Okay Bears, a Solana-based NFT project, launches The Founders Coin, whose weight is worth in gold, only gifted to those who hold Okay Bear NFT. The owners can redeem gold IRL based on the accumulative weight of each Founders Coin. The bear drop happened today, August 2, 2022.
As the NFT industry expands, NFT projects and brands are experimenting with new ways to expand the utilities of the tokens. Ever since the bear market began, the community has shifted towards investing in collections that provide promising utility to the owners.
About Okay Bears
Okay Bears is one of those collections that rose to popularity during the bear market due to their low cost and good profits. In fact, in May 2022, its trading volume surpassed the biggest NFT collections including BAYC, Azuki, and CloneX.
Okay Bears is mainly a collection of 10,000 NFTs featuring bears with various traits launched via Solana blockchain on the Magic Eden Marketplace in April 2022.
Perhaps, the whole aspect of the bear market represented in the form of bear NFTs pushed up the collection to trend on all NFT marketplaces.
Currently, the collection’s floor price is 78 SOL, around 3,153 USD, with a total trading volume of 2M SOL ($80M) on OpenSea.
What is The Founders Coin?
As mentioned above, The Founders Coin is basically NFT coins that have a value worth in gold, only available for Okay Bear holders. These NFTs are experimental numismatic gold coins and can be redeemed for IRL hold based on their accumulative weight. Numismatic coins are rare digital collectibles that have external value more than the base value of the gold they are made of.
“All Bears completing Hibernation receive Founders Coins directly to their wallet,” says the official tweet.
Each Founders coin has a minimum total of 10 grams. Additionally, every coin redeemed gold value will be based on its price in SOL or USD.
For example, if one Founders coin costs 14 SOL, then the owner will receive gold worth USD, which is $570 for 10 grams at the time of writing.
The redemption will begin in the fourth quarter of 2022. According to the official website, for every bear drop redeemed, the NFT will be burned to reduce supply and increase the project’s worth in the market.
The team might also consider launching limited physical coins of the bear drop but no details have been revealed as of yet.
Royalties & Benefits
Although the Founders Coin NFTs are only limited to Okay Bear holders, the owners can sell these coins in the secondary market. The coin holders who bought from the secondary marketplace but don’t have an Okay Bear NFT will receive limited access to The Park and occasional access to token-gated merch and events.
For royalties, the Okay Bears team shared: “Royalties on Bear Drops are 5%. Any royalties earned on Founders Coins sales in the first 8 weeks will be donated to our charity Okay Cares, managed by GetChange, in support of causes voted for by the community.”
If you own Okay Bears, then look out for the airdrop. The team has alerted NFT holders to not click on any scam links that might portray themselves as legit and steal digital assets from the wallet.