Ethereum

Bitcoin

ORDI

Reported Bitcoin Magzine, A popular Ethereum NFT project OnChainMonkey (OCM) project has committed to migrating its entire digital art collection from Ethereum to Bitcoin.
In total, moving the collection, which includes burning the old NFTs on Ethereum so they can no longer be traded, cost the project over $1 million in Bitcoin fees.
OnChainMonkey, created by Metagood, became the first profile picture collection created entirely on-chain in a single Ethereum transaction back in 2021. Further, it launched its first <a target="_blank" href="https://tokeninsight.com/en/news/?title=ordinals">Ordinals</a> collection in February shortly after the Ordinals launch.
Notably, the decision was supported by a broad portion of OnChainMonkey NFT owners, with users voting to subsidize a portion of the substantial migration cost.
The transaction comes at a time when the Ordinals market has cooled considerably, with total transaction volumes and sales across exchanges seeing a notable decline.
<img src="https://s2.tokeninsight.com/static/calendar/img20230908024444184a0589-2d81-4c8b-b3c5-50b8bc79fa02.jpg">
Stay updated with the most important <a target="_blank" href="https://tokeninsight.com/en/news">cryptocurrency news</a> and valuable insights, conveniently delivered to your email every day. <a rel="noopener noreferrer nofollow" target="_blank" href="https://mailchi.mp/tokeninsight/newsletter">Subscribe to the TokenInsight mailing list now!</a>
Prefer social media? Follow us on <a rel="noopener noreferrer nofollow" target="_blank" href="https://twitter.com/tokeninsight">Twitter</a>, or subscribe to our <a rel="noopener noreferrer nofollow" target="_blank" href="https://t.me/TokenInsightchannel">Telegram channel!</a>
If you have news reports or announcements that you want to reach a wider audience, feel free to email us at <a href="mailto:news@tokeninsight.com">news@tokeninsight.com</a>

Ethereum NFT Project OnChainMonkey Spends $1M to Migrate to Bitcoin

TokenInsight

Other articles published on Sep 8, 2023

JPMorgan Explores Blockchain-Based Deposit Tokens

One Trading Launch Instant Trade

Creator League, Promoted by Mr. Beast, on Hold Amid Controversy

Is Bitcoin Cash Going to Zero? BCH Price Plummets 7.7% as New Bitcoin Startup Surges Past $300,000

Whales Buying More Cardano ($ADA) As Investors Scoop Loads of $ROE In Impressive Borroe.Finance P...

EOS Price Prediction: Will EOS Crypto Test $1 by 2023 End?

Join our free newsletter for daily crypto updates!