The team behind the popular nonfungible token (NFT) collection OnChainMonkey has announced a major migration of its entire collection from Ethereum to Bitcoin. This ambitious undertaking, expected to take several months, comes as a result of the community’s belief that Bitcoin provides a more secure platform for its users.
In a statement released on September 7, Metagood co-founder and CEO Danny Yang expressed excitement about the historic transition: “A historical transition is on the horizon as we prepare to migrate our flagship collection, OCM Genesis, from Ethereum to Bitcoin.” The decision to migrate to Bitcoin was passed by an overwhelming majority of 99% of OnChainMonkey tokenholders, indicating strong support within the community for this move.
Yang elaborated on the rationale behind the migration, stating that the Bitcoin Ordinal protocol is better designed for decentralization and security compared to the Ethereum NFT protocol. He believes that high-value NFTs will thrive on Bitcoin, which is why the community has chosen to make this transition.
While the migration process may seem complex, the team ensures that each new OnChainMonkey NFT on Bitcoin will have clear provenance to its corresponding original Ethereum NFT. Holders will receive the corresponding Bitcoin Ordinal after burning their Ethereum NFT. Yang reassures the community that this migration should not be too challenging, as Metagood has already achieved several significant milestones in the Bitcoin Ordinals space.
However, it’s important to note that Ethereum continues to dominate the NFT market, with $236.8 million in NFTs settled over the past month. Solana secures the second position with $37.7 million, while Bitcoin follows in sixth place with $11.1 million, according to CryptoSlam. On top of that, Bitcoin Ordinals transaction volumes saw a significant decline of 98% between May and mid-August, despite an initial surge in popularity earlier this year.
Despite these statistics, Yang remains optimistic about the future of Bitcoin-native NFT ecosystems. He believes that both Bitcoin and Ethereum can thrive in the NFT space, and it is only a matter of time before a strong Bitcoin-native NFT ecosystem develops.
OnChainMonkey NFTs currently trade at an average floor price of 1.10 Ether (ETH), with over 20,550 ETH in transaction volume from 9,500 items since its launch on the NFT marketplace OpenSea in September 2021. Of the 2,900 owners of OnChainMonkey NFTs, approximately 31% are unique owners.
The arrival of Ordinals and BRC-20 tokens, made possible by the Taproot soft fork executed in November 2021, has contributed to the growth and possibilities within the Bitcoin ecosystem.
Metagood expects the migration process to be costly, estimating that it will spend over $1 million to ensure a smooth transition. Nonetheless, the team is committed to making this move in order to provide a more secure and decentralized platform for its community of NFT enthusiasts.
In conclusion, the migration of the OnChainMonkey NFT collection from Ethereum to Bitcoin represents a significant shift in the NFT landscape. While Ethereum currently dominates the market, the team behind OnChainMonkey believes that Bitcoin offers a more secure and decentralized platform for their high-value NFTs. With strong community support and a commitment to preserving provenance, the team is confident that this migration will pave the way for a vibrant Bitcoin-native NFT ecosystem in the future.
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