The value of the Ethereum NFT collection from 2021 went through the roof after creators created Bitcoin duplicates using Ordinals.
Buzz about Bitcoin-based NFTs keeps growing by the day, with record-setting mints on Thursday and high-value sales over the past day. One Ethereum NFT collection that has been around for a while is benefiting from going multi-chain because its prices have gone up since it announced Bitcoin-based counterparts.
What about OnChain Monkey collection?
OnChain Monkey is a collection of 10,000 Ethereum NFT profile pictures (PFPs) minted in 2021. Over the past day, Ordinals have been used to “inscribe” all of its artwork on Bitcoin. The people who own NFTs on Ethereum can now also say that their collectibles live on Bitcoin.
Since the announcement, prices for Ethereum NFTs have almost tripled, with the floor price (the cheapest NFT listed on a marketplace) for the project jumping from 0.79 ETH at the beginning of the day to a peak of 1.75 ETH before settling at about 1.5 ETH (nearly $2,500) as of this writing.
OnChainMonkey is the first 10K collection to be inscribed on Bitcoin via Ordinals!
— OnChainMonkey (@OnChainMonkey) February 9, 2023
Own an ETH OCM Genesis = Owning a BTC OCM Genesis
All on-chain on Bitcoin on Feb 8, 2023, and all on-chain on Ethereum on Sept 11, 2021!/8 pic.twitter.com/AMuUlERJZM
According to data from CryptoSlam, the move has caused NFT trading volume for the Ethereum project to grow by 12,200% in the last 24 hours compared to the previous 24 hours. The analytics platform says that a project has made about $1.1 million in sales in the last day. The project has made almost $39 million in secondary sales over its lifetime.
Metagood, the company behind OnChain Monkey, said it put all 10,000 NFTs on Bitcoin using the Ordinals protocol and a single transaction, just like it did for the original Ethereum collection in 2021.
In a Twitter Spaces today, Danny Yang, one of the co-founders of Metagood, said that trading was the next step for the team but that other tools would need to be built around Ordinals to make that possible. He also said that Metagood plans to build a bridge between Ethereum and Bitcoin so that NFT holders can switch between the two versions.
“They are the same on both chains,” an OnChain Monkey Discord moderator wrote earlier today. “Buy on ETH and you will have access to the BTC version when the tools catch up.”
OnChain Monkey is part of Metagood’s endeavor to utilize Web3 projects to support community-beneficial programming. These include efforts to fund coral restoration and provide aid to Ukraine amid the Russian invasion. In December, Metagood, which was co-founded by venture capitalist Bill Tai, Terry, and Yang, raised $5 million.
Content Source: decrypy.com
Cover Image Source: finance.yahoo.com
