Despite the fact that Ethereum continues to rule the NFT scene, Solana is quickly establishing itself as a potential opponent. Solana’s Okay Bears NFT collection debuted with $18M in sales in just one day outperforming Ethereum NFT projects.
Okay Bears is the most-traded Solana-based NFT collection as tracked by NFT marketplace OpenSea, topping out a number of well-known Ethereum collections over the first 24 hours.
Okay Bears, comprising 10,000 unique avatars, debuted on Solana NFT marketplace Magic Eden yesterday for 1.5 SOL (about $145) per NFT. Within 24 hours, the project’s floor price had risen to over 60 SOL.
The collection has generated $18 million in the first 24 hours after the launch. It has garnered 236.8K SOL in secondary trade, or nearly $23.6 million at Solana’s current pricing. This applies to the entire market, not just OpenSea sales.
In comparison, within 24 hours, Gary Vee’s VeeFriends V2 collection collected 3129 ETH, Yuga Labs’ recently acquired Meebits saw 4,140 ETH, and Imaginary Ones gained 3,766 ETH.
This is the first time a Solana NFT project has outpaced Ethereum projects in terms of 24-hour sales volume. According to CryptoSlam data, the rally increased the trading volume of Solana NFTs by 216% in the last 24 hours.
Solana analytics platform ChainCrunch confirmed that it was the platform’s single greatest day ever for NFT trade volume.
It was also the busiest day on the network in terms of unique users paying fees, as well as the most active Solana apps in a single day.
Tiffany Huang, Magic Eden’s head of content and marketing, stated “This is a new era of growth for Solana. Solana projects have just as bright of a future as projects on other chains. Communities, regardless of chains, will ultimately pick winning collections.”
