Data Interpretation: Does "Calm Bear" have a chance to defeat "Boring Ape"?

  In the NFT field, NFTs based on the Ethereum  blockchain have maintained their absolute leading position. However, in the past week, this perception may be about to change. People seem to find that the dominant position of Ethereum NFTs seems to be being eroded, and interestingly, one of the most noteworthy ones is the Solana ( SOL )-based NFT series - "calm bear" Okay Bear.

"Calm Bear" Okay Bear is a collection of NFTs based on Solana. Unexpectedly, this dark horse NFT was sold out 24 hours before its launch, with a transaction volume of 147,161 SOL, and the price rose by 19.48% in the last 24 hours after that. What's more worth mentioning is that since the "calm bear" Okay Bear launched on the decentralized exchange OpenSea three days ago, its floor price has soared from 1.5 SOL at the time of the public sale to 115 SOL, with a transaction volume of 510,100 SOL. At the time of writing, the "calm bear" Okay Bear has a daily volume of 1356 trades and a daily value of 6259.09 SOL.

If you have no idea about this number, we can do a simple comparison. On April 28 alone, the newly launched VeeFriends V2 saw $13 million in volume, Yuga Labs' Meebits saw $12 million, and the high-profile new project, Imaginary Ones, saw $10 million. This means that the little-known Solana project beat almost all Ethereum NFT projects in one day.

Such a hot deal can't help but remind people of the "boring ape" BAYC at that time, and will involuntarily have such an idea - in the near future, who will be the final winner of this "bear and ape war"?

Let's find the answer together

From the launch in April 2021 to May 4, 2021, the total transaction volume of "Boring Ape" BAYC is 960.197 ETH . Immediately after, the “mutant ape” MAYC was launched on August 28, 2021, with a total transaction volume of 1149 ETH as of September 6, 2021, and about 212 sales.

If you look closely, you will find that the Okay Bears and the boring ape have a lot of similarities: boring eyes, a variety of skins and clothing, and even the same mouth shape. Many people think that this may be a "monkey copy plate" on Solana, just replace "ape" with "bear". However, by comparing the sales of "bear" and "ape", it is not difficult to see that in the Solana-based NFT project, "calm bear" Okay Bear is the most valuable series, just like "boring ape" BAYC and "mutant ape" ” MAYC has the same status in Ethereum.

In addition, according to data statistics firm Dune Analytics, Solana's daily trading volume on OpenSea increased significantly after April 25, 2022 (pictured on the left), and just after the launch of "calm bear" Okay Bears, Solana-based NFTs have also seen a significant increase in daily trading volume on OpenSea (shown on the right). 

In addition, the data graph below also shows the "total transaction volume of all NFTs". It is not difficult to see from the figure that as of April 30, 2022, the total number of NFT transactions was 19,717, a decrease compared to April 29, 2022.

Not only that, but as you can see from the price chart below, the total transaction volume of all NFTs was low on April 26, 2022, at only 46,923, and then started to pick up on April 27, 2022, reaching 58,494 pen, but then dropped again. 

Source: Santiment

Looking to the future

As the "Calm Bears" Okay Bears line sold out within hours of launch, its creators also released a statement sharing their plans for the future with investors. 

The plan was announced on Twitter by the Okay Bears community. The tweet said that its founders had plans for the next 12 months. Based on the continued hot sales of Okay Bears, Solana is likely to replace BAYC, the "boring ape", in the near future and take the top spot in the future NFT market.