The team behind the OnChainMonkey NFT collection, consisting of 10,000 NFTs, is embarking on a massive migration from Ethereum to Bitcoin, a process that is expected to span several months. The move comes as the community sees Bitcoin as a more secure platform for its users. A staggering 99% of OnChainMonkey tokenholders voted in favor of the migration to Bitcoin Ordinals, indicating strong community support and conviction for the transition.
“The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.”
Migration Costs Over $1 Million
While the migration process is complex and costly, Metagood, the company behind OnChainMonkey, is prepared to invest over $1 million to ensure a smooth transition. Each new OnChainMonkey NFT on the Bitcoin network will be traceable to its original Ethereum counterpart. Holders will receive the corresponding Bitcoin Ordinal after burning the Ethereum NFT.
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
Despite the migration, Ethereum continues to dominate the NFT market, accounting for $236.8 million in NFT transactions over the last month. Bitcoin, in contrast, ranks sixth with $11.1 million, while Solana takes second place with $37.7 million.
However, Yang says the migration shouldn’t be too challenging compared to what Metagood has already accomplished in the Bitcoin Ordinals space:
“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.”
A Bright Future for Bitcoin-Native NFTs
Metagood CEO Danny Yang remains optimistic, believing that a robust Bitcoin-native NFT ecosystem will inevitably develop over time. He sees potential for both Bitcoin and Ethereum NFT ecosystems to thrive concurrently.
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
Currently trading at an average floor price of 1.10 Ether (ETH), OnChainMonkey NFTs have generated over 20,550 ETH in transaction volume since their launch on NFT marketplace OpenSea in September 2021. Of the 2,900 owners, 31% are unique holders.
Taproot’s Role in Bitcoin NFT Development
The introduction of Ordinals and BRC-20 tokens in January became possible thanks to the Taproot soft fork implemented in November 2021.
List of OnChainMonkey NFTs currently traded on OpenSea. Source: OpenSea
With this historic migration, OnChainMonkey is making a bold move to strengthen the Bitcoin NFT ecosystem while Ethereum maintains its dominance in the broader NFT space.