In a move that underscores the momentum of the Bitcoin Ordinals protocol ecosystem, the OnChainMonkey (OCM) project has committed to migrating its entire digital art collection from Ethereum to Bitcoin.
In total, moving the collection, including burning the old NFTs on Ethereum so they can no longer be traded, has cost the project more than $1 million in Bitcoin costs.
OnChainMonkey, created by Metagood, in 2021 became the first profile photo collection to be made entirely on-chain in a single Ethereum transaction. It also launched its first Ordinals collection in February, shortly after the launch of the Ordinals.
Notably, the decision was supported by a large portion of OnChainMonkey NFT owners, with users voting to subsidize a portion of the substantial migration costs.
The DAO proposal received overwhelming support, reaching a quorum of 2,000 votes within 24 hours. Overall, 99% of voters supported the migration to Bitcoin, a sign indicating that NFT users believe that Ordinals on Bitcoin can have greater value than Ethereum-backed NFTs.
“Our OCM community has conviction in our move to Bitcoin. We have been involved with Ordinals since the beginning of this year, and the OCM community in particular has a deep understanding of the potential and benefits of migrating to Bitcoin,” says Metagood CEO Danny Yang.
The transaction comes at a time when the Ordinals market has cooled significantly, with overall transaction volumes and sales across the exchanges showing a notable decline.
That said, the news suggests that this sector of the market could be gearing up for a second boost given that Bitcoin Ordinals represents such a significant technological advancement over crypto-based NFTs.
