Early in the growth of the Solana NFT ecosystem, it was common to find obvious knockoffs of major Ethereum projects like CryptoPunks and Pudgy Penguins. Today, Okay Bears – Solana’s most recent NFT project – was effectively copied and pasted onto Ethereum in what some observers have “greeted“like a moment of”full loop” for Solana.
Not Okay Bears is an Ethereum-based NFT profile picture project that launched earlier today, featuring 10,000 cartoon bear illustrations with a variety of random traits. If the imagery looks familiar, that’s because it’s the same illustration as Okay Bears on Solana – just reversed, so the bears are facing left instead of right.
You could say it’s a forgery, derivative, or parody, but it’s also a hit, so far. All 10,000 NFTs were minted fast this morning at 0.02 ETH (about $41) each, except for the first 1,000, which were minted for free.
I’m Crying Again.. this is not okay pic.twitter.com/sE2f6FQK55
— Not Okay Bears (@Not_OkayBears) May 16, 2022
The creators, whose identity has not yet been revealed, donated approximately 20% of the minted funds by Not Okay Bears (35.8 ETH, or $73,000) to the Mental Health Impact Index Fund via The Giving Block, according to a tweet from the charity crypto platform.
They are now sold on secondary markets like OpenSea, where they trade en masse as the price floor – or the price of the cheapest NFT available – rises rapidly. At the time of this writing, Not Okay Bears start at nearly 0.1 ETH (about $200), five times the initial price. OpenSea shows around $930,000 in secondary trades so far.
Admittedly, this is only a fraction of the price of an NFT Okay Bears on Solana: the cheapest available on Solana’s main marketplace, Magic Eden, is listed for 243 SOL, or $13,400.
wow! we did it! https://t.co/JQfqhdHsCF
— T◎lyxNFT, 🇺🇸 (@aeyakovenko) May 16, 2022
Okay Bears has yet to publicly comment on the launch of Not Okay Bears, let alone whether it intends to do anything about the project, such as sending a DMCA takedown notice to the markets. This type of action has been controversial when previous projects have attempted to do so, such as the original creators of CryptoPunks, Larva Labs.
The famous NFT collector, functiontweeted: “ETH’s abandonment of a Solana derivative is truly a complete event lmao”. Solana co-creator Anatoly Yakovenko quoted him on Twitter and added, “Woot! We did it !”
Solana maxis for their milk before the cereal and they think that’s okay pic.twitter.com/7tqJNjNTZU
— madison🌸 (@madisonoliviaa_) May 16, 2022
Elsewhere on Twitter, Ethereum and Solana fans exchange spades about the two chains and their respective qualities, often to quite funny effect. And the creators of Not Okay Bears kicked things off with the project’s official OpenSea description, which reads: “Bears on the blockchain that really works.”
Okay Bears launched in late April and quickly became one of the biggest NFT projects on Solana, not to mention one of the best-selling projects on the network to date. According to CryptoSlam, the project has generated nearly $95 million in trading volume to date.
In the last 24 hours, it is the best-selling project with a secondary trading volume of almost $5 million, according to CryptoSlam, more than any other Ethereum project, including heavyweights like Bored. Ape Yacht Club and CryptoPunks.
Solana NFT trades overall are also up, with CryptoSlam showing a 57% increase in the past 24 hours to $12.4 million, while Ethereum NFT trades are down 22% over the past 24 hours. of the same period to $21 million.