Okay Bears, a successful non-fungible token (NFT) project launched on the Solana blockchain, is working with global entertainment leader IMG to launch consumer products and experiences.
The deal makes IMG the only company that can sell licenses for the community-focused project, which is made up of 10,000 well-dressed bears sold as PFP NFTs. Within 24 hours of its launch in April 2022 on the NFT marketplace Magic Eden, the project made $18 million in sales. This was more trading volume than any other Ethereum project.
This is important because the Ethereum blockchain is where many of the most popular NFT projects have started.
The project, which was started by graphic designer Kais and former engineer Suby, has promised its backers merchandise drops, live events, and brand collaborations. Its backers rally around the message “We’re All Gonna Be Okay.” Bruno Maglione, president of licensing at IMG, said that future creative collaborations and products will reflect the Okay Bears’ “brand message and values”
IMG has worked on licensing deals in the past with brands like Fortnite, Lego, and Angry Birds that are popular with young people. The NFT project recently worked with NBA basketball company Wilson and Chicago Bulls point guard Lonzo Ball to make a one-of-one signed NFT of him.