Okay Bears
Okay Bears
Basic info
Last updated: Sep 21, 2023
Consisting of 10,000 tokens, Okay Bears is one of the most popular NFT collections on the Solana blockchain. The project was created by an anonymous team of 25 members, led by co-founders – Kais and Suby.
Launched at what many considered to be the peak bear market, shortly before the Terra Luna crash, Okay Bears was meant to become a social phenomenon spreading positivity over the NFT and crypto field. The community of Okay Bears stands behind the WAGMI acronym (We are all going to make it) and has successfully managed to spread it among social media.
The collection was released on April 26, 2022, and sold out in less than two weeks with a mint price of 1.5 SOL for each Okay Bear NFT mint, worth about $150 at the time of minting.
The Okay Bears NFT collection consists of 10,000 tokens which have a creator fee of 7.5% on some marketplaces. The collection has around 42% unique owners, at the time of this writing.
Each NFT from the collection is composed of various Okay Bears traits spread among seven attributes, namely – background, clothes, eyes, eyewear, fur, hat, and mouth.
After the initial launch of the project, the team behind it has been working on the development and release of various features, one of which is the launch of “Founder coins”. These are 10,000 unique digital collectibles that were airdropped to all members of the community which completed a so-called “Hibernation” program, launched.
Each of the airdropped NFT tokens was randomly assigned a real-world gold value and will be redeemable for gold in the next phase of the program, expected to go live in Q4 2022. Furthermore, tokens from the Founder Coins collection are tradeable on NFT marketplaces and currently have a floor price of 1 SOL.
Similarly to that collection, at the end of October, the Okay Bears team announced the start of the minting phase of another NFT collection assigned with real-world gold values, named “Boombox”. However, unlike Founder Coins, this collection only has 1000 tokens, gifted to community members.
The Okay Bears team includes 25 pseudonymous members, each of whom claims to have extensive experience in their field of work. The two co-founders of the project are Kais and Suby. The former claims to have degrees in graphic design, art history, and branding, as well as experience in building and leading design projects for numerous global brands such as UNICEF, United Nations, Unilever, Greenpeace, Ford, Dell, and Olympus. The latter claims to have previously been an engineer, who is currently an “emerging leader in developing and nurturing Web3 communities”. Suby’s experience is also said to include working in a strategic design consulting firm engaged in leading NFT projects.
The Okay Bears NFT project has more than one artist working on its development and upcoming features.
In September 2022, Okay Bears announced a licensing deal with IMG (International Management Group), appointing the company as the exclusive global licensing representative of the project, allowing it to launch consumer products and experiences.
Okay Bears is partnering with BrandDesign, a leading European licensee branding company, to produce and distribute fashion apparel across Europe. Leveraging BrandDesign's successful relationships with top-tier retailers like Bershka, Pull&Bear, Zara, and H&M, this partnership aims to seamlessly merge high-quality digital art with the fashion world, enriching both industries in the process.
Recently, Okay Bears and (RED) joined forces to revolutionize charitable fundraising with the introduction of (OKAY)RED. The partnership aims to tackle global health crises by releasing a line of limited-edition merchandise, part of whose proceeds will go to the Global Fund.
In April 2023, at NFT.NYC, Okay Bears unveiled new features, partnerships, and collaborations, further establishing itself as a major player in the Web3 and NFT spaces:
Each holder of a token from the collection owns the Intellectual Property (IP) rights behind it, meaning they can use the art as they wish, so long the use is in accordance with the terms and conditions posted on the official website of the project. IP owners can also apply for extended licensing rights after filling out a form on the collection’s webpage. However, the Okay Bears trademark and brand are reserved for use only by the team of the project, but NFT holders are free to use a “community brand tool kit” consisting of various images.
Furthermore, collectors can derive more Okay Bears value in many other ways. The official webpage of the project has a section called “Blueprint” where information on all use cases of the NFTs, provided by the team, is kept.
One feature available exclusively to Okay Bear holders through the website of the project is a so-called “Bear Market” where they can access an ecosystem of Web 3, Web 2, and real-life sales channels. Another feature is named “Studio”, through it, holders can get priority access to future collections, art, and lo-fi (lo-fi stands for low fidelity, a music genre made with 8-bit sound computers). Members of the community can also connect with each other through the studio and share “an endless stream of good vibes”.
There is also a “Gallery” subsection, where besides being able to view each image from the whole collection, holders will soon be able to also display fan art related to the collection, and discuss Pop-up art exhibitions related to the whole NFT scene.
Another subsection of the Blueprint webpage, named “Boutique” provides community members with the ability to showcase and trade with real-life merchandise related to Okay Bears NFTs. Holders can also access “The Park” where they can visit a special Discord channel, in which there are “no OGs, no kings, and no peasants” – thus promoting equality among all community members.
The Okay Bears Blueprint also has a “Platform” section, where holders of tokens from the collection along with partnering NFT collections community members, can get access through various keynotes and conferences both digitally and in real-life. Here, Okay Bear NFT holders can also find details on global meetups exclusive to members of their community. Moreover, the Honeypot incubator program investing in community initiatives can be accessed here. Its goal is to provide “limited grants and licensing options to outstanding start-up concepts” related to the ecosystem of the project.
The Blueprint also has a section named “Workshop” in which the community can engage in various campaigns on Twitter and other social platforms, real-world outdoor marketing campaigns, and a series of initiatives “championing through leadership and innovation across the Solana blockchain”.
Okay Bear holders have previously fallen victim to a phishing attack on the community’s Discord server, after “a perpetrator” was allowed to spread a phishing link. The total loss of the attack was worth around $790,000 in the form of NFTs and other cryptocurrency assets.
After the launch of the Hibernation platform, which is essentially a staking program, there was an undisclosed bug discovered on it (later patched) which forced its temporary shutdown and resulted in an over 20% drop in the collection’s floor price.
Okay Bears doesn’t have a precise roadmap, however, by accessing the Okay Bears Blueprint subsection of the project’s website, users can check various initiatives that are being worked on, and check on updates regarding released features.
NFTs from the Okay Bears collection can be traded on many marketplaces, among them OpenSea, Magic Eden, SolSea, Solanart, and others.
Recently, the Okay Bears floor price has been fluctuating around the 30 SOL level with the cheapest Okay Bears NFT currently being listed for sale for 27.7. At the same time, the most expensive Okay Bears NFTs listed for sale are OKB #9886 with a rarity ranking of 16, #OKB 157 ranked 605 based on its rarity, and OKB #1642 – ranked 2160. All of these Okay Bears NFTs are listed for 50,000 SOL rather speculative, however following them the most expensive Okay Bears NFTs are nested around the 1,000 SOL level.
Author:
Last updated: Sep 21, 2023
Latest News
Video Tutorials
