‘NFTs will win on Bitcoin’ — OnChainMonkey NFT collection ditches Ethereum
The team behind nonfungible token collection OnChainMonkey is shifting its entire collection of 10,000 NFTs from Ethereum to Bitcoin, in a massive undertaking expected to take several months.
"A historical transition is on the horizon as we prepare to migrate our flagship collection, OCM Genesis, from Ethereum to Bitcoin,” Metagood co-founder and CEO Danny Yang said in a statement on Sept. 7.
The OnChainMonkeys were first launched in September 2021 on Ethereum, but Yang said the migration to Bitcoin Ordinals was due to its community seeing Bitcoin as offering a more secure platform for its users.
The proposal to migrate to Bitcoin was passed by 99% of OnChainMonkey tokenholders. Yang said this means the community had a high conviction for moving to Bitcoin.
The migration would come at a hefty cost though, with Metagood expecting to fork out over $1 million to ensure the migration process runs smoothly.
Why is the Art and Collectibles market significant for Bitcoin? Why should this matter to you?
1. Valuable Market. The wealth associated from art and collectibles by ultra-high net worth individuals (UHNWIs) *alone* accounts for $1.5 TRILLION in value according to Deloitte's…
While the migration process is rather complex, each new OnChainMonkey on Bitcoin will have clear provenance to the corresponding original Ethereum NFT. Holders will receive the corresponding Bitcoin Ordinal once they’ve burned the Ethereum NFT.
However, Yang says the migration shouldn’t be too challenging compared to what Metagood has already accomplished in the Bitcoin Ordinals space:
However, Ethereum continues to dominate the NFT market, settling $236.8 million in NFTs over the last month, compared to second place Solana ($37.7 million), with Bitcoin
Read more on cointelegraph.com
