OnChainMonkey NFTs Price Increases Positively After Launching News On Bitcoin
- With the debut of OnChainMonkey on Bitcoin via Ordinals, the price of the collection increased.
- It became the first 10K collection to be inscribed on Bitcoin via Ordinals.
- The 10,000-piece OnChainMonkey NFT collection has become the seventh top collection by sales volume on OpenSea.
The price of Bitcoin increased after the well-known Ethereum-based NFT profile picture (PFP) project OnChainMonkey debuted on the Bitcoin network utilizing the Ordinals protocol.
As a result, the OnChainMonkey NFT (OCM) project was the first 10K collection to be inscribed on Bitcoin using Ordinals. On the Bitcoin blockchain, all 1.3 billion combinations of OCM Genesis pictures are currently visible.
“It’s much more than a jpeg, it’s a generative collection inscribed on Bitcoin! We did it in one inscription, for only a few dollars, saved block space, were more environmentally friendly, and did not disrupt the Bitcoin network. Others can inscribe NFTs like we have, without clogging the network. Everyone benefits!” the team noted.
Metagood, the company behind OnChainMonkey, asserted it could move all 10,000 NFTs onto Bitcoin using the Ordinals protocol in a single transaction, much as it did with the inaugural Ethereum collection back in 2021.
OnChainMonkey is a component of Metagood’s strategy to leverage Web3 projects to finance community-benefitting programs. Among these are initiatives to finance coral restoration and help Ukraine in the midst of the Russian invasion. Bill Tai, a venture financier, Yang, and Amanda Terry co-founded Metagood, which received $5 million in December.
OnChainMonkey NFTs saw a sharp increase in price, with the project’s floor price going from 0.79 ETH to 1.85 ETH or around $3000 at the time of writing on OpenSea.
According to data from CryptoSlam, the OnChainMonkey project’s NFT trading volume jumped by over 12,200% on February 9 day as a result of the launch via Ordinals.
The debut of the Ordinals protocol, which stores NFTs on the Bitcoin blockchain, sparked discussions last month. The blockchain should only be used for financial transactions, according to Bitcoin purists, as Ordinals depart from Satoshi Nakamoto’s original intention for Bitcoin to be a peer-to-peer payment system.
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