NFT Spotlight: Collections Analysis, On-Chain Outlook, Edition #37 (02/05/2022)
The excitement is REAL 😍 Check out our coverage of eye-catching new arrivals, big movers in the Non-Fungible Tokens space, featuring Okay Bears & DeGods recent acquisition. Read the #FreeAlpha now 👇
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Solana NFTs ready for lift-off. Next stop, the solar system?
It’s been an explosive past week in the buzzing realm of Non-Fungible Tokens (NFTs).
Since its inception, the concept of NFTs has taken off in leaps and bounds.
And with the current pace of innovations being brought to market, the possibilities for both practical and valuable applications of the technology offer plenty of reasons to be excited. Especially for those who hold conviction in their vision of the future that lies ahead with the coming Web 3.0, and the role that NFTs and other blockchain technologies will play in the next evolution of the digital ecosystem.
In the present view, some explorers of Solana’s vibrant NFT space might have a more immediate reason for excitement.
NFT Case Study: What are Okay Bears?
Overall, the Solana ecosystem saw a 60% increase in trading volume week on week.
However, the reason for this remarkable gain requires further analysis. Upon closer inspection of the on-chain metrics, it appears that this spike up in activity can be mostly attributed to the launch of Okay Bears.
Take a look at the chart below. You might notice that it draws attention to how Okay Bears contributed 20-30% of total Solana trading volume towards the end of last week.
See the full Dune analytics chart courtesy of @brownboy
Is Okay Bears a good NFT collection?
While the project is hot off the press, there are several factors that contribute to a positive initial reading of the project.
Some of the key attributes that help to make the Okay Bears brand so appealing to prospective investors include:
Large team with previous experience, including the launch of BitBirdz and BitWormz
Strong community, including an active presence on popular social messaging platforms, Discord and Twitter
Original design with elements cleverly borrowed from other collections, including Bored Ape Yacht Club
Clever utlisation of the WAGBO slogan, which essentially acts as its own marketing in the form of a highly relatable and recognisable brand motif
WAGBO stands for ‘We’re all gonna be okay’
Following its launch last Wednesday, Okay Bears is the first Solana collection to top volume across all NFTs, including the Ethereum chain.
Notable Bored Ape collectors have since shifted their attention to Okay Bears, alongside other NFT collections—such as DeGods and CetsOnCreck.
DeGods
Degods is currently the leading NFT collection on Solana by market capitalisation. Notably, the project’s team have used a portion of their DeDao treasury to purchase the Big3 professional basketball team, ‘KILLER3’.
This team plays in the Big3 competition which also features a team owned by rapper Snoop Dogg. The competition was originally founded by actor and rapper IceCube.
This is a massive milestone for any NFT collection. And DeGods is the first to do so.
The landmark acquisition will serve as marketing gold for DeGods with increased reach through the national broadcast of the KILLER3 games. Furthermore, the KILLER3 jersey will also incorporate the DeGods logo.
For those unaware, DeGods has been around since October last year and is one of the ‘older’ collections on Solana. They launched a staking mechanism in which owners of DeGods earn $DUST tokens that can be used to enter NFT raffles, auctions, and to upgrade DeGods to a ‘DeadGod’.
DeGods earn 15 DUST whereas DeadGods earn 30. These amounts are slated to be reduced after the $DUST halving, which is estimated to be at the end of this month.
The DeGods team acknowledge that the original DeGod design was not up to standards that underpin artwork on Ethereum.
So off they went, back to the drawing board and returned with revamped designs…
—so, what do you think? 🤔👇
In the mood for some more technical reading? Boomers might love it. Zoomers often avoid it, at their peril. Make sense of Markets and get an honest review of how investing in the $119 trillion dollar bonds actually works 👉
Stay tuned with DeGods. There is more news to come within the next 48 hours as stated by DeGods founder ‘FrankDeGods’.
See you again for the next update.
- q
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