Historical Transition: OnChainMonkey Moves to Bitcoin
The team behind nonfungible token (NFT) collection OnChainMonkey has announced its plans to shift its entire collection of 10,000 NFTs from Ethereum to Bitcoin. This massive undertaking, expected to take several months, comes as the community sees Bitcoin as offering a more secure platform for its users.
Bitcoin Ordinal Protocol: A Better Choice for High-Value NFTs
Metagood co-founder and CEO Danny Yang stated that the migration to Bitcoin is due to its superior design for decentralization and security compared to the Ethereum NFT protocol. According to Yang, "High-value NFTs will win on Bitcoin." The decision to migrate to Bitcoin was overwhelmingly supported by the OnChainMonkey tokenholders, with 99% in favor.
Costly Migration Process
The migration process comes at a hefty cost, with Metagood expecting to spend over $1 million to ensure a smooth transition. However, each new OnChainMonkey on Bitcoin will have clear provenance to the corresponding original Ethereum NFT, and holders will receive the corresponding Bitcoin Ordinal once they've burned the Ethereum NFT.
OnChainMonkey's Impressive Achievements in Bitcoin Ordinals Space
Despite the complexity of the migration process, Yang believes it won't be too challenging compared to what Metagood has already accomplished in the Bitcoin Ordinals space. They have been pioneers in inscribing 10,000 images, launching parent-child collections, and introducing recursive inscriptions using Three.js and p5.js on Bitcoin.
Ethereum Dominates NFT Market, but Bitcoin's Potential Remains
While Ethereum continues to dominate the NFT market, settling $236.8 million in NFTs over the last month, Bitcoin currently ranks sixth with $11.1 million in transaction volume, according to CryptoSlam. However, Yang remains optimistic, stating that it's only a matter of time before a strong Bitcoin-native NFT ecosystem develops. He believes that both Bitcoin and Ethereum NFT ecosystems can thrive.
OnChainMonkey NFTs and Community Statistics
OnChainMonkey NFTs currently trade at an average floor price of 1.10 Ether (ETH) with over 20,550 ETH in transaction volume. Since its launch on the NFT marketplace OpenSea in September 2021, the collection has garnered 2,900 owners, with 31% being unique owners.
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