Metagood, the firm responsible for the renowned NFT series known as OnChainMonkey (OCM), is making pioneering strides in the cryptocurrency realm. They are relocating their substantial NFT collection, OCM Genesis, comprising 10,000 items, from the Ethereum blockchain to Bitcoin’s blockchain. This move wasn’t made casually, as it comes with a substantial cost of $1 million, as indicated in a press release.
Introduced in September 2021, OCM unveiled its Genesis Collection by releasing 10,000 monkey-themed PFPs for free. The project gained recognition for transferring its entire NFT collection to the Ethereum blockchain in a single transaction. Today, OCM is undertaking a similar process by migrating its NFT collection to the Bitcoin network in one seamless operation.
The OCM DAO (Decentralized Autonomous Organization) has put forth a plan to cover the significant expenses associated with the migration, ensuring that all OCM Genesis NFT holders possessing a “Bitcoin Badge” can undertake the process at no cost. This exclusive “Bitcoin Badge” had been granted to OCM participants who actively engaged in missions throughout the past year.
The DAO proposal garnered tremendous backing, with more than 4,700 votes in favor, marking the highest number of votes received within a 24-hour period for any DAO proposal since OCM’s DAO was established in 2021. The proposal to migrate Genesis from Ethereum to Bitcoin enjoyed almost unanimous support, with an astounding 99% of voters endorsing the move.
The leadership team at Metagood, who initiated the migration and authored the DAO proposal, played a vital role in educating the OCM community about Bitcoin Ordinals and the technical advancements of Recursive Inscriptions, a critical technology essential to the migration process.
Although the community subsidy addresses a substantial portion of the migration expenses, amounting to approximately $570,787 in ETH (at current market prices), Metagood is undertaking the responsibility for the remaining costs, which adds up to around $1 million.
Danny Yang, CEO and co-founder of Metagood and the visionary behind the OCM Genesis Collection, expressed, “This migration is a monumental milestone for our OCM Community and a first-of-its-kind migration and upgrade for a 10K collection.” This move underscores a noteworthy technological leap in the NFT arena and underscores the community’s steadfast belief in Bitcoin.
“In the past, other projects have been paid substantial amounts to move to another blockchain. We are doing the opposite. We are so convinced in our move that we are spending more than $1 million of our own resources to make the move to Bitcoin in an important and innovative way,” Yang emphasized.
The OCM Genesis Collection is on the brink of a transformative journey as it transitions to the Bitcoin blockchain. These NFTs will reside on Block 9 Satoshis (sats), the smallest divisible unit of Bitcoin renowned for its exceptional granularity. This migration will arrange the Genesis collection in a sequential manner alongside sats, ensuring transparent and verifiable ownership history on Bitcoin while maintaining its original connection to Ethereum.
