ON–123: Solana NFTs (Part 2)

Coverage on Okay Bears.

May 27, 2022

④ Okay Bears

📈 Okay Bears sees record breaking ~$186m volume

  • The narrative of Okay Bears is everyone will all be fine together through the bear market. It's a PFP collection planning events, merchandise, and drops all exclusive to holders. The collection traded at ~50 SOL (~$5,000) 2 days after mint, a 33.3x gain in 48H. Then, Okay Bears reached an ATH at 210 SOL ($11,550) on May 16th. That huge gain was possible because of a low mint price and incredible traction on secondary market.
Source: Magic Eden
  • Volume reached an exceptional ATH at $186m (186,000 SOL) 4 days after the mint on Magic Eden, whereas OpenSea saw volume of approximately $12m. To put things in perspective, Moonbirds ATH volume was $120m (40K ETH) on Apr 17th, and BAYC volume ATH is $52.5m (16.4K ETH) on Aug 29, 2021.
Source: OpenSea
  • All this occurred while SOL’s price collapsed ~50%. The top 20 wallets own ~9.5% of the total collection.
Source: CoinGecko