OnChainMonkey (OCM) is on the verge of achieving another milestone with the transfer of its Genesis collection to the Bitcoin network. This move would establish OCM as the first collection to undertake such a transition.
NFTs built on Bitcoin possess distinct tokenization. Nonetheless, this blockchain offers security, stability, and scalability of its NFTs. Due to these features, OCM selected Bitcoin for its collection.
The migration decision was not simple and needed an extensive educational campaign on Bitcoin Ordinals and Recursive Inscriptions by Metagood, the company behind OCM.
Metagood agreed to cover the remaining costs which amounted to about $1 million. This was after considering the community subsidy that already covers a portion of the migration expenses, valued at $570,787 in ETH.
The $1 million will address challenges associated with transitioning between blockchain networks. These challenges include smart contract abilities, token standards, gas fees, preserving metadata, and security concerns.
Danny Yang, the CEO and co-founder of Metagood, described the migration as historic for the OCM community and an unrivaled upgrade. According to him, this move represents a technological leap into NFTs and underscores the community’s confidence in Bitcoin.
OnChainMonkey Genesis collection was released via a free mint in September 2021. It consists of 10000 monkey PFPs, and it is ready to be transferred from Ethereum to Bitcoin. The collection will be the first 10k collection on BTC.
OnChainMonkey, that is led by Danny Yang, Amanda Terry, and Bill Tai, stands as an innovative digital art compilation. It is the first NFT profile picture collection created on the Ethereum blockchain in a single transaction in 2021.
After the Bitcoin Ordinals launch, OCM introduced its first Ordinal collection in February. The team behind the project believes the security of Bitcoin.