OnChain Monkey, a collection of 10,000 Ethereum NFT profile pictures which was minted two years ago have recently announced that it has utilized Ordinals to “inscribe” all of its existing artwork on Bitcoin over the past day. This announcement has reportedly played a huge part in the recent price surge observed.
Bitcoin-based NFTs are currently creating a buzz on the market, in which record-setting mints has been observed as well as high value sales. Several Ethereum NFT collections have been observed to have a surge due to the ongoing multi-chain trend in the industry.
Metagood’s Plan
The OnChain Monkey project for Ethereum has seen its NFT trade volume surge by over 12,000%, according to data from CryptoSlam. The aforementioned information was compiled throughout the last 24 hours, and its development over the previous few days has been contrasted.
Startup company Metagoods, which is behind the Ethereum NFT project OnChain Money, asserts that it converted all 10,000 of its NFTs into Bitcoin in a single transaction using the Ordinals protocol. The first Ethereum collection, which was published back in 2021, underwent the same procedure.
Danny Yan, co-founder of Metagood, revealed some details of their plan on Twitter. The co-founder stated that the next step is to enable trading; however, he also stated that in order for Ordinals to facilitate such a feature, more tools within the platform are required.
Furthermore, the co-founders have spoken about their plans to build a bridge between Ethereum and Bitcoin. The bridge’s goal is to allow NFT holders to switch between the two versions. The OnChain Monkey Discord moderator elaborated on this plan earlier today. “Buy on ETH and you will have access to the BTC version, which stated that they would be the same on both chains, in which if you buy ETH you will have access to its BTC version, but this will allegedly happen only if tools catch up.
Prior to the said announcement, the Ethereum NFT project’s Discord server was flooded with users claiming to have purchased one of the said Ethereum NFTs in response to the Bitcoin announcement. The aforementioned users are reportedly interested in learning more about how it will work.
