BTC NFT Shift
The team behind the nonfungible token collection OnChainMonkey is embarking on a monumental journey by relocating their entire assortment of 10,000 NFTs from Ethereum to Bitcoin. This ambitious endeavor is projected to span several months.
On September 7, Metagood co-founder and CEO Danny Yang announced, "A momentous transformation is on the horizon as we gear up to transfer our flagship compilation, OCM Genesis, from Ethereum to Bitcoin."
OnChainMonkeys were initially introduced on the Ethereum network in September 2021. However, the shift to Bitcoin Ordinals is being motivated by the community's belief that Bitcoin provides a more secure foundation for its users.
According to Yang, "The Bitcoin Ordinal protocol boasts superior design principles in terms of decentralization and security compared to the Ethereum NFT protocol. Bitcoin is poised to be the preferred platform for high-value NFTs."
The proposal to transition to Bitcoin received overwhelming support from 99% of OnChainMonkey tokenholders, signifying the community's strong commitment to the move.
Nonetheless, this migration comes at a substantial cost, with Metagood anticipating an expenditure exceeding $1 million to ensure a seamless transition process.
Why is the Art and Collectibles market significant for Bitcoin? Why should this matter to you? ????— danny huuep (@huuep) August 22, 2023
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…
Although the migration process is intricate, every new OnChainMonkey on Bitcoin will maintain a transparent lineage to its corresponding original Ethereum NFT. Holders will be granted the corresponding Bitcoin Ordinal upon the incineration of their Ethereum NFT.
Nevertheless, Yang is confident that this migration will not be excessively challenging, given Metagood's prior achievements in the Bitcoin Ordinals sphere:
"We were pioneers in engraving a collection of 10,000 images onto the Bitcoin platform. We were trailblazers in launching a parent-child collection with OCM Dimensions 300. We introduced recursive inscriptions on Bitcoin and made Three.js and p5.js inscriptions accessible for everyone."
Despite these developments, Ethereum continues to dominate the NFT market, with $236.8 million in NFT transactions over the past month. Solana holds the second position with $37.7 million, while Bitcoin ranks sixth with $11.1 million, as reported by CryptoSlam.
Simultaneously, transaction volumes for Bitcoin Ordinals witnessed a 98% decline between May and mid-August, despite gaining popularity in early 2023.
Presently, OnChainMonkey NFTs trade at an average base price of 1.10 Ether (ETH), accumulating a transaction volume of over 20,550 ETH from 9,500 items since their debut on the NFT marketplace OpenSea in September 2021.
Among the 2,900 holders of OnChainMonkey NFTs, 31% are unique owners, according to OpenSea.
The introduction of Ordinals and BRC-20 tokens in January was made possible by the Taproot soft fork executed in November 2021.