The famed NFT project, OnChainMonkey, has revealed being “on the brink of a monumental shift,” taking a bold step to shift 10,000 ‘OCM Genesis’ NFTs to Bitcoin, waving goodbye to the Ethereum network — regardless of having to fork out $1 million to achieve such a target.
The decision to transition from Ethereum to Bitcoin Ordinals is a tactical pivot. Danny Yang, the CEO of Metagood (the masterminds behind OnChainMonkey), believes the community perceives Bitcoin as more secure than Ethereum and that “high-value NFTs are likely to thrive” through the new network adoption.
Following Yang’s announcement about the perks of Bitcoin on Twitter — stating, “now is the time to dive in and learn about this new market” — an outstanding 99% of OnChainMonkey holders gave the CEO’s migration broadcast a nod of approval.
Why is the Art and Collectibles market significant for Bitcoin? Why should this matter to you?
1. Valuable Market. The wealth associated from art and collectibles by ultra-high net worth individuals (UHNWIs) *alone* accounts for $1.5 TRILLION in value according to Deloitte’s…
— danny huuep (@huuep) August 22, 2023
Overriding Bitcoin Transition Hurdles
Nevertheless, like all good things, there’s a catch: Metagood has its eye on a significant investment, one of which is estimated at a budget of a mighty $1 million to ensure the transformation goes smoothly, hitch-free.
Plenty of intricacies are involved with switching blockchain networks, with smart contract capabilities, gas fees, token standards, metadata preservation, conservation of values, and security concerns all being complexities. However, as the technology matures, solutions advance, mitigating such challenges. Careful planning and considerations are required to transition networks, and all can be made possible with substantial funds in place.
The complete switch is estimated to take a few months, but OnChainMonkey has already overcome a significant hurdle. Each OCM Genesis NFT can already be minted on Bitcoin, retaining an apparent link to its original Ethereum NFT. Holders will be granted complimentary Bitcoin Ordinal NFTs once they deactivate their Ethereum assets.
Interestingly, this isn’t the first digital collectible project to turn its back on its initial chain. DeGods stepped across to the Bitcoin bridge in March, leaving Solana behind. Yuga Labs also decided to auction its limited-edition generative art project, TwelveFold, on Bitcoin over Ethereum — just to see what all the fuss is about, among others.
It’s important to note that, despite of a few changes of heart, Ethereum still holds prominent ground in the NFT landscape, with transactions amounting to a hefty $236.8 million this month alone. In comparison, Bitcoin’s total undertakings are just $11.1 million.
Still, OnChainMonkey is becoming a beacon for other NFT projects considering similar shifts, presenting the limitless adaptability and possibilities of the blockchain ecosystem. There’s never a dull day on-chain.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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