Your guide to Bitcoin, Ethereum and Web 3.0
Buzz around Bitcoin-based NFTs—via the recently launched Ordinals protocol — continues to grow every day, with record-setting mint on Thursday and high value sales in the last 24 hours. And an established one Ethereum The NFT collection is reaping the benefits of going with multiple chains, seeing prices rise after disclosure Bitcoin-based counterparties.
OnChain Monkeya collection of 10,000 Ethereum NFT profile pictures (PFP) minted in 2021, used Ordinals to “enroll” all of their existing artwork on Bitcoin in the last 24 hours. Now NFT holders on Ethereum can also say that their respective collectibles also live on Bitcoin.
Prices for the Ethereum NFTs have nearly tripled since the announcement, with the minimum price – that is, the cheapest listed NFT on a marketplace – for the project jumping from 0.79 ETH at the start of the day (per NFT Price Floor) to a high of 1.75 ETH before settling to about 1.5 ETH (nearly $2,500) at the time of writing.
According to data from CryptoSlam, the move has seen a 12,200% increase in NFT trading volume for the Ethereum project over the past 24 hours compared to the previous time frame. The analytics platform reports $1.1 million in sales in the past 24 hours for a project with lifetime secondary sales totaling nearly $39 million.
Metagood, the startup behind OnChain Monkey, said it pegged all 10,000 NFTs to Bitcoin via the Ordinals protocol using a single transactionmuch like it did for the original Ethereum collection back in 2021.
In a Twitter Spaces today, Metagood co-founder Danny Yang said that enabling trading was the next step for the team, but suggested that other tools need to be built around Ordinals to facilitate this feature. He also noted that Metagood plans to build a bridge between Ethereum and Bitcoin to allow NFT holders to switch between the two versions.
“They are the same on both chains,” wrote an OnChain Monkey Discord moderator earlier today. “Buy in ETH and you will have access to the BTC version when the tools catch on.”
Decrypt reached out to Metagood’s co-founder and COO Amanda Terry for comment and clarification on the Ordinals rollout, but have yet to hear back. The project’s Discord server is filling up with users claiming to have bought one of the Ethereum NFTs after the Bitcoin announcement and asking for details on how it will work.
OnChain Monkey is part of Metagood’s push to use Web3 initiatives to fund programs that benefit local communities. These include efforts to fund coral restoration and provide aid to Ukraine amid the Russian invasion. Metagood, which was founded by venture capitalist Bill Tai along with Terry and Yang, raised $5 million in December.
Metagood and various collectors have taken to Twitter to proclaim that OnChain Monkey represents the first 10,000 NFT project to be minted on Ordinals – a claim that the creators of Bitcoin Punks, a clone of the popular Ethereum project CryptoPunks, have also made.
