Okay Bears is an NFT collection on Solana that took the NFT world by storm. Some attribute the rapid traction of NFTs on Solana to its launch. So what are Okay Bears? Is it Okay to buy one now? Let’s find out.
What is Okay Bears NFTs?
Okay Bears is an NFT collection in Solana that brought about a cultural shift in the NFT space. It consists of 10,000 different bears coming together to form an online community. The Okay Bears founders are creating a more moral community in the digital realm knowing that the internet would eventually permeate the physical world.
Okay Bears has signed with @IMG, the world's number one licensing agency.
— Okay Bears (@okaybears) September 20, 2022
So, Okay Bears evolved from being an unknown collection to one of the industry most recoginzed collections in just a couple of months. This was partly due to their branding. This included their beliefs, low-fi artwork, OK gestures, and the hashtags #WeAreAllGonnaBeOkay and #WAGBO. All are refreshingly harmonious with their brand.
Also, Okay Bears empowers ordinary people by emphasizing the middle ground, inclusivity, and positive vibes. Each Okay Bear is algorithmically produced and has a utility embedded. Merch drops, live events, and outdoor marketing are a few of these utilities.
Okay Bears NFT Mint
Okay Bears began its mint on April 26th, 2022, with a price of 1.5 SOL ($147 at the time). At 18:00 UTC, Okay Bears began selling its first batch of 7400 NFTs to allowlist users. And at 00:00 UTC, it started selling its second batch of 2500 NFTs to the public. When Okay Bears announced the mint date on Twitter, you could immediately feel the buzz. There were more collectors than public NFTs available, which quickly led to enormous secondary transactions, inevitably jacking up the floor price.
April 26th 2022. @okaybears mint day.
everyone and their parents were aware of what was going to happen and man… did it turn out to be ONE of the greatest mints ever seen on any blockchain. Ca. 8 months later, i finally managed to get my 2nd bear. #WAGBO2023 #OkayBears 👌 pic.twitter.com/GBLHhDPfqm
— Sami👌 (@SamidareSol) December 14, 2022
Conceivably, it was the first time any Solana NFT project outperformed a single Ethereum project in terms of the daily trading volume. OpenSea recorded about 187,500 SOL (equivalent to around $18.5 million) in secondary transactions in the 24 hours following the minting of the 10,000 bears.
Okay Bears Price
The project has come a long way since its inception and breaking into the Solana NFT market with an overwhelmingly enormous secondary trading volume of up to 91%. Although the hype has cooled off, we can’t ignore the floor price that jumped to high as 165 SOL during the mint. Now the collection sits at a floor price of 73.20 SOL.
Since its mint on April 26, the Okay Bears collection has recorded a stunning all-time-high trade volume of 2.54 million SOL. According to Moon.ly the most expensive Okay Bear was sold for 1675 SOL. There have, regrettably, only been a little over 800 listings. We believe it reveals a strong community with a long-term outlook holding its bears despite the price slump.
Okay Bears Ecosystem
The Okay Bears project is motivated by the desire to revive life in a desolate land. They did this by creating a Park that will house a community of people in a metaverse. The project team designed an immersive virtual world to make it feel like a real-life experience. But to access the Park, a bear is necessary. If that’s the case, it makes sense why people would rush to get one of these bears.
The Okay Bears NFT team developed a holistic blueprint for its community instead of merely publishing a simple road map. The blueprint page reminds members that they are “building this together,” reflecting the developers’ desire to emphasize community significance to the NFT project’s success. The interactive blueprint presents these crucial aspects and the ideas envisioned for them.
Here’s my present to you 🎁
Introducing the Globe on OKB Map 🌍
— IO Freestyle (@iofreestyler) December 25, 2022
The Seven Sections in the Project Blueprint
1. The Bear Market – Bear Market is a comprehensive market that includes a mix of online and offline elements. The Market, which features online sales channels and even offline storefronts established in conjunction with Shopify, is built in partnership with Magic Eden, the largest NFT Market on Solana.
2. Workshop – The workshop houses authentic, grassroots community engagement and public awareness projects such as outdoor advertising and corporate social responsibility (CSR) collaborations with respected global brands.
3. Gallery – Gallery will showcase all 10,000 The Okay Bears NFT images of Okay Bears, along with some of the community members’ second artworks and pop-up art exhibits in different locations.
4. Platform – Platform (podium) will provide Okay Bears support.
There are numerous events where members and crypto KOLs are welcome to speak, present, and attend conferences. The Platform focuses on meetings of Solana PFP NFT thought leaders and representatives in the mainstream. Members of partner collections or Okay Bears NFT holders are the only people who can attend some meetups and events.
Through The Platform, members may also learn more about community grants and copyright licensing. The Okay Bears initiative, The Honeypot exists to aid in Okay Bears brand growth and will offer grants to some startups.
5. The Park – Park is the discord channel of the project.
6. Studio -Studio (recording studio) will assist the community in creating different cultural items, such as Lo-Fi-style music.
7. Boutique – Boutiques (fashion stores) concentrate on offline sales and produce different goods, such as collectibles, accessories, and prints.
Sketch of the day: the @okaybears nap
Your little kid’s whole world is you, and it will change quickly as they are growing up. Treasure it while you can, anon!
These two angels are the reason why I stay up till 3am every night drawing frog jpeg. pic.twitter.com/8P52DXuqS6
— Zw3e (@zw3edepepe) December 24, 2022
Okay Bears Partnerships
Partnerships with investors and business titans are vital to Okay Bears’ success, and Magic Eden stands out as one of the most prominent. They have also partnered with IMG, a global licensing organization that oversees over $15 billion in retail sales annually for top brands. IMG has previously worked on license agreements with youth-oriented brands like Fortnite, Lego, and Angry Birds.
The NFT project, interestingly, briefly collaborated with Chicago Bulls point guard Lonzo Ball and NBA basketball supplier Wilson to create a 1-of-1 signed NFT in his image.
Okay Cares, a worldwide network of givers, has also been featured by Okay Bears. It seeks to bring about a change in the way that charities raise money by utilizing NFTs to make a positive impact locally and globally.
Okay Bears Drops
The Okay Bears team promises an incredible metaverse use case for its NFTs, including what it means to be an owner. Likewise, the project’s website and roadmap are reasonably clear and well-organized, providing visitors with extensive information about the project. So, Okay Bears also had two NFT drops:
- Bear drop #1: Founders coin.
- Bear drop #2: Boombox.
Each drop features a unique combination of hand-drawn attributes inspired by the original Okay Bears and has a corresponding gold value, ranging from 0.25, 0.5, 1, 5, and 10 grams.
Also, Okay Bears updated holders and community members on goodies anticipated to arrive in the first and second quarters of 2023. They are:
- Okay Badges, Streaks – Okay Bears is introducing Okay Badges and Streaks to reward holding, trading, and involvement in the community. Based on their participation in the community, users can earn badges that dynamically upgrade and eventually lead to exclusive holder perks.
- Okay Bears Gold Medallion – Okay Bears will produce a limited-edition 10g gold medallion with the OKB logo. The only way to redeem this limited edition drop is by burning Bear Drop collectibles. The project also hinted that users could burn collectibles for more exclusive rewards in the future.
- Okay Bears Merchandise More Okay Bear merch will be soon available. While no precise dates or times have been given, the announcement says that the ethically sourced goods are “nearly here.”
- More to come – The project mentioned many new initiatives and negotiations are still under motion thanks to its partnership with IMG Academy. The project has many more things planned for 2023, while many are “under wraps.”
UPDATES & NEWS
2022 is wrapping up, and we’re feeling confident about an epic 2023. This update is for you.
💎 OKAY BADGES & STREAKS
🪙 OKAY BEARS GOLD MEDALLION
🔥 OKAY HOODIE & TEE
⏲️ IMG UPDATE
— Okay Bears (@okaybears) December 23, 2022
The bear symbolizes declining markets, negative investor sentiment, and all-around bad times in both crypto and financial markets. But Okay Bears has transcended this stereotype. It has arguably become one of the top blue-chip NFT projects on Solana and has consistently outperformed many blue-chip Ethereum projects.
Although the Okay Bears will likely end the year far from its all-time high floor price, it has recovered more than 100% since hitting a local bottom at the heat of the FTX meltdown. So if you wish to invest in Solana, Okay Bears is an OKAY start!
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Check out our most up-to-date research, NFT and Metaverse buy, and how to protect your portfolio in this market by checking out our Altcoin Buzz Access group, which for a limited time, is FREE. Try it today.