Okay Bears NFT Clone Coming to Ethereum

Ethereum tries to put its noisy neighbor Solana back in check A collection of NFTs on Solana called Okay Bears has been replicated and reversed, then launched on Ethereum as Not Okay Bears, and now these bear copies outsell the original NFT collection. Solana also hosts countless Ethereum clone collections like Degenerate Ape Society. However,…


Ethereum tries to put its noisy neighbor Solana back in check

A collection of NFTs on Solana called Okay Bears has been replicated and reversed, then launched on Ethereum as Not Okay Bears, and now these bear copies outsell the original NFT collection. Solana also hosts countless Ethereum clone collections like Degenerate Ape Society. However, this time around, the Ethereum NFT community is showing its muscles to bring its noisy neighbor back under control.

Some are calling this a full circle moment for Solana, as it is much more common to find top Ethereum collections like CryptoPunks and Pudgy Penguins on Solana than the other way around. Okay Bears, one of the most popular NFT collections on Solana, has effectively been copied, invested, and pasted onto the Ethereum blockchain. They are doing more sales volume in the last hour than the day before at Solana.

Not Okay Bears is an Ethereum-based NFT PFP collection project that launched on May 16, featuring a collection of 10,000 illustrations of bears with a variety of traits. The images look the same in a bold move because it’s the same Okay Bears artwork in Solana, only in reverse so the bears face left instead of right. That’s what we call innovation! (note: this is sarcasm)

Left: Original Okay Bears | Right: Not okay bears

It’s okay?

The Solana community is somewhat upset by the measure. Still, it can ultimately be seen as the highest possible compliment for a collection that has so far gone under the radar. Amid the second wave of interest in NFTs, specifically those on Solana, this writer’s spider-sense wonders if the set wasn’t intentionally released by a team close to Solana in an attempt to spur more NFT trading on Solana. Either way, both collections will receive increased media interest today and in the days ahead.

At the time of writing, Okay Bears is listed on Solana’s leading NFT market, Magic Eden, at a minimum price of 235 SOL, or around $13,335. Interestingly, just two days ago, the minimum price was 94 SOL, or approximately $5,345. While it is true that Okay Bears had been receiving increased interest along with several other Solana collections, the launch of Not Okay Bears seems to have taken it to new highs in less than 48 hours.

Trading volume for the Solana Okay Bears collection in the last 24 hours is just over $2 million, while the Not Okay Bears collection has already amassed over $6 million in secondary market trading volume on OpenSea in just a few few hours after launch. The Not Okay Bears collection has burned through 15.84 ETH or about $33,000 as investors pay transaction fees to mint into Ethereum. The collection has a current minimum price of 0.3 ETH, or around $600, and OpenSea shows around $6.3 million in secondary trades at the time of writing.

While the value of a Not Okay Bear NFT on Ethereum is still well below that of an original Okay Bear on Solana, the event shows how clever marketing can create a wave of demand. This is actually a supplement to the original collection.

In another mockery of the Solana network, which has had infrastructure and uptime issues lately, the description of the Not Okay Bears collection on OpenSea reads: “Bears on the blockchain that really work.”

Is it sustainable?

Early data suggests that while the Not Okay Bears collection is receiving a lot of interest, listings are beginning to outsell sales, meaning demand is less than supply as newly minted NFTs appear to end up on secondary markets. , as buyers try to profit immediately.

Another risk is that the Okay Bears team will eventually take action against this collection of scams for various infringement issues. A Twitter observer was quick to point out recent updates to OpenSea’s policy on copy-paste collections. Therefore, it is possibly only a matter of time until OpenSea removes Not Okay Bears, blocking trading of the collection in the market. However, there are always other NFT marketplaces to sell your NFTs such as Rarible, X2Y2, and LooksRare. Overall, with only 48 hours, it’s too early to speculate on the outcome.

Solana NFTs are getting noticed

As mentioned, the NFT collections in Solana have been attracting more attention lately. NFT trading volume on Solana grew 90% from March to April, reaching $295 million, with Okay Bears and DeGods making their way into the top 30 most traded NFT collections. In the same way, it should be noted that the average sale price of NFTs in this network has risen to approximately $350, showing value in these assets.

Additionally, the Solana NFT hype can be attributed in part to the network’s integration with OpenSea. The leading NFT marketplace exponentially increases the visibility of these NFTs, reaching new communities. Collections like Solana Monkey Business, Aurory, Degenerate Ape Academy, and marketplaces like Solanart and Magic Eden are the true pioneers in the Solana ecosystem.

At the time of writing, Okay Bears has not commented on the collection or indicated any course of action against the Not Okay Bears team. However, it is worth noting that other collections like CryptoPhunks that nodded their heads at an original OG collection, failed spectacularly. We will continue to monitor the story as it unfolds.

The foregoing does not constitute investment advice. The information provided here is purely for informational purposes only. Please exercise due diligence and investigate. The writer holds positions in various cryptocurrencies including BTC, ETH, and RADAR.


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