Metagood, the company behind the popular NFT collection OnChainMonkey (OCM), is breaking new ground in the crypto world by migrating its 10,000-strong NFT collection, OCM Genesis, from Ethereum to Bitcoin’s blockchain.
The decision to move the OCM Genesis collection to Bitcoin was not taken lightly, as it also came with a hefty price tag of $1 million, according to a press release now shared with nft.
Launched in September 2021, OCM debuted its Genesis collection through a free coin consisting of 10,000 monkey PFPs. The project is best known for uploading the entire NFT collection to Ethereum in a single transaction.
And now it’s doing it again in one big move: migrating it to the Bitcoin network.
Subsidizing migration costs
The OCM DAO (Decentralized Autonomous Organization) proposed to subsidize the significant cost of the migration, making it free for all OCM Genesis NFT holders with a Bitcoin Badge. This “Bitcoin Badge” was awarded to OCM holders who had actively participated in missions over the course of a year.
The DAO proposal received overwhelming support, with more than 4,700 votes cast, making it the highest number of votes (2,000 votes) that any DAO proposal has received within 24 hours since OCM’s DAO commencement in 2021.
With near-unanimous support, the proposal reportedly had 99% of voters back Genesis’ migration from Ethereum to Bitcoin.
The Metagood leadership team, who proposed the migration and wrote the DAO proposal, played a critical role in educating the OCM community about Bitcoin Ordinals and the technical developments of Recursive Inscriptions, a technology integral to the migration.
While the community grant will cover a significant portion of the migration costs, approximately $570,787 in ETH (at current prices), Metagood will shoulder the remaining costs, totaling approximately $1 million.
“This migration is a monumental milestone for our OCM community and a unique migration and upgrade for a 10K collection,” said Danny Yang, CEO and co-founder of Metagood and creator of the OCM Genesis Collection. This move represents a significant technological advancement in the NFT space and highlights the community’s unwavering trust in Bitcoin.
The OCM Genesis Collection is poised for innovation as it migrates to Bitcoin’s blockchain. These NFTs will be located on Block 9 Satoshis (sats), the smallest unit of Bitcoin, known for its exceptional divisibility. The Genesis collection will be sequentially matched to the sats, providing a clear and verifiable provenance on Bitcoin while preserving the origin on Ethereum.
“In the past, other projects have paid significant amounts to move to a different blockchain. We do the opposite. We are so confident in our move that we are spending over $1 million of our own resources to make the move to Bitcoin in a significant and innovative way,” emphasizes Yang.
Check this one out other projects currently offers Bitcoin Ordinals collections.
Editor’s note: This article was written by a staff member of nft now in collaboration with OpenAI’s GPT-3.