It’s been a wild week in the NFT landscape. It seems every hour there is a new derivative popping up. Today we dive into the wild scene of Bear derivatives and how it has been going.  Covered: Not Okay Bears, Not Okay For Open Sea Bears Galore NFT Derivatives: What’s Next? Not Okay Bears, Not […] The post NFT Derivatives: Here, There, Everywhere a Bear appeared first on CryptosRus.

NFT Derivatives: Here, There, Everywhere a Bear

It’s been a wild week in the NFT landscape. It seems every hour there is a new derivative popping up. Today we dive into the wild scene of Bear derivatives and how it has been going. 

Covered:

  • Not Okay Bears, Not Okay For Open Sea
  • Bears Galore
  • NFT Derivatives: What’s Next?

Not Okay Bears, Not Okay for Open Sea

It’s been Okay and Not Okay for a lot of Bears this month. No, not the typical “Bear” when it comes to investment terms, but rather NFT Bears, of any kind. In our last article on Okay Bears, we talked about the new hyped SOL project and their emergence as a potential Blue Chip project. Two weeks later and they are still right on track and attracting every derivative you can imagine.

It started with Not Okay Bears, a free mint of these bears quickly ran up to a 0.3 ETH floor on Open Sea. It stirred up a fun SOL vs ETH tone and Twitter was having its fun with it. Then it stopped, Open Sea delisted the flipped Bear project, which was not a huge surprise after their latest announcement regarding copywriting and protecting projects. The sales resumed on LooksRare, but not at the rate Open Sea can provide. Make no mistake, although people have their complaints, OpenSea is the king of the NFT marketplace and it’s not even close.

Not Okay Bears got even more interesting after the Open Sea delisting, 0xHustler took notice of this community and opportunity. He then made arrangements to take over the collection from the original founder, this was all done within days of launch. 0xHustler and co. are now working on getting Not Okay Bears back on Open Sea and have mentioned new art will be coming. They currently hold a floor of 0.12 on LooksRare and have had constant volume on there and Gem.xyz, another NFT Marketplace.

With the new team taking charge, there has already been positive movement and news. There is no denying these Not Okay Bears holders want to HODL their own in the ETH vs SOL debate.

Recommended: The NFT Community Is Bullish On Okay Bears

Bears Galore

Not Okay Bears was just the start of a week filled with every different derivative bear you can imagine. Doodle Bears, Mutant Bears, Baby Okay Bears, it has been complete and utter Bear madness. Which is ironic, as we are in a crypto/NFT bearish period, quite fitting if you ask me.

The best bear to come of the bunch was the hybrid Okay Bear Yacht Club. Yes, you read that right, the best of both blockchains, brought to one fun NFT. These OBYC were quick to state they were not duplicated, rather hand drawn traits, which was a counter move to Not Okay Bears being taking off Open Sea.

This was enough for OpenSea to quickly verify the collection and send another free mint to a 0.2 ETH floor over night. A lot of minters were able to cash in at the top on this FREE mint and the creators were/are able to make a nice % on the royalties, mix in speculation and you get this outcome. These have settled at a 0.1 floor. It’s TBD to see if they will give their holders any utility.

NFT Derivatives: What’s Next?

One thing seems to be sure, the original Okay Bears are here to stay. When you see this many copy cat projects, this quick, it is usually a good sign for the project they are copying. The derivates will likely slow down, as the market gets worn out of this recent wave. What usually happens is the next big project will produce the next set of derivates to trade like penny stocks.

One item to note, these FREE mints and low-cost trading are possible now due to low GWEI. At times, it’s as low as single digits. If gas ever gets back to its old 60-100 GWEI range, that eliminates a lot of the market to speculate on FREE or low cost mints. That’s something to note heading into June.

If you picked up any bears this week, let us know in the comments below!

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The post NFT Derivatives: Here, There, Everywhere a Bear appeared first on CryptosRus.