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, the Okay Bears – Solana’s latest NFT project – were effectively copied and pasted on Ethereum in what some observers have “greeted“as a moment of”full loop”For Solana.
Not Okay Bears is an Ethereum-based NFT profile picture project launched earlier today featuring 10,000 cartoon bear illustrations with a range of random features. If the pictures look familiar, it’s because it’s the same illustration as the Okay Bears on Solana – just the other way around, so the bears face left instead of right.
One can say that it is a forgery, derivation or parody, but it is also a hit so far. All 10,000 NFTs were minted quickly 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 identities have not yet been revealed donated approximately 20% of the minted funds of 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 charitable crypto platform.
They are now sold in secondary markets such as OpenSea, where they trade en masse, as the price base – or the price of the cheapest NFT available – is rising rapidly. At the time of writing, Not Okay Bears starts at almost 0.1 ETH (about $ 200), five times the original price. OpenSea shows about $ 930,000 in secondary trades so far.
Admittedly, this is only a fraction of the price of an NFT Okay Bears at Solana: the cheapest available at Solana’s main marketplace, Magic Eden, is listed at 243 SOL or $ 13,400.
wow! we did it! https://t.co/JQfqhdHsCF
– T ◎ lyxNFT, 🇺🇸 (@aeyakovenko) May 16, 2022
Okay Bears has not yet publicly commented on the launch of Not Okay Bears, let alone whether it intends to do anything about the project, such as sending a DMCA takedown announcement to the markets. This type of action has been controversial when previous projects have tried 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’s co-creator Anatoly Yakovenko quoted him on Twitter, adding: “Woot! We did it!”
Solana maxis for their milk before cereal and they think it’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 with quite a fun effect. And the creators of Not Okay Bears started with the project’s official OpenSea description, which reads: “Bear on blockchain that really works.”
The 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 in general have also increased, with CryptoSlam showing a 57% increase in the last 24 hours to $ 12.4 million, while Ethereum NFT trades have fallen 22% over the last 24 hours in the same period to $ 21 million.