The team behind non-fungible token collection OnChainMonkey is moving its entire collection of 10,000 NFTs from Ethereum to Bitcoin, a massive project expected to take several months.
“As we prepare to migrate our flagship series, OCM Genesis, from Ethereum to Bitcoin, a historic shift is at hand,” Metagood co-founder and CEO Danny Yang said in a statement on Sept. 7.
OnChainMonkeys first launched on Ethereum in September 2021, but Yang said the move to Bitcoin Ordinals was due to its community’s belief that Bitcoin provides a more secure platform for its users.
“The Bitcoin Ordinal protocol is better designed in terms of decentralization and security than the Ethereum NFT protocol. High-value NFTs will beat Bitcoin.”
99% of OnChainMonkey token holders approved the proposed migration to Bitcoin. According to Yang, this means that the community has a high level of belief in moving to Bitcoin.
Migration was costly, however, and Metagood expected to spend more than $1 million to ensure the migration process went smoothly.
Why is the art and collectibles market important to Bitcoin? Why is this important to you?
1. High market value. According to Deloitte, Ultra High Net Worth Individuals (UHNWIs) *only* have wealth related to art and collectibles worth $1.5 trillion…
— Danny Huuep (@huuep) August 22, 2023
While the migration process is quite complex, each new OnChainMonkey on Bitcoin will have clear provenance to the corresponding original Ethereum NFT. The holder will receive the corresponding Bitcoin serial number after destroying the Ethereum NFT.
However, Yang said the migration should not be too challenging compared to what Metagood has already achieved in the field of Bitcoin serial numbers:
“We were the first to inscribe 10,000 collectible images on Bitcoin. We were the first to launch the OCM Dimensions 300 parent-child series. We pioneered recursive inscriptions on Bitcoin, as well as three.js and p5.js for inscriptions. Everyone uses it.”
However, Ethereum continues to dominate the NFT market, with $236.8 million in NFT settlements last month, followed by Solana ($37.7 million) in second place and Bitcoin ($11.1 million) back in sixth place. according to to CryptoSlam.
Meanwhile, despite Bitcoin ordinals gaining popularity in early 2023, transaction volumes plummeted 98% from May to mid-August.
Bitcoin ordinals are dead.
Bitcoin is dead. We’ve heard this statement many times over the years. As far as Bitcoin ordinals are concerned, let’s really see what’s dead.
1. Bitcoin ordinals are a new protocol in version 0.8.2. This is an early version of the protocol, but still… https://t.co/NxJP7YY64y
— Danny Huuep (@huuep) August 19, 2023
But Yang isn’t worried, emphasizing to Cointelegraph that it’s only a matter of time before a strong Bitcoin-native NFT ecosystem develops. He added that both the Bitcoin and Ethereum NFT ecosystems can thrive.
related: Serial Numbers Account for Most of Bitcoin Transactions Despite Plunging Price
Since its launch on NFT marketplace OpenSea in September 2021, OnChainMonkey NFTs are currently trading at an average base price of 1.10 Ether (ETH), with more than 20,550 ETH traded across 9,500 items.
Of the 2,900 owners of OnChainMonkey NFTs, 31% are unique owners, according to to the open sea.
Ordinals and BRC-20 tokens launched in January thanks to the Taproot soft fork to be executed in November 2021.
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