The buzz around Bitcoin-based Non-Fungible Tokens (NFTs) has been growing with the recent launch of the Ordinals protocol, and the OnChain Monkey NFT collection is reaping the benefits of going multi-chain.
The collection, consisting of 10,000 Ethereum NFT profile pictures (PFPs), used the Ordinals protocol to inscribe all of its artwork onto Bitcoin over the past day.
This move has seen the prices for the Ethereum NFTs nearly triple, with the floor price jumping from 0.79 ETH to a peak of 1.75 ETH before settling to around 1.5 ETH (roughly $2,500).
Data from CryptoSlam shows that the move has resulted in a 12,200% increase in NFT trading volume for the Ethereum project over the past 24 hours.
The platform reports about $1.1 million in sales over the past day, for a project that has had lifetime secondary sales of almost $39 million.
The startup behind OnChain Monkey, Metagood, put all 10,000 NFTs onto Bitcoin via the Ordinals protocol in a single transaction, much as it did for the original Ethereum collection in 2021.
Metagood co-founder Danny Yang said in a Twitter Spaces today that enabling trading is the next step for the team, but suggested that other tooling needs to be created around Ordinals to facilitate that feature.
He also noted that Metagood plans to build a bridge between Ethereum and Bitcoin to let NFT holders switch between the two versions.
An OnChain Monkey Discord moderator noted earlier today, “They are the same on both chains. Buy on ETH and you will have access to the BTC version when the tools catch up.”
This move by OnChain Monkey highlights the potential for NFTs to thrive on multiple chains, providing increased accessibility and liquidity to NFT holders.
As the buzz around Bitcoin-based NFTs continues to grow, it will be interesting to see how this trend develops in the coming months and years.