While Ethereum remains the dominating platform for NFTs, growing challenger Solana is fighting back as new projects gain traction and key marketplaces embrace the network. In addition, a new Solana NFT project has produced more trade volume than any Ethereum project in the recent day.
Okay Bears, a Solana-based profile image project with 10,000 unique avatars, debuted yesterday on the Solana NFT marketplace Magic Eden at the introductory price of 1.5 SOL (about $145) per NFT. Secondary market sales immediately soared, sending the collection’s price skyrocketing and generating millions of dollars in trade volume.
According to data from premier NFT marketplace OpenSea, Okay Bears is the most traded collection that it monitors, outperforming a slew of prominent Ethereum collections. The marketplace indicates 187,543 SOL worth of secondary trade in the previous 24 hours, which equates to approximately $18.4 million at Solana’s current pricing. This applies to the entire market, not just sales on OpenSea.
Compare that to 4,565 ETH ($13.1 million) in volume for Gary Vaynerchuk’s new VeeFriends V2 launch in the previous 24 hours, 4,136 ETH ($11.9 million) for Yuga Labs’ recently acquired Meebits, and 3,534 ETH ($10.1 million) for new project Imaginary Ones.
It appears that this is the first time that a Solana NFT project has outperformed individual Ethereum projects in terms of 24-hour trading volume. Overall, Solana NFT trade volume has increased by 216 percent in the last 24 hours to $29.1 million, according to CryptoSlam data—but Ethereum has increased by $104 million in the same same period (down 25 percent ).
“We are thrilled to have launched and seen 96% of the trade volume for Okay Bears since launch,” Tiffany Huang, Magic Eden’s head of content and marketing, told Decrypt. “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.”
ChainCrunch, a Solana analytics platform, tweeted early this morning that Tuesday was the single greatest day ever for NFT trading activity on the site. According to ChainCrunch data, it was also the top day for unique users paying fees on the network and the most active Solana apps in a single day.
An NFT functions similarly to a deed of ownership to a one-of-a-kind digital asset, such as artwork, profile photographs, sports collectibles, and so on.
Okay Bears is similar to the popular Ethereum project Bored Ape Yacht Club in that it features animal-themed avatars with a randomized set of qualities. The designers of Okay Bears, like the creators of Bored Apes, intend to reward holders with future NFT drops as well as additional perks and bonuses on a lengthy roadmap.
As of this writing, the cheapest Okay Bears NFT is offered for 52 SOL (about $5,100) on the top Solana marketplace Magic Eden. Magic Eden also tweeted that it has experienced a record amount of NFT trading volume on the previous day. Huang stated that the platform generated over 380,000 SOL (about $37.4 million) in secondary trade activity in a 24-hour period, setting a new record for the marketplace.