A record sellout of Okay Bears non-fungible tokens (NFTs) helped Solana cross US$2 billion in total sales, helping the network emerge as a viable alternative to Ethereum, which is the preferred platform for most NFTs.
Okay Bears non-fungible tokens (NFTs) notched a record of more than US$12 million in secondary sales over the past 24 hours, beating all Ethereum-based NFT projects so far and helping pitch Solana as a viable alternative.
The Solana-based profile picture project with 10,000 unique avatars was launched Wednesday on the Magic Eden NFT platform. Sales rose more than 39% in the past 24 hours to US$12.2 million, according to CryptoSlam data.
“This is a celebration of the entire Solana blockchain,” the official Okay Bears account tweeted Thursday morning. “We didn’t get here alone, and we don’t intend on moving forward alone either.”
The NFTs were minted at a price of 1.5 SOL (roughly US$146 at the time). The sales got a further boost after OpenSea added support for the network after months of speculation.
The shot in the arm comes as the world’s fifth-largest blockchain grapples with transaction delays and repeated hacks.
Despite the record US$2 billion haul for Solana, Ethereum remains the dominant network for building and transacting NFTs with over US$24 billion in historical sales.
With a few more days for the end of the month, NFT sales are down 35% on a monthly basis from January through April 28.