Crypto newsNFT

OnChainMonkey NFT collection abandons Ethereum for Bitcoin, predicting NFTs victory.

OnChainMonkey, the team behind a popular nonfungible token (NFT) collection,

is making a significant move by transferring their entire collection of 10,000 NFTs from Ethereum to Bitcoin.

This ambitious endeavor is expected to span several months.

According to a statement made by Danny Yang, the co-founder and CEO of Metagood,

“A historic transition is on the horizon as we prepare to migrate our flagship collection, OCM Genesis, from Ethereum to Bitcoin.”

The decision to migrate stems from the community’s belief that Bitcoin provides a more secure platform for its users.

Originally launched on Ethereum in September 2021, the OnChainMonkeys are now making a notable shift to Bitcoin Ordinals.

“The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.”

With an overwhelming majority, 99% of OnChainMonkey tokenholders have approved the proposal to migrate to Bitcoin.

This resounding support reflects the community’s strong conviction in transitioning to the Bitcoin platform.

However, the migration comes with a substantial price tag.

Metagood, the company behind OnChainMonkey, anticipates spending over $1 million to ensure a seamless and successful migration process.

Despite the significant cost, the team is committed to making the transition smooth and efficient.

The migration process for OnChainMonkey from Ethereum to Bitcoin is intricate,

but it guarantees transparent lineage for each new OnChainMonkey on the Bitcoin platform,

linking it back to its original Ethereum NFT.

Token holders will receive the respective Bitcoin Ordinal once they have burned their Ethereum NFT.

Despite the complexity, Danny Yang expresses confidence that the migration will not be overly challenging for Metagood.

He emphasizes that the company has already achieved notable milestones in the realm of Bitcoin Ordinals,

suggesting that they possess the experience and expertise necessary to navigate this transition successfully.

“We were the first to inscribe 10,000 images of a collection on Bitcoin. We were the first to launch a parent-child collection with OCM Dimensions 300. We pioneered recursive inscriptions on Bitcoin, as well as inscribing Three.js and p5.js for everyone to use.”

Ethereum’s NFT Dominance Persists, While Bitcoin Awaits Native Ecosystem Development

Despite Ethereum’s continued dominance in the NFT market, with $236.8 million settled in NFTs over the last month, followed by Solana ($37.7 million) in second place and Bitcoin ($11.1 million) in sixth place according to CryptoSlam, Danny Yang remains unfazed.

While transaction volumes for Bitcoin Ordinals experienced a significant decline of 98% between May and mid-August, despite gaining popularity earlier in 2023, Yang believes in the imminent development of a robust Bitcoin-native NFT ecosystem.

He asserts that both Bitcoin and Ethereum NFT ecosystems have the potential to thrive simultaneously.

OnChainMonkey NFTs have established a solid presence, currently trading at an average floor price of 1.10 Ether (ETH) on the NFT marketplace OpenSea.

List of OnChainMonkey NFTs currently traded on OpenSea

Since its launch in September 2021, the collection has generated over 20,550 ETH in transaction volume from 9,500 items.

OpenSea data reveals that out of the 2,900 owners of OnChainMonkey NFTs, 31% are unique owners.

The introduction of Ordinals and BRC-20 tokens in January, made possible by the Taproot soft fork executed in November 2021, has contributed to the evolving landscape of the NFT market.

Related Articles

Back to top button
WP Twitter Auto Publish Powered By :