Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The team responsible for the non-fungible token collection OnChainMonkey is in the process of transferring its complete collection of 10,000 NFTs from Ethereum to Bitcoin, a significant endeavor anticipated to span several months.
"A historic transition is imminent as we get ready to move our flagship collection, OCM Genesis, from Ethereum to Bitcoin,” stated Metagood co-founder and CEO Danny Yang on Sept. 7.
The OnChainMonkeys were initially introduced in September 2021 on Ethereum, but Yang noted that the shift to Bitcoin Ordinals was prompted by the community’s belief that Bitcoin provides a more secure environment for its users.
“The Bitcoin Ordinal protocol is better structured for decentralization and security than the Ethereum NFT protocol. High-value NFTs will succeed on Bitcoin.”
The proposal to transition to Bitcoin received approval from 99% of OnChainMonkey tokenholders. Yang indicated that this reflects the community’s strong commitment to the move to Bitcoin.
However, the migration will incur substantial expenses, with Metagood projecting costs exceeding $1 million to facilitate a seamless migration process.
Why is the Art and Collectibles market important for Bitcoin? Why should this be of interest to you?
1. Valuable Market. The wealth generated from art and collectibles by ultra-high net worth individuals (UHNWIs) *alone* represents $1.5 TRILLION in value according to Deloitte's…— danny huuep (@huuep) August 22, 2023
Although the migration process is quite intricate, each new OnChainMonkey on Bitcoin will have a clear lineage to the corresponding original Ethereum NFT. Holders will obtain the equivalent Bitcoin Ordinal once they have burned the Ethereum NFT.
Yang mentioned that the migration should not be overly difficult compared to what Metagood has already achieved in the Bitcoin Ordinals domain:
“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 public use.”
Related Posts
Nonetheless, Ethereum remains the leader in the NFT market, recording $236.8 million in NFT transactions over the past month, while Solana secured second place with $37.7 million, and Bitcoin trailed in sixth place with $11.1 million, according to CryptoSlam.
Simultaneously, Bitcoin Ordinals transaction volumes fell by 98% between May and mid-August, despite gaining traction in early 2023.
Bitcoin Ordinals is dead.
Bitcoin is dead. We have heard this many times over the years. In the case of Bitcoin Ordinals, let's take a moment to understand what is actually dead.
1. Bitcoin Ordinals is a new protocol at release 0.8.2. It's an early version of a protocol that still… https://t.co/NxJP7YY64y— danny huuep (@huuep) August 19, 2023
However, Yang remains optimistic, emphasizing to Cointelegraph that it is only a matter of time before a robust Bitcoin-native NFT ecosystem emerges. He added that both Bitcoin and Ethereum NFT ecosystems can coexist successfully.
Related: Ordinals still constitute the majority of Bitcoin transactions despite price decline
OnChainMonkey NFTs currently have an average floor price of 1.10 Ether (ETH) with over 20,550 ETH in transaction volume from 9,500 items since their debut on the NFT marketplace OpenSea in September 2021.
Among the 2,900 owners of OnChainMonkey NFTs, 31% are unique holders, according to OpenSea.
List of OnChainMonkey NFTs currently traded on OpenSea. Source: OpenSea
The introduction of Ordinals and BRC-20 tokens began in January, enabled by the Taproot soft fork implemented in November 2021.
Collect this article as an NFT to commemorate this moment in history and demonstrate your support for independent journalism in the crypto sector.
Magazine: Blockchain games aren’t truly decentralized… but that’s about to change
