The Metagood team is transferring 10,000 OnChainMonkey NFTs from the Ethereum blockchain to the BTC network, with the majority of their DAO voting in favor of migration.
This process will require more than the estimated $1 million in technical costs, so the collection community has donated 350 ETH (~$570,000 at the time of writing).
The move is expected to benefit high-value NFTs, with each token being linked to a predecessor on the Bitcoin signature protocol upon burning its Ethereum version.
Project manager Danny Yang noted that he has been working with Ordinals developers since the beginning of 2023, and that the initiative would be further insulated by the $6.4 million worth of NFTs sold on the Ethereum network in the past 24 hours.
CryptoSlam data reports that Ordinals held a 85% share in Bitcoin transactions at 450,785 out of a total of 530,788, and 25.6 million inscriptions have since been created, bringing in 1149 BTC in commissions.
Unfortunately, by mid-August 2020, the trade volume of Ordinals fell from $452 million in May to $3 million, and the number of transactions also decreased from 832,648 to 20,571.
