OnChainMonkey Migrates Genesis Collection to Bitcoin, Spends Over $1M
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 shift the OCM Genesis collection to Bitcoin was not taken lightly, given it also carried a hefty price tag of $1 million, according to a press release shared with nft now.
Launched in September 2021, OCM debuted its Genesis Collection through a free mint, comprising 10,000 monkey PFPs. The project is best known for having uploaded its entire NFT collection to Ethereum in a single transaction.
And now, it’s doing it again in one big swoop – migrating it over to the Bitcoin network.
Subsidizing Migration Costs
The OCM DAO (Decentralized Autonomous Organization) proposed subsidizing the migration’s substantial cost, making it free for all OCM Genesis NFT holders with a Bitcoin Badge. This “Bitcoin Badge” had been awarded to OCM holders who had actively participated in missions over the course of a year.
The DAO proposal received overwhelming support, with over 4,700 votes cast in favor, making it the highest number of votes (2,000 votes) any DAO proposal has received within 24 hours since OCM’s DAO inception in 2021.
With almost unanimous support, the proposal reportedly had 99% of voters supporting Genesis’s migration from Ethereum to Bitcoin.
Metagood’s leadership team, which proposed the migration and wrote the DAO proposal, played a crucial 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 subsidy covers a significant portion of the migration costs, approximately $570,787 worth of ETH (at current prices), Metagood is shouldering the remaining expenses, totaling around $1 million.
“This migration is a monumental milestone for our OCM Community and a first-of-its-kind migration and upgrade for a 10K collection,” explained Danny Yang, CEO and co-founder of Metagood and creator of the OCM Genesis Collection. The move signifies a significant technological advancement in the NFT space and highlights the community’s unwavering faith in Bitcoin.
The OCM Genesis Collection is poised for innovation as it migrates to Bitcoin’s blockchain. These NFTs will be on Block 9 Satoshis (sats), the smallest unit of Bitcoin, known for its exceptional divisibility. The Genesis collection will align sequentially with the sats, offering a clear and verifiable provenance on Bitcoin while preserving its origin on Ethereum.
“In the past, other projects have been paid substantial amounts to move to another blockchain. We are doing the opposite. We are so convinced in our move that we are spending more than $1 million of our own resources to make the move to Bitcoin in an important and innovative way,” Yang emphasized.
Check out these other projects currently offering Bitcoin Ordinals collections.
Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-3.
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