Early in the growth of the Solana NFT ecosystem, it was common to find obvious knock-offs from major Ethereum projects such as CryptoPunks and Pudgy Penguins. Today, Okay Bears – Solana’s most recent NFT project – was effectively copied and pasted on Ethereum in what some observers have “greet“like a moment of”full loopfor Solana.
Not Okay Bears is an Ethereum-based NFT profile picture project launched earlier today, featuring 10,000 cartoon bear illustrations with a variety of random properties. If the image looks familiar, it’s because it’s the same illustration as Okay Bears on Solana – just reversed, so the bears are looking left instead of right.
You could say it’s a forgery, derivative, or parody, but so far it’s also been a hit. All 10,000 NFTs were quickly struck at 0.02 ETH (about $41) this morning, except for the first 1,000, which were struck 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 identities have not yet been revealed, donated about 20% of the minted funds by Not Okay Bears (35.8 ETH, or $73,000) to the Mental Health Impact Index Fund through The Giving Block, according to a tweet from the charity crypto platform.
They are now sold on secondary markets such as OpenSea, where they trade en masse as the price floor – or the price of the cheapest NFT available – rises rapidly. At the time of writing, Not Okay Bears start at close to 0.1 ETH (about $200), five times the initial price. OpenSea shows about $930,000 in secondary transactions 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, stands for 243 SOL or $13,400.
Wow! we did it! https://t.co/JQfqhdHsCF
— T◎lyxNFT, 🇺🇸 (@aeyakovenko) May 16, 2022
ok bears has not yet publicly commented on the launch of Not Okay Bears, let alone whether it plans to do anything about the project, such as sending a DMCA takedown notice to the markets. This kind of action was controversial when previous projects attempted to do so, such as the original creators of CryptoPunks, Larva Labs.
The famous NFT collector, functiontweeted: “ETH’s discontinuation of a Solana derivative is truly a complete event lmao”. Anatoly Yakovenko, co-creator of Solana, quoted him on Twitter, adding: “Woot! We did it!†
Solana maxis for their milk for the cornflakes and they think that’s okay pic.twitter.com/7tqJNjNTZU
— madison🌸 (@madisonoliviaa_) May 16, 2022
Elsewhere on Twitter, Ethereum and Solana fans exchange kicks about the two chains and their respective qualities, often to very funny effect. And the creators of Not Okay Bears kicked off with the project’s official OpenSea description, which reads:Bears on the blockchain that really works.†
Launched in late April, Okay Bears quickly became one of the largest 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 past 24 hours, it has become the best-selling project with a secondary trading volume of nearly $5 million, more than any other Ethereum project, including heavyweights such as Bored, Ape Yacht Club and CryptoPunks, according to CryptoSlam.
Total trading of Solana NFT has also risen with CryptoSlam rising 57% in the last 24 hours to $12.4 million while trading Ethereum NFT has fallen 22% in the last 24 hours to $21 million.