OnChainMonkey, a leading innovative digital art platform, has successfully migrated its highly sought-after Genesis Collection to the Bitcoin blockchain. This move allows art enthusiasts and collectors to securely own and trade rare digital artworks by renowned artists through the decentralized and transparent nature of Bitcoin. With this migration, OnChainMonkey continues to revolutionize the art industry by leveraging the power of blockchain technology, providing a seamless and unique experience for art collectors in the digital age.
Metagood Revolutionizes Crypto Space: OCM Genesis Collection Migrates from Ethereum to Bitcoin
The renowned NFT collection, OnChainMonkey (OCM), created by Metagood, is making waves in the crypto world with its groundbreaking decision to shift its 10,000-strong NFT collection, OCM Genesis, from Ethereum to Bitcoin’s blockchain. This migration came at a significant cost of $1 million, demonstrating Metagood’s commitment to innovation and faith in the potential of the Bitcoin network.
Launched in September 2021, OCM introduced its Genesis Collection through a free mint, consisting of 10,000 monkey PFPs. The project gained recognition for uploading its entire NFT collection to Ethereum in a single transaction. Now, it plans to make another bold move by migrating the collection to the Bitcoin network in one seamless transition.
Subsidizing Migration Costs for OCM Genesis Holders
The proposal to migrate OCM Genesis to Bitcoin’s blockchain included a proposal to subsidize the substantial migration costs. This proposal aimed to make the migration free for all OCM Genesis NFT holders with a Bitcoin Badge. The Bitcoin Badge was awarded to OCM holders who actively participated in missions over the course of a year.
The DAO proposal received overwhelming support, with over 4,700 votes in favor, marking it as the highest number of votes any DAO proposal has received within 24 hours since OCM’s DAO inception in 2021. Approximately 99% of voters supported the migration from Ethereum to Bitcoin, showcasing the community’s overwhelming consensus on this significant shift.
Metagood’s Leadership and Technological Advancements
Metagood’s leadership team, responsible for proposing the migration and writing the DAO proposal, played a crucial role in educating the OCM community about Bitcoin Ordinals and the technical developments of Recursive Inscriptions, a vital technology integral to the migration process.
While the community subsidy covered a significant portion of the migration costs, equivalent to approximately $570,787 worth of ETH at current prices, Metagood took on the remaining expenses, totaling around $1 million. This demonstrates their commitment to advancing the NFT space and their unwavering faith in Bitcoin.
A Monumental Milestone for OCM Community
Danny Yang, the CEO and co-founder of Metagood and the creator of the OCM Genesis Collection, expressed his excitement about this monumental migration. He stated, “This migration is a monumental milestone for our OCM Community and a first-of-its-kind migration and upgrade for a 10K collection.” The move not only signifies a significant technological advancement in the NFT space but also highlights the community’s unshakeable confidence in Bitcoin.
Innovation on Bitcoin’s Blockchain
As the OCM Genesis Collection migrates to Bitcoin’s blockchain, it is poised for innovation. These NFTs will be on Block 9 Satoshis (sats), the smallest unit of Bitcoin, known for its exceptional divisibility. The Genesis collection’s sequential alignment with sats offers clear and verifiable provenance on the Bitcoin network while preserving its origin on Ethereum.
Metagood’s Unwavering Conviction
Metagood is taking a unique approach with this migration, as they are investing more than $1 million of their own resources to facilitate the move to Bitcoin in an important and innovative way. Danny Yang emphasized, “In the past, other projects have been paid substantial amounts to move to another blockchain. We are doing the opposite.”
Stay Tuned for More Bitcoin Ordinals Collections
If you’re interested in other projects offering Bitcoin Ordinals collections, be sure to check out the latest trends in the NFT space.
Disclaimer: This content was written by an nft now staff member in collaboration with OpenAI’s GPT-3.