The value of the 2021 Ethereum NFT collection skyrocketed after the developers used Ordinals to make Bitcoin copies. It is called OnChain monkey NFT. We will talk about it here.
What Is The Onchain Monkey NFT?
Over the past day, OnChain Monkey, a collection of 10,000 2021-minted Ethereum NFT profile pictures (PFPs), used Ordinals to "inscribe" all of its existing artwork on Bitcoin. The owners of NFT on Ethereum can now also claim that their particular collectibles exist on Bitcoin.
Prices for Ethereum NFTs have nearly tripled since the announcement. The project's floor price, or the least expensive NFT listed on a marketplace, went from 0.79 ETH at day's start to a high of 1.75 ETH before settling at 1.5 ETH (nearly $2, 500) as of this writing.
The first 10K collection to be inscribed on Bitcoin using Ordinals is OnChainMonkey.
A BTC OCM Genesis is equivalent to an ETH OCM Genesis.
The action has caused the NFT trade volume for the Ethereum project to surge by 12,200% over the past 24 hours compared to the prior period. The analytics platform reports that a project with day-to-day secondary sales of roughly $1.1 million had about $39 million lifetime secondary sales.
Similar to how it did for the initial Ethereum collection back in 2021, Metagood, the startup behind OnChain Monkey, claimed it was able to transfer all 10,000 NFTs onto Bitcoin using the Ordinals protocol using a single transaction.
Who Is The CEO Of MetaGood?
Danny Yang, the creative force of OnChainMonkey and the CEO of the ground-breaking NFT startup Metagood, has a plethora of expertise in the blockchain and cryptocurrency industries.
Danny Yang, a co-founder of Metagood, stated that permitting trading was the team's next move, but that extra technology need to be developed around Ordinals to support that feature. He also mentioned that Metagood intended to create a bridge between Bitcoin and Ethereum so that NFT holders may swap between the two cryptocurrencies.
OnChain Monkey is a component of Metagood's strategy to use Web3 projects to finance community-benefitting programs. Among these are initiatives to finance coral restoration and aid Ukraine in the midst of the Russian invasion. Bill Tai, a venture capitalist, along with Yang and A manda Terry co-founded Metagood, and in December they raised $5 million.
Conclusion
Via the recently released Ordinals protocol, interest in Bitcoin-based NFTs is increasing daily. The OnChain Monkey NFT is one of them.
