Onchain Monkey NFT collection inscribed Bitcoin using Ordinals has 3x sales since duplicates were created on Bitcoin.
- Onchain Monkey NFT collection inscribed Bitcoin using Ordinals has 3x sales since duplicates were created on Bitcoin.
- The NFT collection had only recorded $36 million in total sales since its creation in 2021, but traded over $2 million in one day on Bitcoin,
Saturday February 11 Many would say that the Bitcoin ordinals protocol is bad business for the Bitcoin network. But some NFT creators may disagree with the recently recorded sell-off that has yet to be seen in the Ethereum NFT market.
An Ethereum NFT collection first minted in 2021 is making huge numbers on the Bitcoin network. The monkey on the chain is an NFT collection that was first minted about two years ago. The NFTs are a collection of 10,000 Ethereum NFT Profile Pictures (PFPs). The collection has 3 times its sales since landing in the Bitcoin chain.
OnChainMonkey is the first 10K collection inscribed on Bitcoin via Ordinals!
Own an ETH OCM Genesis = Owning a BTC OCM Genesis
Everything on-chain on Bitcoin on February 8, 2023, and everything on-chain on Ethereum on September 11, 2021! 🔥
🧵/8 pic.twitter.com/AMuUlERJZM
— OnChainMonkey (@OnChainMonkey) 9 February 2023
Ethereum NFT has seen a surge in praise following announcements that it was available on Bitcoin via the Ordinals protocol.
In fact, it has been a record $1.1 million in sales in just one day. The project had only made about $39 million since its inception. Interests in NFTs for the monkey on the chain have gone up after the performance in the last 24 hours, the trading volume has gone over 12,000%.
The floor price for one NFT from the collection listed on the marketplace was originally priced at 0.79 ETH. The numbers have gone much higher since the announcement and the floor prices have since gone up to 1.75 ETH. The increase in the value of NFT did not peak there. Prices have dropped slightly to 1.5 ETH.
Is the Bitcoin Ordinals Protocol Here for Good?
The Ordinals protocol has received much criticism since its creation. The narrative around Ordinals may change with the new developments.
10,000 of the NFTs from the collection were written into Bitcoin through Ordinals in one transaction. The same pattern was used to create the first Ethereum collection, said Metagod, the startup that founded the Onchain Monkey project.
The creators of the collection had this to say about the relevance of the project via Twitter.
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The inscription was done with just a few dollars. Block locations were saved as a result. The action was environmentally friendly and did not disrupt the Bitcoin network in any way.
The creators of the collection updated the audience about another Easter egg. The official collection is 10,000, but 1.3 billion possible combinations of the OCM Genesis images can be seen on the Bitcoin blockchain if users know how to navigate the network, they added.
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