Solana’s Record-Breaking Okay Bears Project Proves NFT Craze Isn’t Dead

Solana has recorded its best single day of NFT trading volume ever thanks to Okay Bears, which has generated more trading volume than any Ethereum project.

Lanched yesterday on Solana NFT marketplace Magic Eden at 1.5 SOL (approx US$135), Okay Bears consists of 10,000 profile picture avatars. Some 187,543 SOL worth of secondary trading was recorded over the last 24 hours.

Over the same period, VeeFriends V2 generated 4,565 ETH, whilst Yuga Labs’ Meebits saw 4,136 ETH in volume and Imaginary Ones recorded 3,543 ETH.

“Record-breaking 24 hours,” Okay Bears tweeted. “This is a celebration of the entire Solana blockchain. We didn’t get here alone, and we don’t intend on moving forward alone either.”

Solana’s trading volume has also increased by 216% over the past day. The achievement marks the first time a Solana NFT project has beaten an Ethereum project in 24-hour trade volume.

Okay Bears’ record comes at a time when NFT interest is seemingly dying out. According to Google Search data, searches for “NFTs” have drastically fallen from its peak in January 2022 from 100 to 26. A value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular.

As NFT developers are clambering find utility for their projects, Okay Bears has proven that perhaps the demand NFT profile picture driven projects isn’t completely over. Perhaps hype trumps utility.