, growing challenger Solana is putting up a fight as new projects make headway and key exchanges accept the network. A new Solana NFT project has achieved more trade volume than any Ethereum project in the last day.

Okay Bears, a Solana-based profile picture project with 10,000 unique avatars, launched on Solana NFT marketplace Magic Eden yesterday for 1.5 SOL (about $145) per NFT. Secondary market sales exploded, sending the collection’s price skyrocketing and earning millions of dollars in trade volume.

Okay Bears is the most-traded collection tracked by renowned NFT marketplace OpenSea, knocking out a number of well-known Ethereum collections. Over the past 24 hours, the marketplace has seen 187,543 SOL worth of secondary trade or nearly $18.4 million at Solana’s current pricing. This applies to the entire market, not just OpenSea sales.

In comparison, Gary Vaynerchuk’s new VeeFriends V2 launch saw 4,565 ETH ($13.1 million) worth of trade in the last 24 hours, as did 4,136 ETH ($11.9 million) for Yuga Labs’ recently bought Meebits and 3,534 ETH ($10.1 million) for new project Imaginary Ones.

This appears to be the first time that a Solana NFT project has beat individual Ethereum projects in terms of trading volume over a period of 24 hours. According to CryptoSlam data, Solana NFT trade volume has increased by 216 % in the last 24 hours to $29.1 million, while Ethereum has increased by $104 million in the same time period (down 25%).

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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