The popular Ethereum-based NFT profile picture (PFP) project OnChain Monkey launched on Bitcoin via Ordinals protocol causing a spike in its price.
OnChainMonkey NFT (OCM) project thus became the first 10K collection to be inscribed on Bitcoin via Ordinals.
“It’s much more than a jpeg, it’s a generative collection inscribed on Bitcoin! We did it in one inscription, for only a few dollars, saved block space, were more environmentally friendly, and did not disrupt the Bitcoin network,” the team noted.
All 1.3 billion possible combinations of OCM Genesis images are viewable on the Bitcoin blockchain at the moment.
Like it did for the initial Ethereum collection back in 2021, Metagood, the firm behind OnChain Monkey, claimed it could transfer all 10,000 NFTs onto Bitcoin using the Ordinals protocol using a single transaction.
The price of OnChain Monkey NFTs spiked enormously, with the project’s floor price rising from 0.79 ETH to 1.95 ETH, around $3000 on OpenSea at the time of writing.
Data from CryptoSlam show that over the previous day, the OnChain Monkey project’s NFT trading volume has increased by 12,200% due to the launch via Ordinals.
The 10,000-piece OnChain Monkey NFT collection has become the seventh top collection by sales volume in the past 24 hours on OpenSea.
Last month, debates erupted over the launch of the Ordinals protocol, which stores NFTs on the Bitcoin blockchain. Bitcoin purists argued that the blockchain should only be used for financial transactions, as Ordinals deviate from Satoshi Nakamoto’s vision of Bitcoin as a peer-to-peer payment system.
