The team behind the OnChainMonkey NFTs is embarking on a massive migration of its entire collection of 10,000 NFTs from the Ethereum blockchain to the Bitcoin network.
Reasons for the Migration
Danny Yang, the CEO of Metagood, attributes the decision to migrate OnChainMonkey NFTs to the Bitcoin network to several factors, with security being a primary concern. According to Yang, the community perceives Bitcoin as a more secure platform.
The move also aligns with the community’s strong conviction in favor of transitioning to Bitcoin, with 99% of OnChainMonkey tokenholders voting in favor of the proposal.
The Cost of Migration Of OnChainMonkey NFTs
While the migration to the Bitcoin network represents a significant milestone, it comes with a substantial financial commitment.
Metagood estimates that the migration process will incur costs exceeding $1 million. This investment is deemed necessary to ensure a seamless transition from Ethereum to Bitcoin.
Importantly, Metagood aims to maintain the integrity of each NFT’s provenance throughout the migration. Also, this means that every new OnChainMonkey NFT on the Bitcoin network will have a clear link to its original Ethereum counterpart.
Ethereum Maintains NFT Dominance While Bitcoin Seeks Its Niche
In the competitive world of Non-Fungible Tokens (NFTs), Ethereum continues to reign supreme, having recorded a staggering $236.8 million in NFT sales over the past month.
This starkly contrasts with second-place Solana, which amassed $37.7 million in NFT transactions, and even Bitcoin, which found itself in sixth place with a comparatively modest $11.1 million in NFT sales, according to data from CryptoSlam.
However, despite Bitcoin’s diminished presence in the NFT market, there remains optimism among its proponents. They believe it’s only a matter of time before a robust Bitcoin-native NFT ecosystem takes shape, running in parallel with Ethereum’s thriving NFT ecosystem.
OnChainMonkey NFTs: A Rising Star in the NFT Market, Powered by Bitcoin’s Potential
An interesting case in point is OnChainMonkey NFTs, which have garnered significant attention. These NFTs currently boast an average floor price of 1.10 Ether (ETH), with a total transaction volume exceeding 20,550 ETH, stemming from 9,500 individual items since their introduction on the NFT marketplace OpenSea in September 2021.
Impressively, out of the 2,900 OnChainMonkey NFT owners, 31% are unique holders, as reported by OpenSea.
The emergence of Ordinals and BRC-20 tokens in January, made possible by the Taproot soft fork implemented in November 2021, has opened up exciting possibilities for the Bitcoin ecosystem. While Ethereum retains its dominant position in the NFT arena, Bitcoin’s dedicated community remains hopeful that its unique NFT ecosystem will flourish in due course.
Provenance Preservation
Moreover, to achieve provenance preservation, holders of OnChainMonkey NFTs will need to take action. This process ensures that the historical connection between the NFTs on both blockchains remains intact, providing continuity for collectors and users.
In summary, the migration of the OnChainMonkey NFT collection from Ethereum to Bitcoin represents a significant shift driven by the community’s trust in Bitcoin’s security.
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