OnChain Monkey NFT Collection Experiences Skyrocketing Prices with Move to Multi-Chain
The world of non-fungible tokens (NFTs) continues to evolve and expand, particularly with the recent launch of the Ordinals protocol and its impact on Bitcoin-based NFTs. One established Ethereum NFT collection, OnChain Monkey, has seen remarkable growth and success after revealing Bitcoin-based counterparts.
OnChain Monkey Goes Multi-Chain with Ordinals Protocol
OnChain Monkey is a collection of 10,000 Ethereum NFT profile pictures (PFPs) that were minted in 2021. The collection recently used the Ordinals protocol to “inscribe” all of its existing artwork on the Bitcoin blockchain, allowing NFT holders on Ethereum to have their collectibles live on Bitcoin as well. This move has had a major impact on the prices of OnChain Monkey’s Ethereum NFTs, with prices almost tripling in the wake of the announcement.
Record-Breaking Trading Volume Fueled by Multi-Chain Approach
The move to multi-chain has fueled a massive increase in NFT trading volume for the OnChain Monkey collection. According to data from CryptoSlam, the past 24 hours have seen a 12,200% increase in NFT trading volume for the collection compared to the previous span. The analytics platform reports about $1.1 million in sales over the past day for a project with lifetime secondary sales totaling almost $39 million.
Strategies for Enabling Trading and Constructing a Bridge between Ethereum and Bitcoin: Metagood
Metagood, the startup behind OnChain Monkey, was able to put all 10,000 NFTs onto Bitcoin via the Ordinals protocol using a single transaction. In a Twitter Spaces session, Metagood co-founder Danny Yang stated that enabling trading was the next step for the team, but also noted that other tooling needs to be created around Ordinals to facilitate that feature. The startup also plans to build a bridge between Ethereum and Bitcoin, allowing NFT holders to switch between the two versions of their collectibles.
OnChain Monkey Part of Metagood’s Efforts to Benefit Communities through Web3 Initiatives
OnChain Monkey is part of Metagood’s push to use Web3 initiatives to fund programs that benefit communities. This includes efforts to fund coral restoration and provide aid to Ukraine amid the Russian invasion. Metagood, co-founded by venture capitalist Bill Tai, Amanda Terry, and Danny Yang, raised $5 million in December.
In conclusion, the OnChain Monkey NFT collection’s move to go multi-chain has had a profound impact on its success and growth. With prices almost tripling, record-breaking trading volume, and plans for future developments, the OnChain Monkey collection serves as a shining example of the potential for NFTs and their continued evolution in the world of digital art and collectibles.
What is NFT?
“NFT” stands for Non-Fungible Token, which is a type of digital asset that represents ownership of a unique item or piece of content, such as a piece of artwork, music, or even tweets. NFTs are digital assets that are stored on a blockchain, a decentralized and secure ledger that provides a way to verify ownership and provenance. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible (i.e., interchangeable with one another), each NFT is unique and cannot be replicated or exchanged for an equivalent value.
The idea of NFTs dates back to the early era of blockchain technology, but in recent times, it has garnered significant attention as an unprecedented method for artists, musicians, and others to earn money from and safeguard their digital masterpieces. NFTs give creators a novel channel for disposing of their art, as the blockchain establishes a definite and unalterable ownership history of the transaction. This feature makes NFTs attractive to both artists and collectors, as they offer a secure and verifiable way to buy and sell one-of-a-kind digital assets.
However, NFTs are not without their controversies. Some critics argue that they contribute to the commodification of art and other creative works, while others have raised concerns about their impact on the environment. NFTs require a lot of energy to mint and transfer, as each transaction on a blockchain must be verified by multiple computers in a process known as mining. This energy consumption has raised questions about the sustainability of the NFT market and its impact on the environment.
Despite the criticisms, the NFT market is seeing an exponential growth, with an increasing number of new initiatives and platforms emerging continuously. Despite being in its infancy, with much speculation and ambiguity, many consider NFTs as a potential new arena in the digital asset sector. As the market progresses and becomes more established, it will be fascinating to observe the utilization of NFTs and their influence on the arts, music, and other creative industries.
NOT A FINANCIAL RECOMMENDATION
The information provided is for educational purposes only and should not be interpreted as a substitute for professional legal, tax, investment, financial or other advice.
