Recent developments now mean that bitcoin NFTs, known as ordinals, can store data and digital assets directly on bitcoin’s on-chain. Taking advantage of the opportunity to secure OnChainMonkey assets on the most decentralized and secure blockchain, OnChainMonkey is moving the entire 10,000 collection from Ethereum to Bitcoin.
Metagood, makers of the 10,000 NFT collectible, OnChainMonkey (OCM), is the first to move 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 significant costs of the mass migration from Ethereum to Bitcoin.
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OnchainMonkey Genesis NFT Collection (Photo: Business Wire)
On August 30, 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. Bitcoin badges were awarded to OCM holders who participated in missions that took approximately one year to complete.
The DAO proposal would subsidize 350 ETH (currently around US$570,787) for the migration to Genesis, and within 24 hours a quorum of 2,000 votes was met, with more than 4,700 votes 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 received near-unanimous support, with 99% of voters supporting the transfer to bitcoin.
The vote was not assured and included an education campaign on new technical developments in bitcoin ordinals and recursive inscriptions, led by the Metagood leadership team that proposed the migration idea and wrote the DAO proposal.
Importantly, the OCM community subsidy does not cover the full cost of the migration, which amounts to approximately $1 million. MetaGood is covering the remainder of the cost for its community of holders.
“Our OCM community has full confidence in our move to bitcoin,” said Danny Yang, CEO and co-founder of MetaGood and creator of the OCM Genesis Collection. “We have been involved with Ordinals since the beginning of the year, and have a great understanding of the potential and benefits of moving to bitcoin, especially the OCM community.”
“A historic change is on the horizon as we prepare to migrate our flagship archive, OCM Genesis, from Ethereum to Bitcoin. Coined in early February #20219, Genesis represents our firm belief in a promising future that awaits digital artifacts on bitcoin. said Amanda Terry, co-founder and COO of Metagood. “It is noteworthy that the DAO voted almost unanimously for the Ordinals technology, which was revealed only in February of this year.”
In truth, a portion of the vote probably reflects faith in MetaGood and OCM co-founder Danny Yang, who has been building on bitcoin since founding his first bitcoin company, McCoin (today Taiwan’s largest cryptocurrency company), in 2013. have been ), and at the beginning of building on ordinances. Yang helped pioneer recursive inscriptions by creating 3D generative art on bitcoin with the OCM Dimensions collection. Recursive inscription technology gives bitcoin new powers that were previously thought to be 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 on-chain types of NFTs called digital artifacts. These are more secure and decentralized NFTs.
“A migration of this order of magnitude is a significant milestone for our OCM community and the first migration and upgrade of its kind for a 10K collection,” said Danny Yang. “The Genesis Collection will have many innovative features true to its name and will be based on Block 9 Satoshi (SATs), the first SAT in circulation. They will be in sequential order matching SAT, and on bitcoin there will be a clear collection origin, and on ethereum the origin going back to its origin.
Yang continued: “In the past, other projects have paid substantial amounts of money to migrate to other blockchains. We’re doing the opposite. We are so confident in our move that we are spending over $1 billion of our own resources to move toward bitcoin, and in a significant and innovative way.
Clearly, OCM DAO members see bitcoin as a truly decentralized future for digital assets. OnChainMonkey will celebrate the second anniversary of the launch of its Genesis Collection on Ethereum this Monday, September 11th.
about onchenmonkey
OnChainMonkey, created by Metagood, is a leading digital art collection. This is the first NFT profile picture collection created on-chain in a single transaction on Ethereum in 2021. In 2023, OnchainMonkey made history again, becoming the first 10k collection made on bitcoin in 20219. The collection of 10,000 Generator Art NFTs is led by an experienced team including Danny Yang, who founded Taiwan’s largest cryptocurrency exchange McCoin; Amanda Terry, who served as digital media business development executive at Twitter and NBC; and Bill Tai, a renowned VC who was the first investor in Zoom and Canva, Dapper Labs as well as an early investor in more than 20 publicly listed companies. The OnChainMonkey community is building businesses in Web3 and making an impact on the real world. To learn more, visit www.onchanmonkey.com.
About Metagood
MetaGood is a leader in blockchain technology and digital assets, setting a new standard for innovation in the crypto industry that blends technology, art and community. Metagood was recognized for Impact Investing at Fast Company’s 2022 Best World Changing Ideas Awards. Metagood strives to create a better future for Web3. Through its innovative NFT collection OnchainMonkey (OCM), Metagood has created value and contributed to important causes. Those causes include funding the successful evacuation of Sharbat Gula (known as the “Afghan Girl” from the iconic 1984 National Geographic cover) and her family from Afghanistan, donations to humanitarian aid in Ukraine, and more. Metagood was founded by veterans with decades of business experience. Its chairman, Bill Tay, a renowned venture capitalist, has been at the forefront of the crypto sector since 2010. CEO Danny Yang founded both MacCoin, Taiwan’s largest cryptocurrency exchange, and BlockSeer, a blockchain technology company serving customers. FBI, US Secret Service and DHS. He also founded the Stanford Bitcoin Meetup in 2013. The COO, Amanda Terry, is a former business development executive at Twitter and NBC and co-founder of ACTAI Ventures, where she serves as its Managing Partner. To learn more, visit www.metagood.com.
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Source: cryptosaurus.tech
