OnChainMonkey’s Pivot to Bitcoin: A Game Changer in the NFT Space
Metagood, the masterminds behind OnChainMonkey (OCM), made waves recently with their announcement of relocating the OCM Genesis, a treasure trove of 10,000 NFTs, from Ethereum to Bitcoin.
This isn’t just a logistical change, it’s an emphatic nod to the potential of Bitcoin’s Ordinals protocol. Underpinning this decision was the significant support from the OCM DAO community, a group rooted since 2021.
An offer from the OCM team to shoulder a major chunk of the hefty migration cost—circa $1 million—undoubtedly sweetened the pot. To be exact, on August 30, 2023, a proposition to subsidize the migration by 350 ETH (about 570,787 USD) was met with overwhelming support, amassing a whopping 4,700 votes in favor within just a day.
Danny Yang, Metagood’s CEO and visionary, voiced the community’s fervor. “Our OCM community has conviction in our move to Bitcoin,” he declared. Amanda Terry, his COO counterpart, echoed the sentiment, emphasizing the rapid embrace of the Ordinals technology which had just entered the scene earlier in the year.
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The Technology Behind the Move: Bitcoin Ordinals & Recursive Inscriptions
The enthusiastic reception isn’t merely a blind trust exercise, it’s built on a rock-solid belief in groundbreaking tech. The linchpin in this move? Bitcoin Ordinals, coupled with the avant-garde Recursive Inscriptions—a brainchild of the Metagood think tank.
Danny Yang isn’t a newcomer to the Bitcoin arena, either. With ties tracing back to 2013 through his first Bitcoin venture, Maicoin, Yang has been instrumental in these cutting-edge advancements.
His prowess with Ordinals birthed the revolutionary Recursive Inscriptions, enabling 3D generative art’s existence on Bitcoin via the OCM Dimensions assortment. What we’re witnessing is nothing short of a metamorphosis of the Bitcoin blockchain’s capabilities—unleashing intricate programming potential directly on the blockchain, a feat once deemed an unrealistic dream without overhauling Bitcoin’s foundational code.
A New Dawn for Digital Artifacts on Bitcoin?
As D-Day for the migration nears, there’s an electric sense of witnessing not just a defining moment for the OCM tribe but a seismic shift for Bitcoin. The Ordinals protocol paves the way for things like Digital Artifacts—a new breed of on-chain NFTs lauded for their heightened security and inherent decentralization.
Yang, never one to underplay a move of this magnitude, cast a spotlight on the scale and significance of this endeavor. “The Genesis collection will have a ton of innovative features to its name and be on Block 9 Satoshis (sats), the first sats in circulation,” he said. “They will be in sequential order, matching the sats, and have clear collection provenance on Bitcoin, and provenance going back to their origin on Ethereum.”
Yang’s parting words are nothing short of a challenge to the status quo: “In bygone times, projects have been incentivized heavily to swap blockchains. Our move is the antithesis. We’re not just convinced, we’re invested. To the tune of over $1M, as we forge a new path on Bitcoin—a shift both monumental and pioneering.”
As OnChainMonkey gears up to celebrate two years since the Ethereum debut of its Genesis collection on September 11, this transition underscores yet another inflection point in digital assets’ journey, possibly veering towards a decentralized and fortified future on the Bitcoin blockchain.
