OnChainMonkey Spends Over $1 Million to Migrate NFTs to Bitcoin
In a transfer that underscores the momentum of Bitcoin Ordinals protocol ecosystem, the OnChainMonkey (OCM) undertaking has dedicated to migrating its total digital artwork assortment from Ethereum to Bitcoin.
In whole, transferring the gathering, which incorporates burning the outdated NFTs on Ethereum to allow them to now not be traded, price the undertaking over $1 million in Bitcoin charges.
OnChainMonkey, created by Metagood, grew to become the primary profile image assortment created completely on-chain in a single Ethereum transaction again in 2021. Additional, it launched its first Ordinals assortment in February shortly after the Ordinals launch.
Notably, the choice was supported by a broad portion of OnChainMonkey NFT homeowners, with customers voting to subsidize a portion of the substantial migration price.
The DAO proposal gained overwhelming assist, with a quorum of two,000 votes reached inside 24 hours. General, 99% of voters backed the migration to Bitcoin, an indication that alerts NFT customers imagine Ordinals on Bitcoin could have a better worth than Ethereum-backed NFTs.
“Our OCM group has conviction in our transfer to Bitcoin. We have now been concerned with Ordinals because the starting of the yr, and the OCM group, specifically, has an amazing understanding of the potential and advantages of the migration to Bitcoin,” Metagood CEO Danny Yang stated.
The transaction comes at a time when the Ordinals market has cooled significantly, with whole transaction volumes and gross sales throughout exchanges seeing a notable decline.
That stated, the information suggests this sector of the market could possibly be gearing up for a second push provided that Bitcoin Ordinals signify such a big expertise enchancment over crypto-based NFTs.
