The Okay Bears Knockoff Controversy - What’s it All About?

Bishal Kumar Chanda

Knockoffs of Ethereum projects were pretty common in the early days of the growing Solana NFT ecosystem. Now, someone has effectively copy-pasted the hottest recent Solana NFT project, Okay Bears, onto Ethereum. Some observers on NFT Twitter have hailed this event as a "full circle" moment for the Solana blockchain

What are Not Okay Bears?

Not Okay Bears is an Ethereum-based generative profile picture project launched earlier this week. Furthermore, the collection consists of 10,000 cartoonish bear illustrations with randomly generated traits. But the art looks familiar, doesn't it? That is because it's the same artwork as the Okay Bears NFT collection on Solana. 

Not Okay Bears tweets about co-existing with Okay Bears.

In fact, the pseudonymous creator reversed the art so that the bears are facing left instead of right. Furthermore, it is pretty similar to left-facing Bored Apes (PAYC) or CryptoPunks (CryptoPhunks). 

Knockoff or not, the Not Okay Bears has a quick success after launch. The collection was minted out soon after the launch at 0.02 ETH (about $41) each, apart from the first 1000 free to mint NFTs. So far, the creator has donated 20% of the mint funds, 35.8 ETH, to the Mental Health Impact Index. In fact, The Giving Block matched its donation, bringing over 70 ETH (about $150,000) to support mental awareness. 

OpenSea Delists Not Okay Bears

Yesterday, the parody project Not Okay Bears took a hit as OpenSea delisted the collection. As a result, it sparked outrage among holders who could not trade on the world's largest NFT marketplace. In fact, what infuriated Not Okay Bears holders even more - other derivative collections continued to be listed on OpenSea. 

Before getting delisted on OpenSea, Not Okay Bears had a 24-hour secondary sales volume of $6.3 million. Soon after that, the Not Okay Bears floor price took a hit, plummeting to around 0.03 ETH from 0.1 ETH. However, the floor price has quickly recovered and is rising rapidly on the LooksRare NFT marketplace.

Not Okay Bears gets verified on LooksRare NFT marketplace.

Currently, Not Okay Bears start at nearly 0.119 ETH, almost six times its original mint cost. LooksRare shows about $1.2 million worth of trading so far. Obviously, it is still a fraction of Okay Bears NFTs on Solana, which has a floor price of $10,400. 

The original Okay Bears collection was launched in April and became one of Solana's most valuable NFT projects. According to CryptoSlam, it has generated an all-time trading volume of around $99 million. 

NFT Community on Not Okay Bears

Both Ethereum and Solana supporters have been teasing each other over the launch of Not Okay Bears. Moreover, Not Okay Bears' creator officially described the collection on OpenSea as "Bears on the blockchain that actually works."

The NFT community witness funny exchanges between Ethereum and Solana supporters.

As of now, Okay Bears have not publicly commented on the launch of Not Okay Bears. It is still unclear if they want to do anything about their parody project. However, famous NFT collector fxnction tweeted, "​​ETH dropping a Solana derivative is really a full circle event lmao." Also, Solana co-creator Anatoly Yakovenko quoted the tweet saying, "Woot! We did it!"

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