Metagood to move Ethereum NFT collection to Bitcoin

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Metagood yesterday announced plans to move 10,000 OnChainMonkey Genesis NFTs from the Ethereum network to the Bitcoin blockchain.

Metagood CEO Danny Yang attributed the decision to Bitcoin being exceedingly perceived as the more secure platform for its users.

In order not to burden OnChainMonkey holders with the cost, the company has prepared over $1 million to fund the migration. The move is expected to take several months due to its scale and complexity.

“The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.”

Danny Yang, Metagood CEO.

The proposal for the move was revealed to holders on September 30. It received the highest number of votes any decentralized autonomous organization (DAO) has ever seen in 24 hours.

Within the brief window, a quorum of 2,000 votes was reached, and the vote itself finished with 4,700 votes. Approved by 99 percent of the OnChainMonkey token holders, Yang interpreted it as an enthusiastic green light from the community.

“It is remarkable that the DAO almost unanimously voted for the Ordinals technology that only emerged in February this year,” said Metagood co-founder and COO Amanda Terry.

The OnChainMonkeys collection, first launched in September 2021 on Ethereum, was one of the pioneering collections in the NFT space. Having accumulated thousands of holders, they will now have to burn their Ethereum NFTs first to be eligible to receive the corresponding Bitcoin Ordinal.

Yang, who has been building on Bitcoin since founding his first Bitcoin company, Maicoin, in 2013, is hopeful for the transition despite the substantial cost.

“In the past, other projects have been paid a substantial amount of money to move to another blockchain. We are doing the opposite. We are so convinced in our move that we are spending more than $1M of our own resources to make the move to Bitcoin and in an important and innovative way.” he said.

Why move to Bitcoin?

One of the key driving elements behind the migration is the recent development of Bitcoin NFTs in February. Known as Ordinals, they are capable of storing data and digital assets directly on Bitcoin’s chain. The development of Ordinals made waves in the community due to the perceived increase in safety compared to other blockchains.

“The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin,” Yang said.

Another factor that drives the Bitcoin chain’s increasing popularity is the launch of Bitcoin BSC (BTCBSC), an eco-friendly and more sustainable crypto alternative to the original Bitcoin.

Ethereum still dominates NFT market

While Bitcoin continues gaining more popularity, Ethereum retains its dominant position in the NFT market. Over the last month, Ethereum facilitated $236.8 million worth of transactions. Meanwhile, Bitcoin ranked sixth at $11.1 million, as per data from CryptoSlam.

Despite Ethereum’s dominance in the market, Yang believes it is only a matter of time before a robust Bitcoin-native NFT ecosystem develops. He maintained that both Bitcoin and Ethereum NFT ecosystems can coexist and thrive.

However, Bitcoin Ordinals transaction volumes plunged 98 percent between May and mid-August. Currently, its pricing is hovering without a definitive trend.

Still, Pantera Capital, one of the largest American hedge funds specializing in cryptocurrencies, predicts that Bitcoin might go up to approximately $148,000 in the upcoming four years.