OnChainMonkey Collection Moves Fully OnChain with BTC Ordinals

In a pivotal development that further validates the growing strength of Bitcoin’s Ordinals protocol ecosystem, the OnChainMonkey (OCM) project has officially announced its transition from Ethereum to Bitcoin for hosting its extensive digital art collection. The monumental shift entailed a cost of over $1 million in Bitcoin transaction fees, primarily because the older Ethereum-based NFTs had to be “burned,” ensuring they could no longer be traded.

OCM, originally a brainchild of Metagood, gained acclaim as the first profile picture collection to be created entirely on-chain in a single Ethereum transaction back in 2021. A mere month after the launch of the Ordinals platform, the project debuted its inaugural Ordinals collection.

The decision to transition was far from unilateral, garnering widespread support from OnChainMonkey’s diverse community of NFT holders. In a democratic display, users agreed to financially contribute to a portion of the hefty migration costs. The corresponding DAO proposal witnessed overwhelming backing, securing a quorum of 2,000 votes within just 24 hours of being floated. A staggering 99% of the participants voted in favor of the transition, hinting at a collective belief that Bitcoin Ordinals could outperform their Ethereum-based counterparts in terms of value.

“Our OCM community has conviction in our move to Bitcoin. We have been involved with Ordinals since the beginning of the year, and the OCM community, in particular, has a great understanding of the potential and benefits of the migration to Bitcoin,” said Danny Yang, Metagood CEO.

The announcement coincides with a lull in the Ordinals market, characterized by a marked downturn in transaction volumes and sales across exchanges. However, the move by OnChainMonkey has ignited speculation that this sector could be on the brink of a resurgence. The technological advancements offered by Bitcoin Ordinals are perceived to be significantly superior to traditional crypto-based NFTs, and this migration might just be the catalyst needed for a second wave of interest and investment in the space.