While Ethereum remains the dominant blockchain for NFTs, Solana is quickly rising as a potential opponent. Over the last day, Solana's Okay Bears NFT collection debuted with $18 million in sales, outperforming all Ethereum NFT projects.
Comprising 10,000 unique avatars, Okay Bears is a Solana-based profile picture NFT project. Furthermore, it debuted yesterday on the Magic Eden at a mint price of 1.5 SOL (about $145) per NFT. Secondary market sales quickly surged, sending the price over 60 SOL within 24 hours, generating millions in trading volume.
According to NFT marketplace OpenSea, the collection has generated 187,543 SOL worth trading in the first 24 hours. Or about $18.4 million at Solana's current trading price. At the time of writing, the collection has garnered 271.5k SOL, or nearly $23.6 million.
In comparison, Gary Vaynerchuk's new VeeFriends V2 generated 4,565 ETH ($13.1 million) volume in its first 24 hours. Also, Yuga Labs' recently acquired Meebits saw a sales volume of 4,136 ETH ($11.9 million). In addition, a new project, Imaginary Ones, also garnered a sales volume of 3,534 ETH ($10.1 million).
It is the first time a Solana NFT project has beaten Ethereum regarding the 24-hour trading volume. According to CryptoSlam data, Solana NFT trading volume increased by 216% over the 24 hours. While Solana's trading volume increased to $29.1 million, Ethereum sat at $104 million over the same span.
"We are thrilled to have launched and seen 96% of the trade volume for Okay Bears since launch," said Tiffany Huang, Magic Eden's head of content and marketing. "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."
Solana analytics platform ChainCrunch tweeted that Tuesday was the platform's single most significant day ever for NFT trade volume. Furthermore, it was the top day for unique users paying fees on the network. In addition, it was also the all-time high for the number of smart contracts used.
With animal-themed avatars sporting a randomized array of traits, Okay Bears is reminiscent of the popular Ethereum NFT project, Bored Ape Yacht Club. Like BAYC, Okay Bears creators also plan to reward holders with future NFT drops, additional perks, and benefits.
Currently, the cheapest Okay Bears NFT is listed at 75 SOL on the top Solana marketplace Magic Eden. In fact, the NFT marketplace tweeted that it has witnessed a record overall NFT trading volume over the past day. According to Huang, the Solana NFT marketplace has generated over 380,000 SOL (about $37.4 million) of secondary trading volume in 24 hours.