The team behind the non-fungible token (NFT) collection OnChainMonkey has announced a substantial migration of their entire collection, consisting of 10,000 NFTs, from Ethereum to Bitcoin. This ambitious move is expected to span several months. Metagood, the company behind the project , believes that this transition will usher in a significant transformation.
OnChainMonkeys initially launched on Ethereum in September 2021, but the decision to migrate to Bitcoin Ordinals was influenced by the community's belief that Bitcoin provides a more secure platform for its users. Danny Yang, the CEO of Metagood, emphasized this shift, stating that "a historic shift is coming" as they prepare for the move.
Remarkably, 99% of OnChainMonkey token holders approved the proposal to migrate to Bitcoin, indicating a high level of community support for this transition. However, this migration comes at a significant cost, with Metagood expecting to spend over $1 million to ensure the process unfolds smoothly.
The migration process is complex, but Metagood is taking steps to ensure each new OnChainMonkey NFT on Bitcoin retains clear provenance to its corresponding original Ethereum NFT. Holders will be able to destroy the Ethereum NFT to receive the equivalent Bitcoin serial number. Despite the complexity, Yang is confident in the transition, citing previous achievements in the Bitcoin serial number space.
Despite Bitcoin's rise in popularity for NFTs earlier in 2023, trading volumes experienced a sharp 98% decline from May to mid-August. Nonetheless, Yang remains optimistic, believing that a robust Bitcoin-native NFT ecosystem will develop in due course. He emphasized that Both the Bitcoin and Ethereum NFT ecosystems can coexist and thrive.
OnChainMonkey NFTs, which initially launched on the NFT marketplace OpenSea in September 2021, are currently trading at an average floor price of 1.10 Ethereum (ETH). This collection has witnessed over 20,550 ETH traded across 9,500 projects. Of the 2,900 owners of OnChainMonkey NFTs, 31% are sole owners. The introduction of Ordinals and BRC-20 tokens was made possible through the Taproot soft fork executed in November 2021.
