OnChainMonkey Migrating to Bitcoin
OnChainMonkey (OCM) is migrating its entire digital art collection from Ethereum to Bitcoin Ordinals, incurring a hefty $1 million migration fee.
- Migration Costs: The project paid over $1 million in Bitcoin fees for the migration.
- DAO Approval: A quorum of 2,000 votes backed the move within 24 hours.
- Ethereum Exit: The migration includes burning existing Ethereum NFTs.
- Market Timing: The decision comes amid a cool-off in the Ordinals market.
OnChainMonkey, founded by Metagood, announced its bold move to migrate its entire digital art collection from Ethereum to Bitcoin Ordinals.
The migration process isn't just a click of a button; it comes at a substantial cost. OnChainMonkey forked over more than $1 million in Bitcoin fees to make this move. This amount doesn't only cover the technical costs but also includes the expense for burning the existing Ethereum NFTs, rendering them non-tradable.
Backing this massive shift is the project's DAO (Decentralized Autonomous Organization), which within 24 hours gathered more than 2,000 votes in favor of the move.
Interestingly, this all comes at a time when the Ordinals market has seen a significant cool-down, which makes this transition a potential precursor for the market's next big wave. Bitcoin ranks seventh in overall blockchain trading volume over the last month according to data from CryptoSlam.
📊 By the Numbers
The DAO proposal for migration saw 2,000 votes within 24 hours, and 99% voted in favor of the move to Bitcoin.
🎤 Founder Feedback
Our OCM community has conviction in our move to Bitcoin. The OCM community, in particular, has a great understanding of the potential and benefits of migration to Bitcoin.Danny Yang, CEO of Metagood to Bitcoin Magazine
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