NotOkayBears Top NFT by Volume – Clones & Derivatives in NFTs – Business 2 Community

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NotOkayBears NFTs

The NotOkayBears NFT collection is a copycat version of the Okay Bears, a Solana NFT project, except left facing and Ethereum-based.

9,999 NotOkayBears NFTs were minted on May 16th, causing a controversy that divides the NFT collector scene. In that time they’ve been among the top NFTs by trading volume, with a higher 24 hour volume even than the Bored Ape Yacht Club.

NotOkayBears NFT

Currently their daily volume is almost 3500 ETH ($6.7 million USD), second only to Otherdeed for Otherside NFTs, representing virtual land deeds in the Otherside metaverse.

The NotOkayBears market cap has reached a valuation around of 3000 ETH based on a floor price of 0.3 ETH to buy the cheapest NotOkayBear NFT.

The NotOkayBears NFT Divide

The two schools of thought on the NotOkayBears controversy and arguments from both sides are summarized below.

NotOkayBears Camp:

  • Collectors should be able to buy and trade whatever NFTs they want – it’s freedom
  • It doesn’t stop people choosing to buy Okay Bears
  • It’s funny
  • Solana NFTs deserve it
  • It’s parody and a bit of fun
  • Left facing Apes PAYC and PHAYC! did it too
  • NotOkayBears donated to charity

Okay Bears Camp:

  • Their artwork has been stolen – it’s a copyright issue
  • Derivatives are lazy scams with no effort
  • Clones and copycats harm the credibility of the NFT industry
  • ‘Everything wrong with this space’
  • NotOkayBears project developers are not doxxed
  • NotOkayBears has no roadmap
  • It’s still a cash grab even if charitable

The Okay Bears are also a top NFT collection, reaching a 207 SOL floor price (around 5.3 ETH) on OpenSea, pumping in value to become one of the leading Solana NFT projects.

OpenSea did eventually decide to remove the NotOkayBears NFT collection listing from their NFT marketplace. They are still on Looksrare and Rarible with a lower floor price.

The NotOkayBears have won some fans though with their 35.8 ETH donation to the Mental Health Impact index ($75,000 at the time) which was 20% of the minting profits.

There has long been a rivalry between Ethereum and Solana, which has been dubbed an ‘Ethereum killer’ – some of the most bullish investors claim SOL can replace ETH.

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Author: Michael Abetz

Michael has been investing in cryptocurrency since the 2017 bull run, and is a freelance writer producing educational material on decentralized finance topics online.… View full profile ›


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