The famous NFT project, OnChainMonkeyhas revealed that we are “on the cusp of a monumental shift” and have taken a bold step to shift 10,000 ‘OCM Genesis’ NFTs to Bitcoin, saying goodbye to the Ethereum network – regardless of whether we have to pay $1 million spend to achieve such a goal.
The decision to switch from Ethereum to Bitcoin Ordinals is a tactical turning point. Danny Yang, the CEO of Metagood (the masterminds behind OnChainMonkey), believes the community views Bitcoin as more secure than Ethereum and that “high-quality NFTs are likely to thrive” with the new network adoption.
Following Yang’s announcement about the benefits of Bitcoin on Twitter – in which he said “now is the time to dive in and learn about this new market” – an excellent 99% of OnChainMonkey holders gave an approval nod to the CEO’s migration broadcast.
Why is the art and collectibles market important for Bitcoin? Why would this be important to you? ????
1. Valuable market. The wealth associated with art and collectibles by ultra-high-net-worth individuals (UHNWIs) *alone* accounts for $1.5 trillion in value according to Deloitte’s…
— Danny Huup (@huup) August 22, 2023
Overcoming Bitcoin Transition Hurdles
Nevertheless, like all good things, there’s a catch: Metagood is eyeing a significant investment, one of which is estimated to have a budget of as much as $1 million to ensure the transformation goes smoothly and without a hitch.
There are many complexities involved in switching blockchain networks, with smart contract capabilities, gas fees, token standards, metadata preservation, value preservation, and security issues all being complexities. However, as technology matures, solutions continue to improve, mitigating such challenges. Network transitions require careful planning and consideration, and all of this can be made possible with significant financial resources.
The full transition is estimated to take several months, but OnChainMonkey has already overcome a significant hurdle. Any OCM Genesis NFT can already be minted on Bitcoin, maintaining a clear link to the original Ethereum NFT. Holders will get free Bitcoin Ordinal NFTs once they deactivate their Ethereum assets.
Interestingly enough, this isn’t the first digital collecting project to turn its back on the original chain. DeGods switched to the Bitcoin bridge in March, leaving Solana behind. Yuga Labs also decided to auction its limited edition generative art project, Twelvefoldabout Bitcoin over Ethereum – just to see what all the fuss is about, among other things.
It’s important to note that despite some changes of mind, Ethereum still holds a prominent place in the NFT landscape, with transactions reaching a hefty $236.8 million this month alone. By comparison, Bitcoin’s total liabilities are only $11.1 million.
Still, OnChainMonkey is becoming a beacon for other NFT projects considering similar shifts, showcasing the limitless customization and capabilities of the blockchain ecosystem. There is never a dull day on the chain.
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*All investment/financial opinions expressed by NFT Plazas are the result of the personal research and experience of our site moderators and are for educational purposes only. Individuals are required to fully research each product before making any kind of investment.