Since the launch of the Ordinals protocol, Bitcoin-based NFTs have attracted significant attention from NFT enthusiasts, with high-value sales recorded on Thursday. That said, a well-known Ethereum NFT collection is benefiting from this hype.
OnChain Monkey collection, which features about 10,000 NFTs based on Ethereum, launched Bitcoin-based counterparts on Thursday through the Ordinals protocol. Following the launch, the Ethereum-based NFTs’ prices have more than doubled.
OnChain Monkey Prices and Trading Volume
The current floor price of these NFTs has risen to 1.76 ETH from 0.78 ETH in the past 24 hours. Data from CryptoSlam shows that this price increase has caused a 12,100% surge in the trading volume of the Ethereum-based OnChain Monkey NFTs.
The firm behind the project, Metagood, revealed that it only used a single transaction to put 10,000 NFTs on the Bitcoin blockchain through the Ordinals protocol. This is similar to what it did when launching OnChain Monkey NFTs on Ethereum in 2021.
On his Twitter handle, Danny Yang, co-founder of Metagood, wrote that his team would embark on enabling trading for Bitcoin-based NFTs. However, he noted that Ordinals needed to create other tools that would facilitate the trading functionality.
Metagood Plans for a Bitcoin-Ethereum Bridge
Yang also revealed that his firm had plans to develop a bridge between Bitcoin and Ethereum that allows holders to switch between the two NFT versions. The co-founder explained that the versions were the same in terms of appearance.
The Discord server of the project has seen massive traffic in the past day, with some claiming that they have already bought Ethereum-based OnChain NFTs and want the creator to clarify how the two NFT versions would work.
OnChain Monkey forms part of Metagood’s plan to use Web3 initiatives to finance programs that are meant to benefit communities. Some of those programs include the provision of aid to Ukraine after the Russian invasion and funding coral restoration.
Elsewhere, a disagreement erupted on Twitter between Bitcoin Punks and Metagood. Bitcoin punks (a bitcoin-based clone of CryptoPunks) had initially claimed that it was the first project to mint NFTs via Ordinals, a claim that Metagood also made.
