OnChainMonkey to Spend $1M to Migrate NFTs to the Bitcoin Network


The Metagood team behind the OnChainMonkey collection will transfer 10,000 NFTs from the Ethereum blockchain to the first cryptocurrency network.

The DAO of the project organized a vote, during which the majority supported migration. According to Metagood’s calculations, the transition to Ordinals will cost a lot – about $ 1 million just for technical costs.

The collection community has donated 350 ETH (~$570,000 at the time of writing) to the initiative.

“The Ordinals protocol is better designed for decentralization and security than Ethereum. High-value NFTs will benefit from the transition to the first cryptocurrency network,” the company said.

Although the migration process will be quite complex, each non-fungible token created has a link to its predecessor. OnChainMonkey holders will receive a corresponding “bitcoin inscription” after burning its Ethereum version.

“In the past, projects were paid huge sums to migrate to another blockchain. We do the opposite. We are so convinced of our decision that we are spending more than $1 million of our own resources on the transition to bitcoin, and in an important and innovative way, ”said Metagood CEO Danny Yang.

The project manager also added that since the beginning of 2023 he has been collaborating with the developers of Ordinals.

According to CryptoSlam, the Ethereum network is still in first place in terms of NFT sales – $6.4 million over the past day. This is followed by Solana, ImmutableX, Mythos and Polygon. The digital gold protocol ranks eighth with $358,679.

Recall that in August, the share of Ordinals in bitcoin transactions was 85% – 450,785 out of a total of 530,788. In total, over the entire existence of the protocol, about 25.6 million inscriptions were created, which brought 1149 BTC in commissions.

However, analysts at DappRadar reported that Ordinals’ trading volume dropped from $452 million in May to $3 million by mid-August. The number of transactions also decreased, from 832,648 to 20,571.

In July, the Luminex Ordinals platform team introduced the BRC-69 standard, which simplifies and reduces the cost of issuing NFT collections.

Earlier, Ethereum co-founder Vitalik Buterin called the emergence of the bitcoin signature protocol a signal of the return of the “culture of creators” to the blockchain.

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!

Leave a Reply