The Onchain monkey NFT collection inscribed on Bitcoin using Ordinals have 3x sales since duplicates were made on Bitcoin. 

February 12, 2023 Brazen Crypto Team Bitcoin 0

  • The Onchain monkey NFT collection inscribed on Bitcoin using Ordinals have 3x sales since duplicates were made on Bitcoin. 
  • The NFT collection had only recorded  $36 million in total sales since its creation in 2021, but made sales of over $2 million in one day on Bitcoin, 

Saturday 11th Feb. Many would say that the Bitcoin ordinals protocol is bad business for the Bitcoin network. But some NFT creators might disagree with the newly recorded sales that are yet to be seen in the Ethereum NFT marketplace.

An Ethereum NFT collection that was first minted in 2021 is doing massive numbers on the Bitcoin network. The on-chain monkey is an NFT collection that was first minted about two years ago. The NFTs are a collection of 10,000 Ethereum NFT profile pictures (PFPs). The collection has 3x its sales since landing in the Bitcoin chain.

The Ethereum NFT has seen a rise in floor praise following announcements that it was available on Bitcoin via the Ordinals protocol.

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In fact, there has been a record of $1.1 million in sales made in just a day. The project only had about $39 million in sales since its creation. Interest rates in the on-chain monkey NFTs have gone up following its performance in the last 24 hours, trading volume has gone past 12,000%.

The floor price for an NFT from the collection that was listed on the marketplace was originally priced at 0.79 ETH. The numbers have gone way higher since the announcement, and floor prices have since gone up to 1.75 ETH. The rise in the value of the NFT didn’t peak there. Prices have slightly dropped down to 1.5 ETH.

Is the Bitcoin Ordinals protocol here for good?

The Ordinals protocol has received a lot of criticism since its creation. The narrative surrounding Ordinals might change with the new developments.

10,000 of the NFTs from the collection, were inscribed on Bitcoin through Ordinals in a transaction. The same pattern was used to create the first Ethereum collection, said Metagod, the startup that founded the Onchain Monkey project.

The creators of the collection had this to say about the relevance of the project via Twitter.

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The inscription was done using only a few dollars. Block spaces were saved as a result. The action was environmentally friendly and didn’t disrupt the Bitcoin network in any way.

The creators of the collection updated the public on another Easter egg. The official collection is 10,000 but 1.3 billion possible combinations of the OCM Genesis images can be viewed on the Bitcoin blockchain if users know how to navigate the network, they added.

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