Okay Bears Launches Founder Coins
After teasing its "Founder Coin" initiative throughout the day yesterday, Okay Bears formally announced, "Hibernation over .. bears awake to the first Bear Drop!" late last night, around 12:20 a.m., ET.
Founder Coins are 10,000 "unique digital collectibles" that will be airdropped to all bears who completed Hibernation. The coins themselves are "one-off combinations of hand-drawn attributes, inspired by the original Okay Bears collection." The coins are randomly assigned a real-world gold value where the coins can be redeemed for physical gold.
The redemption phase is expected to go live in Q4 this year. In order to be redeemable for physical gold, a Founder Coin must have a minimum total of 10 grams. Coins with a total below 10g can instead be exchanged for the equivalent gold value in SOL or USDC. The project's website states that the total amount of gold is currently being "secured in an undisclosed world-class storage facility located deep underground in one of Australia's most secure vaults."
These Founder Coin NFTs are part of the project's "Bear Drops" initiative. Bear Drop projects will have a five percent royalty fee, and royalties earned within the first eight weeks of a drop will be redistributed through the project's "Okay Cares" charity.
After a Founder Coin has been exchanged for gold, the corresponding NFT will be burned, reducing the supply. The project is also exploring "a limited run of physical gold coins featuring Bear Drop designs" that will be exclusive to holders.
The project's floor price has taken a hit over the past few weeks despite the Founder Coin announcement. After sitting at 105 SOL following the launch of its Hibernation Program, the Okay Bears floor price currently sits at 78 SOL at the time of writing. Founder Coins are currently trading at 29.8 SOL on the secondary market (about $1,200).