Key Points:
- OnChainMonkey migrates its 10,000 NFT collection to Bitcoin for enhanced security.
- Overwhelming community support with 99% of tokenholders in favor.
- Metagood invests over $1 million to ensure a smooth transition.
In a significant move expected to span several months, the team behind the nonfungible token collection OnChainMonkey is transitioning their entire collection of 10,000 NFTs from Ethereum to Bitcoin. Metagood CEO Danny Yang explained that this shift is driven by the perception of the Bitcoin network as a more secure platform for its users, among other considerations.
On September 7th, Danny Yang, co-founder and CEO of Metagood, announced, “A monumental shift is on the horizon as we prepare to transfer our flagship collection, OCM Genesis, from Ethereum to Bitcoin.”
The OnChainMonkeys initially debuted on the Ethereum network in September 2021, but Yang cited the community’s preference for Bitcoin’s perceived security as the primary motivation for the migration. He stated, “The Bitcoin Ordinal protocol boasts superior design for decentralization and security compared to the Ethereum NFT protocol. High-value NFTs will find a home on Bitcoin.”
The proposal to migrate to Bitcoin received overwhelming support, with 99% of OnChainMonkey tokenholders voting in favor, indicating strong community backing for the transition. However, the migration comes with a substantial price tag, as Metagood anticipates spending over $1 million to ensure a smooth transition process.
Why is the Art and Collectibles market significant for Bitcoin? Why should this matter to you? 👇
1. Valuable Market. The wealth associated from art and collectibles by ultra-high net worth individuals (UHNWIs) *alone* accounts for $1.5 TRILLION in value according to Deloitte’s…
— danny huuep (@huuep) August 22, 2023
Although the migration process is intricate, each new OnChainMonkey on Bitcoin will be traceable back to its original Ethereum NFT, and holders will receive the corresponding Bitcoin Ordinal once they burn the Ethereum NFT.
Yang expressed confidence in the migration process, citing Metagood’s prior achievements in the Bitcoin Ordinals space: “We were the first to engrave 10,000 images of a collection on Bitcoin. We pioneered a parent-child collection with OCM Dimensions 300 and introduced recursive inscriptions on Bitcoin, along with incorporating Three.js and p5.js for universal use.”
Despite the migration to Bitcoin, Ethereum continues to dominate the NFT market, recording $236.8 million in NFT transactions over the last month. In comparison, Solana holds second place with $37.7 million, while Bitcoin ranks sixth with $11.1 million, according to CryptoSlam.
However, Yang remains unfazed, emphasizing to Cointelegraph that it’s only a matter of time before a robust Bitcoin-native NFT ecosystem emerges. He believes that both Bitcoin and Ethereum NFT ecosystems can coexist and thrive.
Bitcoin Ordinals is dead.💀
Bitcoin is dead. We heard this many many times over the years. In the case of Bitcoin Ordinals, let’s actually understand what actually is dead.
1. Bitcoin Ordinals is a new protocol at release 0.8.2. It’s an early release of a protocol that still… https://t.co/NxJP7YY64y
— danny huuep (@huuep) August 19, 2023
Presently, OnChainMonkey NFTs trade at an average floor price of 1.10 Ether (ETH), with over 20,550 ETH in transaction volume from 9,500 items since its launch on the NFT marketplace OpenSea in September 2021. Among the 2,900 owners of OnChainMonkey NFTs, 31% are unique owners, according to OpenSea.
The introduction of Ordinals and BRC-20 tokens in January, made possible by the Taproot soft fork executed in November 2021, has contributed to this transition.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
