According to Cointelegraph, the team behind nonfungible token (NFT) collection OnChainMonkey is planning to move its entire collection of 10,000 NFTs from Ethereum to Bitcoin. The migration is expected to take several months and cost over $1 million. Metagood co-founder and CEO Danny Yang announced the decision on September 7, stating that the Bitcoin Ordinal protocol offers better decentralization and security than the Ethereum NFT protocol.
The OnChainMonkeys were initially launched on Ethereum in September 2021, but the community saw Bitcoin as a more secure platform for its users. The proposal to migrate to Bitcoin was approved by 99% of OnChainMonkey tokenholders. During the migration process, each new OnChainMonkey on Bitcoin will have clear provenance to the corresponding original Ethereum NFT. Holders will receive the corresponding Bitcoin Ordinal once they’ve burned the Ethereum NFT.
Despite Ethereum's dominance in the NFT market, Yang believes that a strong Bitcoin-native NFT ecosystem will develop over time. OnChainMonkey NFTs currently trade at an average floor price of 1.10 Ether (ETH) with over 20,550 ETH in transaction volume from 9,500 items since it launched on NFT marketplace OpenSea in September 2021. Of the 2,900 owners of the OnChainMonkey NFTs, 31% are unique owners, according to OpenSea.
