OnChainMonkey Shifts 10,000 NFT Collection from Ethereum to Bitcoin in Historic Move
Summary:
OnChainMonkey is migrating its entire collection of 10,000 NFTs from Ethereum to Bitcoin in a historic move. The community-supported decision aims to provide a more secure platform for users, with Metagood expecting to spend over $1 million on the migration process. Despite Ethereum's dominance in the NFT market, OnChainMonkey CEO believes a strong Bitcoin-native NFT ecosystem will develop. The average floor price of OnChainMonkey NFTs is 1.10 Ether on OpenSea.
OnChainMonkey, the team responsible for a collection of nonfungible tokens (NFTs), has announced that they will be migrating their entire collection of 10,000 NFTs from Ethereum to Bitcoin. This ambitious move is expected to take several months to complete. Metagood co-founder and CEO, Danny Yang, stated that this migration marks a significant transition from Ethereum to Bitcoin for their flagship collection, OCM Genesis. According to Yang, the decision to migrate to Bitcoin was driven by the community's belief that Bitcoin offers a more secure platform for its users, as the Bitcoin Ordinal protocol is considered to be better designed for decentralization and security compared to the Ethereum NFT protocol. The proposal to migrate to Bitcoin was supported by 99% of OnChainMonkey tokenholders, indicating strong community conviction. However, this migration comes at a cost, with Metagood estimating to spend over $1 million to ensure a smooth transition process. Despite Ethereum's dominance in the NFT market, settling $236.8 million in NFTs over the last month, followed by Solana and Bitcoin, Yang remains confident that a strong Bitcoin-native NFT ecosystem will eventually develop. OnChainMonkey NFTs currently trade at an average floor price of 1.10 Ether (ETH) on OpenSea, and the migration process aims to maintain clear provenance between the original Ethereum NFTs and their corresponding Bitcoin Ordinals. Both ecosystems, Ethereum and Bitcoin, hold the potential to thrive in the NFT space, according to Yang.
Published At
9/7/2023 4:00:00 PM
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