In an announcement that’s shaking up the NFT space, OnChainMonkey NFT collection is making a daring transition. The collection is moving its comprehensive array of 10,000 NFTs from Ethereum to Bitcoin. As first reported by Cointelegraph, this massive transition is set to span several months and is a testament to the overwhelming trust the community has in Bitcoin’s unparalleled security and decentralization mechanisms.
Deciphering the Bold Move
Danny Yang, CEO of Metagood, unveiled this impending transition on September 7th. He emphasized that their prime collection, OCM Genesis, will transition from Ethereum’s realm to that of Bitcoin. Originally launched on Ethereum in September 2021, the OnChainMonkey collection is making this stride mainly because of the community’s unanimous sentiment. They resoundingly believe in the security and decentralization features Bitcoin Ordinals offers over Ethereum.
Highlighting this sentiment, Yang stated, “The Bitcoin Ordinal protocol distinctly outshines the Ethereum NFT protocol in areas of decentralization and security. This paves the way for high-caliber NFTs to truly shine on Bitcoin.” A monumental 99% of OnChainMonkey tokenholders endorsed this shift, spotlighting their shared conviction in the benefits of Bitcoin.
However, transitioning isn’t a cakewalk. Metagood anticipates a sizable expenditure, which might exceed $1 million, to ensure this migration is hiccup-free.
Bitcoin Ordinals is a big deal. I’ve been building on Bitcoin for over ten years, and Ordinals is the most significant development in recent years. Don’t get distracted by the monkey JPEGs talk, and do learn why the Ordinals Protocol is important. ????????
— danny huuep (@huuep) June 20, 2023
Preserving Legacy and Authenticity
Amidst the intricacies of this process, every newly crafted OnChainMonkey on Bitcoin promises to have a clear lineage traced back to its Ethereum counterpart. To effectuate this, holders will be awarded the corresponding Bitcoin Ordinal once they’ve decommissioned their Ethereum NFT.
Yang also revisited Metagood’s prior ventures to showcase their proficiency in handling such tasks. He remarked, “Our trailblazing endeavors include inscribing 10,000 images of a collection on Bitcoin, initiating a parent-child collection with OCM Dimensions 300, and pioneering recursive inscriptions on Bitcoin.”
Yet, Ethereum continues to reign supreme in the NFT marketplace. As per CryptoSlam’s recent data, Ethereum is leagues ahead with a whopping $236.8 million in NFT deals over the past month. Bitcoin, while making commendable strides, is currently placed sixth with $11.1 million.
Yang, however, is buoyant about Bitcoin’s prospects. He envisions a vibrant Bitcoin-centric NFT ecosystem and believes that both Bitcoin and Ethereum have the potential to co-exist and prosper.
Ordinals is an elegant protocol, and like Bitcoin, is both simple and powerful.
Snapshot of the Present Market
Presently, OnChainMonkey NFTs are traded at an average baseline price of 1.10 Ether (ETH). They’ve accumulated an impressive transaction volume exceeding 20,550 ETH since debuting on the illustrious NFT marketplace, OpenSea, in September 2021. Notably, a hefty 31% of the 2,900 OnChainMonkey NFT aficionados are unique, as stated by OpenSea.
The transition was further facilitated by the inception of Ordinals and BRC-20 tokens at the beginning of this year, a development following the successful Taproot soft fork in November 2021.
TL;DR: As first spotlighted by Cointelegraph, OnChainMonkey NFT collection is transitioning its entire assortment of 10,000 NFTs from Ethereum to Bitcoin. The community’s faith in Bitcoin’s security and decentralization features fuels this move.