The recently launched derivative project “Not Okay Bears” of the Solana NFT derivative collection has been delisted by the digital Marketplace OpenSea. This move on the part of OpenSea was followed after numerous complaints received from “Okay Bears” collectors.
Okay Bears is yet another derivative project of the Solana NFT, which was first minted on 26th Apr 2022. It was launched at a price of 1.5 SOL ($75) on OpenSea. At the time of writing this, the price is 218 SOL (over $10000). The collection comprises 10000 different bear avatars in varying outfits.
It rose to popularity within no time and surpassed major NFT projects in terms of the trading volume. Its combined sales volume reached $100 million on some leading NFT marketplaces including OpenSea and Magic Eden.
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Why OpenSea delisted Not Okay Bears?
Not Okay Bears were minted on 16th May 2022 on Ethereum. They are the mirror images of the 10000 versions of the Okay Bears NFT. Such unauthorized copies of large projects are very common on the Ethereum Blockchain and frequently observed in the NFT market.
The one-line OpenSea description of the project read “Bears on the Blockchain that actually works,” which seems like an indirect jibe to similar projects. The creators also donated 20% of the minting funds to the Mental Health Impact Index through a Giving Block link, which attracted major buyers towards the project.
They topped the daily charts for NFT volume within 2 days of their launch as people preferring ETH over Solana began trading in this collection. NFT holders (other than Okay Bear holders) also showed interest in this NFT because of their funny appearances, which also contributed to its high sales volume.
It sparked major outrage amongst Okay Bears NFT holders, citing infringement of Intellectual Property Rights. Following such criticisms and controversies, OpenSea delisted Not Okay Bears from its platform on 18th May 2022.
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