In an announcement that’s shaking up the NFT house, OnChainMonkey NFT assortment is making a daring transition. The gathering is transferring its complete array of 10,000 NFTs from Ethereum to Bitcoin. As first reported by Cointelegraph, this large transition is about to span a number of months and is a testomony to the overwhelming belief the group has in Bitcoin’s unparalleled safety and decentralization mechanisms.
Deciphering the Daring Transfer
Danny Yang, CEO of Metagood, unveiled this impending transition on September seventh. He emphasised that their prime assortment, OCM Genesis, will transition from Ethereum’s realm to that of Bitcoin. Initially launched on Ethereum in September 2021, the OnChainMonkey assortment is making this stride primarily due to the group’s unanimous sentiment. They resoundingly imagine within the safety and decentralization options Bitcoin Ordinals affords over Ethereum.
Highlighting this sentiment, Yang said, “The Bitcoin Ordinal protocol distinctly outshines the Ethereum NFT protocol in areas of decentralization and safety. This paves the way in which for high-caliber NFTs to really shine on Bitcoin.” A monumental 99% of OnChainMonkey tokenholders endorsed this shift, spotlighting their shared conviction in the advantages of Bitcoin.
Nevertheless, transitioning isn’t a cakewalk. Metagood anticipates a large expenditure, which could exceed $1 million, to make sure this migration is hiccup-free.
Bitcoin Ordinals is a giant deal. I’ve been constructing on Bitcoin for over ten years, and Ordinals is essentially the most vital growth lately. Don’t get distracted by the monkey JPEGs discuss, and do be taught why the Ordinals Protocol is vital. 👇🧵
— danny huuep (@huuep) June 20, 2023
Preserving Legacy and Authenticity
Amidst the intricacies of this course of, each newly crafted OnChainMonkey on Bitcoin guarantees to have a transparent lineage traced again to its Ethereum counterpart. To effectuate this, holders will probably be awarded the corresponding Bitcoin Ordinal as soon as they’ve decommissioned their Ethereum NFT.
Yang additionally revisited Metagood’s prior ventures to showcase their proficiency in dealing with such duties. He remarked, “Our trailblazing endeavors embrace inscribing 10,000 photos of a group on Bitcoin, initiating a parent-child assortment with OCM Dimensions 300, and pioneering recursive inscriptions on Bitcoin.”
But, Ethereum continues to reign supreme within the NFT market. As per CryptoSlam’s latest information, Ethereum is leagues forward with a whopping $236.8 million in NFT offers over the previous month. Bitcoin, whereas making commendable strides, is at present positioned sixth with $11.1 million.
Yang, nonetheless, is buoyant about Bitcoin’s prospects. He envisions a vibrant Bitcoin-centric NFT ecosystem and believes that each Bitcoin and Ethereum have the potential to co-exist and prosper.
Ordinals is a chic protocol, and like Bitcoin, is each easy and highly effective.
Snapshot of the Current Market
Presently, OnChainMonkey NFTs are traded at a median baseline worth of 1.10 Ether (ETH). They’ve accrued a formidable transaction quantity exceeding 20,550 ETH since debuting on the illustrious NFT market, OpenSea, in September 2021. Notably, a hefty 31% of the two,900 OnChainMonkey NFT aficionados are distinctive, as said by OpenSea.
The transition was additional facilitated by the inception of Ordinals and BRC-20 tokens in the beginning of this yr, a growth following the profitable Taproot tender fork in November 2021.
TL;DR: As first spotlighted by Cointelegraph, OnChainMonkey NFT assortment is transitioning its total assortment of 10,000 NFTs from Ethereum to Bitcoin. The group’s religion in Bitcoin’s safety and decentralization options fuels this transfer.