Okay Bears, Magic Eden and tale of Solana NFT’s ‘vibrant trading scene’

ambcrypto.com:

The NFT marketplace has taken some huge hits in Q2 of 2022. The bear phase was confirmed in May around the time of the Terra collapse when the crypto market began to fall. But recently there has been an uptick across major collections. However, not all collections are flying through this recovery period.

The Okay Bears NFT collection on Solana [SOL] is one that has tumbled across the past month. It is over 91% down in sales volume during this period while other collections on Solana are registering tremendous numbers.

There has been a sudden drop in both buyers and sellers of Okay Bears. The sales volume has dropped to $7,693,590 leaving the collection at #19 in the collection rankings. The fall from grace is well evident in the data chart below, courtesy of CryptoSlam.

Source: CryptoSlam

However, in the last 24 hours, the Okay Bears collection has seen a major increase in its sales. Clocking a 420% increase, the sales volume of the collection has ramped up to $409,130. Is this the turnaround that Solana NFT supporters have been waiting for?

Amid harsh market conditions, there has been a shake-up in the NFT market. While Ethereum continues to lead, Solana is stacked right behind it. A scanning tool, called SolScan, provided an update on the Solana NFT market.

As we are inevitably entering a potential long-term bear market; while you can have some fun with current fuddings that certainly helps your mental health, it is essential for #Solscan users to have a broader view of where the space is headed. pic.twitter.com/1PEDo6l6tW

— Solscan