Recent developments now mean Bitcoin NFTs, known as Ordinals, can store data and digital assets directly on Bitcoin’s chain. Seizing the opportunity to secure the OnChainMonkey assets on the most decentralized and secure blockchain, OnChainMonkey is moving the entire 10,000 collection from Ethereum to Bitcoin
Metagood, the creators of OnChainMonkey (OCM), are the first to move a 10,000 NFT collection, OCM Genesis, from Ethereum, the nominal home of smart contracts, to Bitcoin’s blockchain, the most decentralized and secure blockchain. The OCM DAO voted to financially subsidize some of the substantial cost of the large migration from Ethereum to Bitcoin.
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“A historical transition is on the horizon as we prepare to migrate our flagship collection, OCM Genesis, from Ethereum to Bitcoin. Inscribed in early February in inscription #20219, Genesis represents our firm belief in the promising future that awaits digital artifacts on Bitcoin”
On 30 August 2023, the OCM team proposed subsidizing the cost of this migration and making it free for all OCM Genesis NFT holders with a Bitcoin Badge. The Bitcoin Badge was rewarded to OCM holders who participated in missions that took about a year to complete.
The DAO proposal will award a subsidy of 350 ETH (approximately USD $570,787 currently) for the migration to Genesis, and reached a quorum of 2,000 votes within 24 hours and finished with over 4,700 votes cast in favor of the proposal. This is the highest number of votes any DAO proposal has received within 24 hours since OCM’s DAO was founded in 2021. The proposal had nearly unanimous support, with 99% of voters supporting the migration to Bitcoin.
The vote was not assured and involved an education campaign on Bitcoin Ordinals and the new technical development of Recursive Inscriptions led by the Metagood leadership team, who proposed the migration idea and wrote the DAO proposal.
Importantly, the OCM community subsidy doesn’t cover all of the costs of migration, which amount to around $1M. Metagood is covering the rest of the cost for their community of holders.
“Our OCM community has conviction in our move to Bitcoin,” said Metagood CEO and co-founder and OCM Genesis Collection creator Danny Yang. “We have been involved with Ordinals since the beginning of the year, and the OCM community, in particular, has a great understanding of the potential and benefits of the migration to Bitcoin.”
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“A historical transition is on the horizon as we prepare to migrate our flagship collection, OCM Genesis, from Ethereum to Bitcoin. Inscribed in early February in inscription #20219, Genesis represents our firm belief in the promising future that awaits digital artifacts on Bitcoin,” said Metagood co-founder and COO Amanda Terry. “It is remarkable that the DAO almost unanimously voted for the Ordinals technology that only emerged in February this year.”
In truth, part of the vote likely reflects the faith in Metagood and OCM co-founder Danny Yang, who has been building on Bitcoin since founding Maicoin, his first Bitcoin company, in 2013 (the largest cryptocurrency company in Taiwan today), and early in building on Ordinals. Yang helped pioneer recursive inscriptions, creating 3D generative art on Bitcoin with the OCM Dimensions collection. The recursive inscription technology gives Bitcoin new powers, previously thought impossible without changing Bitcoin’s core protocol. Now, complex programs can be stored and run from the Bitcoin blockchain.
Recursion and other features of Ordinals allow for an on-chain kind of NFTs referred to as Digital Artifacts. These are more secure and decentralized NFTs.
“A migration of this order of magnitude is a monumental milestone for our OCM Community and a first-of-its-kind migration and upgrade for a 10K collection,” mentioned Danny Yang. “The Genesis collection will have a ton of innovative features to its name and be on Block 9 Satoshis (sats), the first sats in circulation. They will be in sequential order, matching the sats, and have clear collection provenance on Bitcoin, and provenance going back to their origin on Ethereum.”
Yang said further: “In the past, other projects have been paid a substantial amount of money to move to another blockchain. We are doing the opposite. We are so convinced in our move that we are spending more than $1M of our own resources to make the move to Bitcoin and in an important and innovative way.”
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