OnChainMonkey Spends Over $1 Million to Migrate NFTs to Bitcoin

In a move that underscores the momentum of Bitcoin Ordinals protocol ecosystem, the OnChainMonkey (OCM) project has committed to migrating its entire digital art collection from Ethereum to Bitcoin. 

In total, moving the collection, which includes burning the old NFTs on Ethereum so they can no longer be traded, cost the project over $1 million in Bitcoin fees.

OnChainMonkey, created by Metagood, became the first profile picture collection created entirely on-chain in a single Ethereum transaction back in 2021. Further, it launched its first Ordinals collection in February shortly after the Ordinals launch.

Notably, the decision was supported by a broad portion of OnChainMonkey NFT owners, with users voting to subsidize a portion of the substantial migration cost.

The DAO proposal gained overwhelming support, with a quorum of 2,000 votes reached within 24 hours. Overall, 99% of voters backed the migration to Bitcoin, a sign that signals NFT users believe Ordinals on Bitcoin may have a greater value than Ethereum-backed NFTs.

“Our OCM community has conviction in our move to Bitcoin. We have been involved with Ordinals since the beginning of the year, and the OCM community, in particular, has a great understanding of the potential and benefits of the migration to Bitcoin,” Metagood CEO Danny Yang said.

The transaction comes at a time when the Ordinals market has cooled considerably, with total transaction volumes and sales across exchanges seeing a notable decline.

That said, the news suggests this sector of the market could be gearing up for a second push given that Bitcoin Ordinals represent such a significant technology improvement over crypto-based NFTs. 

7 September 2023 11:54