Solana Positioned as viable alternative following Okay bears sellout
A record sellout of Okay Bears non-fungible tokens (NFTs) has helped Solana pocket over US$2 billion in total sales. The result of this is that the network has emerged as a strong alternative to Ethereum. Additionally, newer NFT projects consider it as a preferred platform for NFTs.
Okay Bears non-fungible tokens (NFTs) raked in a record figure of over US$12 million in secondary sales. This number is significant because it happened over a period of 24 hours. Thus, beating all Ethereum-based NFT projects to date and pitching Solana as a potential alternative.
Okay Bears’ impressive market outing
Okay bears is a Solana-based profile picture project with 10,000 unique avatars. And it was launched on Wednesday on the Magic Eden NFT platform. The project’s performance was in the market quite impressive. Data from CryptoSlam further confirmed that sales of the NFTs rose by 39% within 24 hours to US$12.2 million.
The official Okay Bears Twitter account stated that “This may be a celebration of the complete Solana blockchain,”. Adding that “We didn’t get here alone, and that we don’t intend on moving forward alone either.”
The initial mint price of the NFTs was 1.5 SOL which was roughly US$146 at the time. Support by Opensea further boosted the sales and added support for the network. This support was much needed by the network, following months of speculation.
Some drawbacks that may hamper Solana’s growth
Despite these laudable feats by the network, especially from the success of the Okay Bears project. The network still struggles with certain drawbacks that might hamper its growing influence. The major handicap facing the world’s fifth-largest blockchain include transaction delays and repeated hacks. And until these issue unless sorted out, they might short-live Solana’s promising rise among blockchain networks.
Finally, despite the record US$2 billion jackpot for Solana from the sales of Okay Bears. Ethereum still remains the dominant network for building and transacting NFTs with over US$24 billion in historical sales.