OnChainMonkey (OCM) moves 10,000 NFTs to Bitcoin blockchain and spends over $1M

OnChainMonkey (OCM) moves 10,000 NFTs to Bitcoin blockchain and spends over $1M

In a groundbreaking move, Metagood, the creative minds behind the OnChainMonkey (OCM) NFT project, has announced the migration of the OCM Genesis, a collection comprising 10,000 unique NFTs, from Ethereum‘s blockchain to Bitcoin‘s blockchain. This strategic decision underscores a strong belief in Bitcoin’s blockchain capabilities to support and enhance the world of digital NFT artifacts. The migration initiative gained massive support in a recent vote organized by the OCM DAO, established in 2021.

The OCM team kickstarted this ambitious migration by offering to cover a substantial portion of the migration expenses, totaling approximately $1 million. This financial commitment ensures that all OCM Genesis NFT holders who possess a coveted Bitcoin Badge can migrate their tokens seamlessly. These exclusive badges were granted to individuals who actively participated in a series of missions conducted over nearly a year. On August 30, 2023, the team proposed a subsidy of 350 ETH, equivalent to roughly $570,787 USD at the time. Astonishingly, this proposal garnered widespread backing from the community, amassing over 4,700 favorable votes within just 24 hours, setting a new record for DAO participation since its inception.

Metagood’s CEO and co-founder, Danny Yang, expressed the unwavering conviction of the OCM community in this migration. “Our OCM community wholeheartedly believes in our transition to Bitcoin,” Yang remarked.

Additionally, Amanda Terry, Metagood’s COO and co-founder, highlighted the remarkable consensus regarding the adoption of Ordinals technology, which was introduced only in February of the same year.

Why did the OCM community support Bitcoin Ordinals?

The resounding support from the OCM community isn’t merely based on faith; it’s deeply rooted in an understanding of the transformative potential of this new technology. Central to this monumental transition is the incorporation of Bitcoin Ordinals and the pioneering development of Recursive Inscriptions, a groundbreaking technology spearheaded by the Metagood leadership team.

Danny Yang, an individual with deep-rooted involvement in Bitcoin since 2013 through his initial Bitcoin venture, Maicoin, has played a pivotal role in advancing these innovations. His expertise in building on Ordinals has been instrumental in introducing recursive inscriptions, enabling the creation of 3D generative art directly on the Bitcoin blockchain through the OCM Dimensions collection. This revolutionary technology has expanded the capabilities of the Bitcoin blockchain, making it possible to store and execute intricate programs directly from the blockchain, a feat previously believed to be unachievable without altering Bitcoin’s core protocol.

The future of digital artifacts on Bitcoin

With the migration date drawing near, it’s evident that this shift signifies a significant milestone, not only for the OCM NFT community but also within the broader landscape of blockchain technology. Concepts like recursion and other Ordinals characteristics have paved the way for the development of on-chain NFTs known as Digital Artifacts, renowned for their heightened security and decentralized nature.

Danny Yang emphasized the monumental scale of this project, highlighting it as a historic milestone for the community and a pioneering endeavor in the realm of blockchain technology.

The Genesis collection will boast a range of innovative features, residing on Block 9 Satoshis (sats), marking the first sats in circulation. These tokens will be organized sequentially to match the sats, ensuring clear collection provenance on Bitcoin and tracing back to their origin on Ethereum. In contrast to the past, where projects received substantial sums to migrate to another blockchain, we are taking the opposite approach. Our unwavering belief in this transition is demonstrated by our willingness to invest over $1 million of our own resources to migrate to Bitcoin in a significant and groundbreaking manner. Yang explained

As OnChainMonkey approaches its second anniversary since the launch of its Genesis NFT collection on Ethereum, scheduled for September 11, 2023, this migration marks yet another shift in the trajectory of digital assets, signifying a growing movement toward a more decentralized and secure future on the Bitcoin blockchain.

NFT Investor Course for Free!

We will teach you how to analyze trends and find NFT grails. You will figure out how to build an amazing collection of NFTs that will increase in value faster than the market over time.

Do you want this? Do you want this?