The Not Okay Bears NFT collection was launched on 16th May 2022, wherein 10,000 versions were minted on the Ethereum Blockchain. These NFTS are a complete replica of the Okay Bears collection, only difference being the bears facing in the opposite direction.
They rose to instant popularity and traded at the top in terms of trade volume (around $6.7 million), surpassing major NFT projects.
Not Okay Bears- The Controversy
The Not Okay Bears collection has been highly criticized by the Okay Bears collectors for being a copycat project. Being minted on the ETH Blockchain, they have been highly favored by a major portion of NFT collectors who prefer ETH over SOL.
Another reason leading to increased sale of these NFTs is their donation to the Mental Health Impact index (20% of minting fund).
Following major outbursts from Okay Bears collectors, the leading digital NFT Marketplace OpenSea delisted the Not Okay Bears NFT from its platform.
Your capital is at risk.
Such a move has resulted in both sides being furious and raised a major debate among Okay Bears and Not Okay Bears supporters. The arguments of both sides are cited below:
Okay Bears
- Stolen NFTs are a case of copyright infringement
- Exact replica; no originality
- Unauthorized copies of reputable NFT projects harm the credibility of the NFT industry
- Derivatives require no efforts
- Lack of proper roadmap
Not Okay Bears
- Donating to charity; social cause
- Choosing NFTs should be an independent choice
- Marketplace should not be allowed to delist NFTs
- Not Okay Bears NFT is funny
- Similar other NFTs with little difference also exists
- Okay Bears trading is still good; it is not harmed
Not Okay Bears are still available on other platforms like Looksrare and Rarible with a lower floor price.
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Source: https://insidebitcoins.com/news/not-okay-bears-nfts