OnChain Monkey debuted on Bitcoin using Ordinals protocol, raising its price.
As a result, the OnChainMonkey NFT (OCM) project became the first 10K collection to be engraved on Bitcoin using Ordinals.
It’s a lot more than just a jpeg; it’s a generative collection that’s been engraved on Bitcoin! We accomplished it in a single inscription, it only cost a few dollars, we were better for the environment, conserved block space, and did not disturb the Bitcoin network,” the group claimed.
At this time, it is feasible to examine all 1.3 billion potential permutations of OCM Genesis pictures that are stored on the blockchain for Bitcoin.
As it did with the original Ethereum collection in 2021, the company that was behind OnChain Monkey, Metagood, promised that it could transfer all 10,000 NFTs onto Bitcoin via the Ordinals protocol using only a single transaction.
The price of OnChain Monkey NFTs had a huge surge, causing the project’s floor price to go from 0.79 ETH to 1.95 ETH, which was equivalent to almost $3000 on OpenSea at the time this article was written.
The trading volume of non-fungible tokens (NFTs) associated with the OnChain Monkey project had a 12,200% spike the day after its introduction through Ordinals, according to data provided by CryptoSlam.
On OpenSea, the 10,000-piece OnChain Monkey NFT collection has risen to the seventh spot on the list of the top collections based on sales volume during the last twenty-four hours.
The debut of the Ordinals protocol, which keeps non-fungible tokens (NFTs) on the Bitcoin blockchain, sparked heated disputes earlier this month. Because Ordinals diverge from Satoshi Nakamoto’s concept of Bitcoin as a peer-to-peer payment system, Bitcoin purists claimed that the blockchain should only be used for financial transactions.
Compiled by Coinbold