OnChainMonkey to spend $1 million migrating NFT collection from Ethereum to the Bitcoin network

The Metagood team behind the OnChainMonkey collection will migrate 10,000 NFTs from the Ethereum blockchain to the Bitcoin network.

DAO behind the project organised a vote, in which the majority backed the migration. According to Metagood’s calculations, moving to Ordinals will not come cheap — about $1 million just for technical costs.

The collection’s community allocated a subsidy of 350 ETH (~$570,000 at the time of writing) for the initiative.

“The Ordinals protocol is better designed for decentralization and security than Ethereum. High-value NFTs will benefit from migrating to the Bitcoin network,” said representatives of the company.

While the transfer will be fairly complex, every NFT created has a link to its predecessor. OnChainMonkey holders will receive the corresponding “Bitcoin inscription” after burning its Ethereum version.

“In the past, projects were paid huge sums to move to another blockchain. We are doing the opposite. We are so convinced by our decision that we are spending more than $1 million of our own resources on the move to Bitcoin, in a way that is both important and innovative,” said Danny Yang, head of Metagood.

The project head also added that since early 2023 he has been collaborating with the Ordinals developers.

According to CryptoSlam, the Ethereum network remains top by NFT sales volume — $6.4 million in the last 24 hours. Solana, ImmutableX, Mythos and Polygon follow. The “digital gold” protocol sits eighth with $358,679.

In August, accounted for 85% of Bitcoin transactions — 450,785 of the total 530,788. In total, since the protocol’s inception, about 25.6 million inscriptions have been created, which yielded 1,149 BTC in fees.

However, analysts at DappRadar reported that Ordinals’ trading volume fell from $452 million in May to $3 million by mid-August. The number of transactions also declined—from 832,648 to 20,571.

In July, the Ordinals platform Luminex presented the BRC-69 standard, which simplifies and reduces the cost of issuing NFT collections.

Earlier, Ethereum co-founder Vitalik Buterin called the emergence of the Bitcoin inscription protocol a signal of a return to the blockchain of the “culture of creators”.