Metagood Successfully Transfers 10,000 NFT Collection “OCM Genesis” from Ethereum to Bitcoin Blockchain
In a groundbreaking move within the cryptocurrency world, Metagood, the parent company of the renowned NFT collection OnChainMonkey (OCM), has successfully migrated its 10,000-strong NFT collection, known as OCM Genesis, from Ethereum to Bitcoin’s blockchain. The migration, accompanied by a significant cost of $1 million, was initiated by the OCM DAO (Decentralized Autonomous Organization) and received overwhelming community support.
The OCM Genesis Collection made its debut in September 2021, offering 10,000 unique monkey-themed NFTs through a free minting process. The project initially garnered attention for its remarkable achievement of uploading the entire NFT collection onto the Ethereum blockchain in a single transaction. Now, it has embarked on the ambitious undertaking of transferring the entire collection to the Bitcoin network.
To offset the substantial expenses associated with this migration, the OCM DAO proposed that it should be made free of charge for all OCM Genesis NFT holders who possess a Bitcoin Badge. The issuance of this badge was a recognition mechanism for holders who actively participated in various missions over the course of a year. This proposal garnered immense support, with more than 4,700 votes in favor. It stands as the highest number of votes received for any DAO proposal within a 24-hour period since the inception of OCM’s DAO.
Metagood’s leadership team played a pivotal role in educating the OCM community about the intricate technology, Bitcoin Ordinals, and Recursive Inscriptions, which are essential components of the migration process. While the community’s subsidy significantly contributed to covering a substantial portion of the migration costs, approximately $570,787 worth of ETH, Metagood took responsibility for the remaining expenses, totaling roughly $1 million.
This migration marks a significant milestone for the OCM community and serves as a testament to their unwavering belief in the potential of the Bitcoin blockchain. Danny Yang, CEO and co-founder of Metagood, and the visionary behind the OCM Genesis Collection, hails this as a monumental moment and a pioneering migration and upgrade for a collection of this scale.
With the OCM Genesis Collection’s move to the Bitcoin blockchain, the NFTs will be seamlessly aligned with satoshis (sats), the smallest divisible unit of Bitcoin. This alignment ensures a transparent and verifiable provenance while preserving the collection’s initial presence on the Ethereum blockchain.
Metagood’s confidence in this historic move is evident, as the company is committing more than $1 million of its own resources to facilitate the migration to Bitcoin. This migration represents a noteworthy technological advancement within the NFT space and serves as a testament to the innovative spirit and commitment of the entire OCM community.
In conclusion, Metagood’s successful migration of the OCM Genesis Collection from Ethereum to Bitcoin’s blockchain marks a significant achievement in the NFT and blockchain space. It highlights the potential for cross-chain integration and showcases the enduring dedication of the OCM community to technological innovation and progress.