In an announcement that’s shaking up the NFT space, OnChainMonkey NFT collection is making a daring transition. The collection is moving its comprehensive array of 10,000 NFTs from Ethereum to Bitcoin. As first reported by Cointelegraph, this massive transition is set to span several months and is a testament to the overwhelming trust the community has in Bitcoin’s unparalleled security and decentralization mechanisms.

Deciphering the Bold Move

Danny Yang, CEO of Metagood, unveiled this impending transition on September 7th. He emphasized that their prime collection, OCM Genesis, will transition from Ethereum’s realm to that of Bitcoin. Originally launched on Ethereum in September 2021, the OnChainMonkey collection is making this stride mainly because of the community’s unanimous sentiment. They resoundingly believe in the security and decentralization features Bitcoin Ordinals offers over Ethereum.

Highlighting this sentiment, Yang stated, “The Bitcoin Ordinal protocol distinctly outshines the Ethereum NFT protocol in areas of decentralization and security. This paves the way for high-caliber NFTs to truly shine on Bitcoin.” A monumental 99% of OnChainMonkey tokenholders endorsed this shift, spotlighting their shared conviction in the benefits of Bitcoin.

However, transitioning isn’t a cakewalk. Metagood anticipates a sizable expenditure, which might exceed $1 million, to ensure this migration is hiccup-free.

Bitcoin Ordinals is a big deal. I’ve been building on Bitcoin for over ten years, and Ordinals is the most significant development in recent years. Don’t get distracted by the monkey JPEGs talk, and do learn why the Ordinals Protocol is important.

— danny huuep (@huuep) June 20, 2023

Preserving Legacy and Authenticity

Amidst the intricacies of this process, every newly crafted OnChainMonkey on Bitcoin promises to have a clear lineage traced back to its Ethereum counterpart. To effectuate this, holders will be awarded the corresponding Bitcoin Ordinal once they’ve decommissioned their Ethereum NFT.

Yang also revisited Metagood’s prior ventures to showcase their proficiency in handling such tasks. He remarked, “Our trailblazing endeavors include inscribing 10,000 images of a collection on Bitcoin, initiating a parent-child collection with OCM Dimensions 300, and pioneering recursive inscriptions on Bitcoin.”

Yet, Ethereum continues to reign supreme in the NFT marketplace. As per CryptoSlam’s recent data, Ethereum is leagues ahead with a whopping $236.8 million in NFT deals over the past month. Bitcoin, while making commendable strides, is currently placed sixth with $11.1 million.

Yang, however, is buoyant about Bitcoin’s prospects. He envisions a vibrant Bitcoin-centric NFT ecosystem and believes that both Bitcoin and Ethereum have the potential to co-exist and prosper.

Ordinals is an elegant protocol, and like Bitcoin, is both simple and powerful.

Snapshot of the Present Market

Presently, OnChainMonkey NFTs are traded at an average baseline price of 1.10 Ether (ETH). They’ve accumulated an impressive transaction volume exceeding 20,550 ETH since debuting on the illustrious NFT marketplace, OpenSea, in September 2021. Notably, a hefty 31% of the 2,900 OnChainMonkey NFT aficionados are unique, as stated by OpenSea.

The transition was further facilitated by the inception of Ordinals and BRC-20 tokens at the beginning of this year, a development following the successful Taproot soft fork in November 2021.

TL;DR: As first spotlighted by Cointelegraph, OnChainMonkey NFT collection is transitioning its entire assortment of 10,000 NFTs from Ethereum to Bitcoin. The community’s faith in Bitcoin’s security and decentralization features fuels this move.

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Bitcoin has just made a significant stride in the world of non-fungible tokens (NFTs) with the introduction of the BRC-721E token standard. This new development, created by Ordinals.market and Xverse Bitcoin Wallet, is set to revolutionize the NFT landscape and further establish Bitcoin’s presence in the market. Let’s explore what this means for the world of NFTs and how it simplifies the process for NFT collectors to migrate to the Bitcoin network.

The BRC-721E Token Standard

The BRC-721E token standard is a groundbreaking protocol that enables Ethereum-based ERC-721 projects to seamlessly transition to the Bitcoin network. The process involves sending the ERC-721 token to a burn address, followed by inscribing the NFT onto the Bitcoin network. Once the bridging is complete, the NFT and its corresponding metadata become visible on the ordinals.market website.

Simplifying NFT Migration to Bitcoin

Previously, migrating NFTs to Bitcoin posed challenges for collectors due to the steep learning curve involved. However, with the BRC-721E token standard, this process has been greatly simplified. Users can now effortlessly transfer their digital assets from Ethereum to Bitcoin, opening up new opportunities for NFT collectors.

Popularity of Ordinals and the Bitcoin NFT Market

Bitcoin NFTs, particularly Ordinals, have gained significant popularity within the NFT community. Since its introduction in January 2023, over 10 million Ordinals have been inscribed. Such high volume transactions initially strained the Bitcoin network, causing congestion and delays in processing transactions. At one point, over 500,000 transactions were left pending confirmation, leading to speculation about a potential network attack.

While the weekly inscriptions have witnessed an 83% decline in recent weeks compared to the first half of May, the introduction of the BRC-721E token standard is expected to reinvigorate the Bitcoin NFT market. As the onboarding process becomes easier and more streamlined, it is likely that more collectors will be enticed to explore Bitcoin NFTs. Projects like Taproot Wizards are already emerging as early favorites among Bitcoin NFT enthusiasts.

With the advent of the BRC-721E token standard, Bitcoin NFTs have taken a major leap forward. This development not only facilitates the migration of ERC-721 projects to the Bitcoin network but also signifies Bitcoin’s growing presence in the NFT market. As the process becomes more user-friendly, we can expect an influx of collectors embracing Bitcoin NFTs, driving innovation and growth in this exciting space.

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The year 2023 is shaping up to be a defining moment for Bitcoin Ordinals, as the world’s first blockchain solidifies its position in the NFT market. While Ethereum has long held the top spot in terms of market capitalization, Bitcoin is now steadily climbing the ranks, vying to become the leading NFT blockchain. In fact, it has already secured the second position, demonstrating a rapid rise in popularity.

Bitcoin’s NFT Sales Surge

Bitcoin has made significant strides in the NFT space, as reported by the NFT industry data aggregator CryptoSlam. It has not only secured a spot among the top ten all-time NFT blockchains by sales volume but has also witnessed a remarkable surge in revenue over the past month. During this period, Bitcoin’s NFT sales volume surpassed that of its competitors, including Solana, with an impressive $169 million. Although Ethereum still holds the top spot with around $393 million, Bitcoin’s ascent is undeniable.

Bitcoin’s success in the NFT market is not solely attributed to uncategorized Ordinals. Various organized collection efforts have found success on the blockchain, notably Space Pepes and Bitcoin Frogs. These collections alone generated substantial sales volumes of $12 million and $9.6 million, respectively, in the past 30 days. Major brands and historical projects have also found a home on the Bitcoin blockchain, solidifying its position among the top NFT sales leaders.

Challenging Ethereum’s Dominance

While Ethereum’s position as the leading NFT blockchain is formidable, Bitcoin is gradually closing the gap. Ethereum has processed a staggering $390 million worth of on-chain NFT transactions in the last 30 days, while Bitcoin is approaching half that figure. This remarkable progress is a testament to the explosive popularity of Ordinals, which have transformed Bitcoin into a hub for art, movies, collectibles, tickets, and even video games.

Understanding Bitcoin Ordinals and Inscriptions

Bitcoin’s Ordinals protocol, developed by Casey Rodamor, assigns serial numbers to individual satoshis, the smallest unit of bitcoin. These serial numbers, similar to speciality serial numbers on dollar bills, have driven tremendous transaction fees to miners. Ordinals have become so influential that NFT traders have co-opted the term, referring to NFTs inscribed on a satoshi as “ordinals” or “inscriptions.” Additionally, Bitcoin’s BRC-20 standard enables the creation of tokens attached to Ordinals, opening up possibilities for DeFi, tokenization, and experimentation directly on Bitcoin.

Will the Bitcoin Boom continue?

While Bitcoin’s ascent in the NFT market is impressive, surpassing Ethereum will require significant trading activity. Ethereum’s 38 million NFT transactions since inception dwarf Bitcoin’s 320,000. However, with the growing popularity of Ordinals, the number of Bitcoin NFTs continues to spike month after month. The concept of a “flippening,” where Bitcoin overtakes Ethereum as the leading NFT blockchain, might not be as far-fetched as it seems.

Bitcoin is emerging as a powerful contender in the NFT market, challenging Ethereum’s dominance. With its Ordinals gaining traction and a diverse range of collections finding success on the blockchain, Bitcoin has become the second-largest NFT blockchain. While Ethereum remains the frontrunner, the rapid rise of Bitcoin in NFT sales volume and its innovative use of Ordinals and inscriptions highlight its potential to reshape the NFT landscape. The future holds exciting possibilities for Bitcoin as it continues to make waves in the NFT space.

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Bitcoin Frogs Makes a Splash in the NFT Market, Surpassing $2.2 Million in 24-Hour Trading Volume

In the ever-evolving world of non-fungible tokens (NFTs), a newcomer has swiftly emerged and captured the attention of both seasoned collectors and novices alike. Bitcoin Frogs, a recently launched collection of 10,000 unique frog-themed NFTs, made its debut on the Bitcoin Ordinals platform in late February. Since then, it has generated a remarkable trading volume of over $2.2 million within a mere 24 hours, signaling its rapid rise to prominence in the NFT market.

“One fine day I woke up and wanted to put 10,000 frogs on the Bitcoin blockchain at all costs.” — Frogtoshi Nakamoto

The Growing Trend

Bitcoin Frogs‘ meteoric ascent sheds light on the increasing demand for NFTs minted on the Bitcoin blockchain. Although Ethereum still dominates the NFT landscape, Bitcoin’s influence is on the rise. In the past seven days alone, Bitcoin Frogs has surpassed Solana by over $30 million in trading volume, demonstrating its potential to disrupt the status quo.

Impressive Statistics

The numbers behind Bitcoin Frogs are truly staggering. Over the past week, the collection has achieved a trading volume of 139 BTC ($3,782,300), with each NFT having a current floor price of 0.115 BTC ($3,129). These figures underscore the immense value placed on these “cryptographic amphibians” and their growing popularity in the digital art market.

Surpassing Established NFTs

Bitcoin Frogs has quickly garnered attention by outperforming established NFT collections, including the renowned Bored Apes. While currently occupying the second spot, having been overtaken by Space Pepes, Bitcoin Frogs’ potential for continued success is undeniable. The collection’s 10,000 frog-inspired digital collectibles have already amassed a total sales volume of $7,530,033.19 (278.2482 BTC) in May alone.

The Market Dynamics

Although the average sale price for a Bitcoin Frogs NFT hovers around $3,000 (0.12 BTC), recent transactions reveal a significant market potential. Just within the last 24 hours, the highest sale reached an astonishing $38,500. Despite these seemingly high prices, the ongoing trading volume suggests that Bitcoin Frogs retain their allure. With 2,815 individual owners since their debut, market participants, ranging from newcomers to experienced traders, are willing to pay transaction fees ranging from $50 to a staggering $1,200 to be part of this exciting trend.

Powered by deezy.io: Bitcoin Frogs owes its success to the powerful infrastructure provided by deezy.io. As advocates for the potential of Bitcoin, the platform serves businesses, node runners, creators, and collectors alike. With lightning-powered apps and products, deezy.io facilitates seamless integration between on-chain and lightning networks, offering increased payment reliability through their well-connected nodes.

Bitcoin Frog #6821 sold for 0.1 BTC ($2686.32) on Magic Eden https://t.co/szXUYJm6NB pic.twitter.com/jgzIfkEVBP

— Bitcoin Frogs Sales Bot (@BTCFrogsBot) May 22, 2023

In addition to the Bitcoin Frogs collection, Software for the Bitcoin Future supports artists in launching their own NFTs on the Bitcoin network. Through inscription services, creators can design, inscribe, launch, and sell their own unique collections. The platform’s dedication to empowering artists and collectors contributes to the vibrant ecosystem surrounding Bitcoin NFTs.

Bitcoin Frogs’ rapid ascent in the NFT market highlights the growing influence of Bitcoin-based NFTs. With its impressive trading volume, surpassing $2.2 million in just 24 hours, this collection has proven its ability to captivate the market. As the NFT landscape continues to evolve, Bitcoin Frogs and other innovative projects demonstrate the expanding opportunities for artists, collectors, and enthusiasts in the world of blockchain-based art.

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Bitcoin NFTs, also known as Bitcoin ordinals, are a new trend in the world of digital assets. Despite gaining popularity in the Web3 space, they have been met with hesitation from some members of the Bitcoin maximalist community. These individuals believe that the concept of Bitcoin ordinals deviates from the original peer-to-peer ethos of Bitcoin and creates unnecessary complexity within the blockchain ecosystem.

Binance Bringing Ordinals Mainstream

However, the tides may be shifting, as more marketplaces continue to adopt and offer digital assets such as Bitcoin ordinals. Binance NFT marketplace recently announced that it will support Bitcoin ordinals on its platform in late May, and OKX and Magic Eden have already integrated them into their marketplaces. As these platforms offer more ways for users to trade and purchase Bitcoin ordinals, it is possible that more members of the Bitcoin community will begin to accept and even embrace this new trend.

Additionally, there is a tremendous opportunity for Bitcoin ordinals at this present time due to the recent shift in the crypto market. After months of dominance, Ethereum has started to move back to altcoins, leaving a void for Bitcoin to fill. This shift has led to increased interest in Bitcoin and Bitcoin-based digital assets, including Bitcoin ordinals.

Assets on Bitcoin L1

Smart Contracts on Bitcoin L2

— trevor.btc @ NYC (@TO) May 9, 2023

Maxis are coming around too.

Despite the controversy surrounding Bitcoin ordinals, they offer unique benefits for both creators and users. Creators can use them to generate additional revenue and receive royalties for their work, while users can purchase and trade these digital assets using their existing wallets. As more platforms continue to offer Bitcoin ordinals, it is likely that their acceptance within the crypto community will continue to grow.

In conclusion, Bitcoin ordinals are a new trend in the world of digital assets that have been met with hesitation from some members of the Bitcoin maximalist community. However, the tides may be shifting, as more marketplaces continue to adopt and offer digital assets such as Bitcoin ordinals. Additionally, the recent shift in the crypto market provides a tremendous opportunity for Bitcoin ordinals at this present time. While controversy surrounding Bitcoin ordinals remains, their growing popularity and unique benefits for both creators and users suggest that their acceptance within the crypto community will continue to grow.

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Bitcoin Ordinals have recently taken the crypto industry by storm, with registrations surging to an all-time high of 3.4 million last week. This explosion of interest in the protocol is exciting news for the NFT market and suggests that the crypto industry is becoming more interested in NFTs and their applications beyond Ethereum.

Ordinals Protocol allows users to embed data into the Bitcoin blockchain by inscribing references to digital art into small Bitcoin-based transactions. Despite the skyrocketing fees, the surge in daily enrollments began on April 21st and peaked on May 1st, with over 372,000 enrollments in just 24 hours. This surge in registrations contributed to an all-time high in daily BTC transactions on May 1st, reaching 682,281.

Although most registrations for the protocol are text-based, followed by applications and JPEG images, the surge in enrollments is significant for the industry. Bitcoin Ordinals NFT is compliant with the BRC-20 standard – Bitcoin Request for Comment number 20 – which was introduced last March, enabling new tokens to be minted on the BTC network.

I can't believe my eyes

BRC-20 demand leading to a 700% increase in fees AFTER what we've seen with Ordinal Inscriptions

12,800% increase in fees from BEFORE Ordinal Inscriptions launched

300,000 unconfirmed transactions in the mempool pic.twitter.com/oyLceu6ODe

— trevor.btc @ NYC (@TO) May 2, 2023

What’s also interesting is that BTC maximalists used to be very opposed to ordinals, but appear to be coming around. The surge in registrations may be evidence that Bitcoin Ordinals NFT is becoming more accepted among BTC maximalists as they realize the potential for NFTs on the Bitcoin blockchain.

The explosion in numbers and daily enrollments is exciting news for the crypto industry and suggests that there is a growing demand for NFTs on the Bitcoin blockchain. With the surge in interest in Bitcoin Ordinals NFT, we can expect to see more innovation and growth in the NFT market.

Bitcoin Ordinals NFTs are not only contributing to the growth of the NFT market but also to the overall Bitcoin network by incentivizing miners, prioritizing valuable transactions, and enhancing network security. While the high fees may put a higher price tag on transactions on the network, proponents of Ordinals believe that the benefits outweigh the costs and that it opens up new use cases for Bitcoin, bringing in liquidity, new users, and developers, ultimately making Bitcoin more valuable through better user experience and more use cases.

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Hey there! We are absolutely thrilled to share some exciting news about our friends at NFTnow and the award winners of the NFT100 list. The Web3 world is all about innovation, and the NFT community is leading the way in pushing the boundaries of what’s possible in the digital age. It’s amazing to see how art, tech, and finance are all being influenced by blockchain-based technologies. While it can be tough to keep up with the fast-paced changes in Web3, we’re so lucky to have so many creative and entrepreneurial individuals driving the evolution forward.

To recognize these amazing individuals, NFTnow has unveiled the NFT100 list, which showcases the most influential people in Web3. This year’s list focuses on the most exciting developments over the past year, including digital fashion, GameFi, Bitcoin Ordinals, and soulbound tokens. The list features two categories: Creators and Communities, recognizing artists, photographers, musicians, designers, builders, tastemakers, innovators, and leaders who are shaping the future of the NFT space.

To determine the honorees, NFTnow’s editorial team used a blend of data points and culturally and socially relevant factors, including NFT sales and volume, social impact, innovation, history in the community, engagement, participation, and more. This resulted in a diverse group of creators and community leaders who are making a big impact in the Web3 space.

We hope this list inspires even more spirited and good-natured reflection and debate on both Web3’s accomplishments and failures. And we recognize that it is only against a backdrop of success that the community can pinpoint its shortcomings, which is something we can all be grateful for. Congratulations to all the honorees on this amazing accomplishment!

For those of you that have been with NFT Culture, keep an eye out. the for the culture awards are coming soon.

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1. CyberBrokers Celebrates 1 Year Anniversary NFT-based platform CyberBrokers is celebrating its first anniversary with a four-day event, starting February 28. The event includes the release of Pixie Bolt AI V2 and special birthday layers for CyberBrokers’ community members.
2. Blockchain Upgrades Coming Soon Ethereum’s upcoming Shanghai upgrade, also known as “Shapella,” is expected to enable staked ETH withdrawals for validators who stake 32 ETH to approve and add blocks to the blockchain. The official date for the upgrade hasn’t been announced yet.
3. Last Chance to Lick The Toad in Dookey Dash Bored Ape Yacht Club (BAYC) has announced the closure of their popular toad mode feature in their online game. The closure will be followed by a review period that will end on March 7th.
4. Pixel Vault Announces Reboot Protocol and upcoming game Pixel Vault has announced the launch of their upcoming auto-brawler on Reboot, and a whitepaper for the arcade protocol has been released. The Reboot Protocol aims to provide a decentralized solution to the traditional problems associated with the gaming industry.
5. Creature World is back… with an open edition Creature World has released a 24-hour generative art collection called “Crowd” featuring an infinite supply of unique Creatures in every color combination imaginable. This open edition mint is part of Creature World’s ongoing project.
6. Bitcoin MAXI’s Silent at Yuga Explores Ordinals Bitcoin educator and developer Udi Wertheimer criticized several prominent figures in the Bitcoin community for their lack of response to a new project announcement by a multibillion-dollar company.
7. Why Web 3.0 Loyalty & Rewards Programs Will Ultimately Win The emergence of blockchain technology has led to the development of Web 3.0, which offers a more decentralized, transparent, and customer-focused internet. This essay explores why Web 3.0 loyalty programs will ultimately win over their Web 2.0 counterparts.

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In a recent tweet, Bitcoin educator and developer Udi Wertheimer criticized several prominent figures in the Bitcoin community for their lack of response to a new project announcement by a multibillion-dollar company.

Wertheimer goes on to suggest that these individuals are waiting for someone else to take the fall before publicly supporting the project. While some users came to the defense of those mentioned, pointing out that many are likely working on similar projects behind the scenes, others agreed with Wertheimer’s sentiment.

“MULTIBILLION DOLLAR COMPANY ANNOUNCES BITCOIN ORDINAL PROJECT. bitcoin magazine: 0 tweets. saylor: 0 tweets. maxi podcasters: 0 tweets. what a bunch of clowns lmao I CANNOT.”

The situation raises questions about the relationship between the Bitcoin community and larger corporations, particularly those that have traditionally been viewed as outside of the cryptocurrency space. It also highlights the potential risks associated with public endorsement, particularly in a rapidly changing industry like cryptocurrency.

While it is unclear what the multibillion-dollar company in question is, or what their Bitcoin ordinal project entails, it is clear that there is some hesitation among certain prominent figures in the Bitcoin community to publicly endorse the project.

It is worth noting that the Bitcoin community has historically been wary of corporate involvement in the space, with some seeing it as antithetical to the decentralized ethos of the cryptocurrency. However, as Bitcoin and other cryptocurrencies have grown in popularity, more and more companies have expressed interest in exploring the technology.

As the industry continues to evolve, it will be interesting to see how the relationship between large corporations and the Bitcoin community develops. Will more companies be welcomed into the fold, or will the community continue to prioritize decentralization and independence above all else? Only time will tell.

you can read the entire thread here

MULTIBILLION DOLLAR COMPANY ANNOUNCES BITCOIN ORDINAL PROJECT

bitcoin magazine: 0 tweets

saylor: 0 tweets

maxi podcasters: 0 tweets

what a bunch of clowns lmao I CANNOT

— Udi Wertheimer (@udiWertheimer) February 28, 2023

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An experimental 300-piece collection from Yuga Labs on the Bitcoin blockchain

Exciting news for the world of Bitcoin Ordinals! Yuga Labs, a leading experimental art studio, has announced its entry into the Bitcoin Ordinal movement by launching a new generative art collection called TwelveFold. The collection, which will consist of only 300 pieces, will be inscribed onto satoshis and will live on the Bitcoin blockchain.

TwelveFold is a base 12 art system localized around a 12×12 grid, serving as a visual allegory for the cartography of data on the Bitcoin blockchain. The collection includes highly-rendered 3D elements and hand-drawn features that pay homage to the ordinal inscriptions currently done by hand.

We will be announcing more details about timing and the auction mechanics in the coming week. Good luck to all of the bidders—we’re looking forward to sharing this collection with the world.

The Ordinals movement has gained a lot of attention in recent weeks, with collections like OnChainMonkey, DeGods, and Sappy Seals pushing boundaries and making a leap onto the Bitcoin blockchain. Yuga Labs’ involvement in the Ordinals movement may single-handedly mark that Bitcoin NFTs are here to stay.

While the infrastructure and tooling around inscriptions on Bitcoin are still nascent, much of the foundational principles such as provenance, self-custody, and ownership are already present. Yuga Labs expects the technology and the ecosystem around it to evolve and become more sophisticated over time, but not in the same ways other blockchain NFT ecosystems have.

Yuga Labs will be announcing more details about timing and the auction mechanics in the coming week, and we can’t wait to see what the future holds for digital artifacts on the Bitcoin blockchain. This announcement is an optimistic sign of the growth and potential of Bitcoin Ordinals, and we are excited to see what other innovative collections will emerge in the future. Stay tuned!

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