‘NFTs will win on Bitcoin’ — OnChainMonkey NFT collection ditches Ethereum

The group behind nonfungible token collection OnChainMonkey is moving its whole collection of 10,000 NFTs from Ethereum to Bitcoin, in a massive undertaking expected to take several months. The OnChainMonkeys were very first introduced in September 2021 on Ethereum, however Yang said the migration to Bitcoin Ordinals was due to its neighborhood seeing Bitcoin as providing a more safe and secure platform for its users.” The Bitcoin Ordinal protocol is better created for decentralization and security than the Ethereum NFT protocol.

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The group behind nonfungible token collection OnChainMonkey is shifting its entire collection of 10,000 NFTs from Ethereum to Bitcoin, in an enormous undertaking anticipated to take a number of months. The OnChainMonkeys were very first launched in September 2021 on Ethereum, however Yang stated the migration to Bitcoin Ordinals was due to its community seeing Bitcoin as providing a more protected platform for its users. Holders will get the matching Bitcoin Ordinal once theyve burned the Ethereum NFT.However, Yang says the migration shouldnt be too difficult compared to what Metagood has currently accomplished in the Bitcoin Ordinals space:” We were the first to inscribe 10,000 images of a collection on Bitcoin. Both Bitcoin and Ethereum NFT ecosystems can thrive, he added.Related: Ordinals still make up bulk of Bitcoin txs in spite of rate collapseOnChainMonkey NFTs presently trade at a typical floor price of 1.10 Ether (ETH) with over 20,550 ETH in transaction volume from 9,500 items since it released on NFT market OpenSea in September 2021.

Yang isnt worried, highlighting to Cointelegraph that it is only time prior to a strong Bitcoin-native NFT community develops. Both Bitcoin and Ethereum NFT environments can flourish, he added.Related: Ordinals still make up bulk of Bitcoin txs regardless of price collapseOnChainMonkey NFTs currently trade at a typical flooring cost of 1.10 Ether (ETH) with over 20,550 ETH in deal volume from 9,500 products since it introduced on NFT marketplace OpenSea in September 2021.

While the migration process is rather intricate, each new OnChainMonkey on Bitcoin will have clear provenance to the corresponding original Ethereum NFT. Holders will receive the corresponding Bitcoin Ordinal once theyve burned the Ethereum NFT.However, Yang states the migration should not be too challenging compared to what Metagood has currently accomplished in the Bitcoin Ordinals space:” We were the very first to inscribe 10,000 images of a collection on Bitcoin. We were the first to introduce a parent-child collection with OCM Dimensions 300. We pioneered recursive inscriptions on Bitcoin, as well as engraving Three.js and p5.js for everyone to utilize.” However, Ethereum continues to control the NFT market, settling $236.8 million in NFTs over the last month, compared to 2nd location Solana ($ 37.7 million), with Bitcoin ($ 11.1 million) back in 6th location, according to CryptoSlam.At the same time, Bitcoin Ordinals transaction volumes plunged 98% in between May and mid-August despite rising to popularity in early 2023 Bitcoin Ordinals is dead.Bitcoin is dead. We heard this many times over the years. In the case of Bitcoin Ordinals, lets in fact understand what in fact is dead.1. Bitcoin Ordinals is a new procedure at release 0.8.2. Its an early release of a protocol that still … https://t.co/NxJP7YY64y— danny huuep (@huuep) August 19, 2023.