Solana’s (SOL) NFT collection Okay Bears has seen a significant drop amidst the market downturn but recently witnessed slight betterment
When the crypto market was getting hard hits during the recent crypto market crash, non fungible tokens or NFT marketplaces were among the one of the most affected among other digital assets. With the collapse of the Terra (LUNA) network during May month, a ripple effect was created that went all around the crypto sphere and ended up making crypto assets fall drastically and the whole crypto market began declining.
However, the NFT marketplace was among the most affected areas in crypto space that ended up losing lots of its value, showing some positive signs. Recently, several major NFT collections have seen a bit of uptrend but still anticipation of recovery anytime soon, could be haste.
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One such uptick was experienced by a popular NFT collection on Solana (SOL) network named Okay Bears NFTs. The NFT collection was one of those digital assets that have seen a massive fall in its value over the past month. Stats show that Okay Bear is down by more than 91% in terms of sales volume at the same time when other NFT collections on Solana network have seen to go upwards.
Looking at the market crash and apparent price drop in the digital asset, Okay Bears have seen a sudden drop in numbers of its buyers and sellers. The sales volume has also affected badly due to this where it has seen a massive drop and that ended up more than $7,693,590 worth of volume leaving the NFT collection that was positioned at nineteenth in ranking of collections.
This story continued till yesterday as Okay Bears NFT collection has seen a significant increase in terms of sales during the last 24 hours. During this time, the NFT collection has hit an increase of about 420% in its sales volume as it has increased up to $409,130. This could be seen as a sign of recovery in the Okay Bears NFT value, but is it a short term uptrend or going to stay for a while, it’s just a matter of time for now.
Source: https://www.thecoinrepublic.com/2022/07/03/okay-bears-followed-a-bearish-trend-earlier-and-now-indicating-its-retaliating-is-it/