NFTs News

OnChainMonkey NFTs Price Increases Positively After Launching News On Bitcoin

Key Points:

  • 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

1 hour ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

4 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

6 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

7 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

10 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

13 hours ago

This website uses cookies.