Learn more about the Okay Bears NFT collection
In the May 2022 edition of DappRadar’s New Dapps Report, we look at popular and interesting NFT collections, and this time we cover Okay Bears. The New Dapps Report serves as an executive overview and analysis of financial metrics for NFT collections.
This New Dapps Report is part of a series of executive reports that provide readers with a high-level perspective of promising, generative NFT collections. The report focuses on financial metrics, including sales activity and price analysis, and distribution metrics like Unique Holders Ratio and Whale Concentration Index. It additionally dives into whales’ behavioral patterns and social and technical overviews.
Please do not consider this document as financial advice.
Data updated on: May 10, 2022
Table of Contents
Key Takeaways
- Okay Bears is the 8th the most traded collection in the last seven days with a volume of $27,481,520
- The floor price has appreciated by 11,500% since the mint.
Okay Bears – Floor price appreciation of 11,500%
Blockchain: Solana
Launch date: Apr 26, 2022
Edition size: 10,000 – Limited Edition
Traits: 7
Attributes: 116
Floor price: 1.5 SOL
Okay Bears generated $27 million over the last seven days. The Okay Bears experienced the highest floor price appreciation of any collection covered in our New Dapp Reports to date, measured at 11,500%. Similarly, the average price appreciated by 12,233%, which is also the highest we’ve ever measured in any of the New Dapps Reports.
Like most collections, Okay Bears has a pattern of diminishing daily sales volumes; however, the drop-off has not been as steep as usual. There are still trading days that accrue nearly 50% of the peak trading volume. The average price has been rising steadily as an indicator of increasing demand for the collection and currently sits at 185 SOL / $13,690
Added Utility – Merchandise and Fashion
According to the Okay Bears roadmap, the project aims to become an ecosystem of web3, web 2.0, and IRL stores to build a premium brand. The holders of Okay Bears currently gain access to the official, gated store on the Discord server, where they can claim their complimentary IRL merch welcome pack. In the future, the team will make more exclusive merch available at the store as they will collaborate with other projects and fashion brands. The holders will also be eligible to attend private meets, parties, and various events organized for the NFT holders.
Furthermore, the Okay Bears project plans to have a community outreach program to reinvest the proceeds from secondary trading into the community. This would happen via projects and start-ups to further the Okay Bears brand and service offering.
Social Awareness and Engagement
Okay Bears has a solid online social presence. The Discord server has 105,854 active users, which indicates a well-populated server. The Discord is open to the public; however, most channels are accessible only to the NFT holders. This is likely done to limit the number of bad actors and bots present on the server.
The Twitter went live in March 2022 and currently has 129,733 followers. The account experienced 82.3% of its total growth in the last 30 days, gaining an average of 3,545 new followers per day. This is an indicator of strong growth and growing demand for the collection.
Team Overview
The Okay Bears team has not made themselves public, and not all of them are available through social media channels. The project leads are active on their respective social media channels.
Kais and Suby are co-founders. Kais has previously built brands and managed projects for organizations like Unicef and publicly traded companies like Ford and Dell.
Devid, Suby, Teeq, and Shoevan are the devs of the team responsible for the project’s infrastructure.
Rio, Mandy, Moony, GG, Nukla Rama, and Bowow make up the creative department responsible for the visuals, animation, and other creative aspects of the projects.
Whale Wallet Analysis
Whale wallet analysis is unavailable for NFT collections on the Solana blockchain at this time.
Technical Overview
Unlike Ethereum, NFTs on Solana store their metadata on-chain. However, they still use a URI that links to the data storage. Having an NFT on Solana ensures cheaper gas fees and faster transactions when compared to NFTs on Ethereum.
- Audit status: no audits performed yet
- Storage: The NFTs are stored as SPL tokens on the Solana blockchain, and the metadata is linked via a URI
- Contract address: 3xVDoLaecZwXXtN59o6T3Gfxwjcgf8Hc9RfoqBn995P9
Summary
Okay Bears is anything but a bearish collection. In the last seven days, the collection has accrued a weekly trade volume of over $27 million and has a total volume of over $76 million, and is currently the 11th most traded collection in the last two weeks.
We have covered successful collections in the recent New Dapps Reports like BEANZ, Arcade Land, or Cyberbrokers which had the total volumes of $52,939,366, $38,982,791, and $50,617,815, respectively. However, Okay Bears has a 50% to 100% higher trading volume than said competitors. It also has the highest floor price appreciation of 11,500% that we have covered in any New Dapps Report so far.
It also has a significant social media presence on Discord and Twitter, with over one hundred thousand followers on each platform. However, the lack of transparency from the team is very unusual from a collection of this size. The fact that Discord does not have open public channels adds another layer of mystery or potential risk.
The utility roadmap is standard in terms of its offering. The collection focuses on offering exclusive brand merchandise and exclusive events to promote a sense of community among the holders. Although offering is limited, a lot will depend on the execution of the milestones set out in the roadmap.
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