The deal places IMG as the exclusive global licensing representative for the community-focused project, which consists of 10,000 well-dressed bears sold in the form of PFP NFTs. The project made $18 million in sales within 24 hours of its April 2022 launch on NFT marketplace Magic Eden - generating more trading volume than any individual Ethereum project. This is significant because many of the most popular NFT projects to date have minted on the Ethereum blockchain.
Co-founded by graphic designer Kais and former engineer Suby, the project has promised merch drops, live events and brand collaborations for its holders, who rally behind the message "We're All Gonna Be Okay." Bruno Maglione, president of licensing at IMG, said that the Okay Bears' "brand message and values" will be reflected in future creative collaborations and products.
IMG has previously worked on licensing deals with youth-focused brands like Fortnite, Lego and Angry Birds. Meanwhile, the NFT project recently collaborated with NBA basketball supplier Wilson and Chicago Bulls point guard Lonzo Ball on a 1-of-1 signed NFT in his likeness.
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