10k NFT Collection on Bitcoin, The Great NFT Migration? – SlateCast #56
On a recent episode of SlateCast, host Akiba sat down with Danny Yang of OnChainMonkey to discuss various aspects of the rapidly evolving crypto space. The conversation covered topics such as OnChainMonkey’s unique position in the Ethereum and Bitcoin ecosystems, the potential impact of NFTs on bitcoin blockchain bloat, and the contentious issue of royalties for creators.
OnChainMonkey : Merging art with blockchain technology
OnChainMonkey was originally created as an on-chain generative art project in September 2021. It became the first on-chain PFP collection minted in a single transaction on Ethereum. However, the project quickly evolved into a community-driven endeavor focused on empowering communities around causes through NFT technology.
The community behind OnChainMonkey adheres to a set of core values known as RISE – Respect, Integrity, Sustainability and Enrichment. These values guide their actions as they work to create a positive impact in the world through their initiatives.
NFTs on Bitcoin: Expanding Block Space Value
As the use of Ordinals – the protocol that enables NFTs to be minted directly on Bitcoin – grows, Danny Yang shared his enthusiasm for expanding block space value by securing high-value digital assets such as art and collectibles alongside Bitcoin. He believes this development will drive more users to run full nodes to secure the chain.
Yang also noted how his team was able to store all 10K images from their collection using only 20 block storage devices – a testament to their commitment to the deliberate use of blockchain resources.
Royalties Debate: Adapting business models
The podcast discussed the latest developments regarding royalties for creators in the NFT space. Platforms like Blur are actively looking for ways to either collect or remove royalties altogether. Yang acknowledged that the situation is a “struggle” between collectors, creators, community members and traders.
However, he remains optimistic about the future of royalties in the industry. While he admits that the absence of royalties will lead to an adjustment of business models for creators and communities, Yang believes that new solutions will emerge to address these concerns.
OnChainMonkey’s upcoming projects
Looking ahead, OnChainMonkey has several exciting projects lined up. They plan to release the “Passport to the Prosperous Digital Nation”, which gives members access to valuable resources and experiences. In addition, they have an art collaboration with the generative artist Alexei Andre on the horizon. The collection will use the DNA of OnChainMonkey’s existing works to create stunning new pieces.
As crypto enthusiasts continue to navigate this complex landscape, conversations like those on SlateCast provide invaluable insight into emerging technologies and their potential impact on various aspects of our lives.
Don’t miss this engaging episode of SlateCast by watching the podcast in its entirety above, where Danny Yang delves into OnChainMonkey’s projects and shares his thoughts on other critical developments in the crypto space.
