09
Feb
2023

Onchain Monkey Moves To Bitcoin And Immediately Reaps Benefits

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Unlocking the Potential: Exploring NFTs on the Bitcoin Blockchain with Ordinals”

TL:DR:

  • The Ordinals protocol is allowing for NFTs to be minted on the Bitcoin blockchain, leading to a surge in NFT trading volume.
  • OnChain Monkey, an established Ethereum NFT collection, recently revealed Bitcoin-based counterparts and saw prices for their Ethereum NFTs almost triple.
  • Metagood, the startup behind OnChain Monkey, plans to build a bridge between Ethereum and Bitcoin for NFT holders to switch between the two versions.

Orbitals is on a tear

Images from the OnChain Monkey NFT project. Image: Metagood
Onchain Monkeys Immediately saw growth as they went to Bitcoin

NFTs have been generating buzz in the digital art world, and the recently-launched Ordinals protocol has brought NFTs to the Bitcoin blockchain. The buzz around Bitcoin-based NFTs keeps growing, with high-value sales and record-setting mints. One established Ethereum NFT collection, OnChain Monkey, is reaping the benefits of going multi-chain after revealing Bitcoin-based counterparts, leading to a surge in NFT trading volume.

Smart Contracts and Bitcoin

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into code. The development of layer-2 protocols like the RSK network and drivechains has enabled the deployment of smart contract functionality on top of the Bitcoin blockchain. These smart contracts on the Bitcoin blockchain allow for the automation of trust-based processes and enable the creation of decentralized applications and token offerings, similar to the Ethereum network.

However, the programming language for these smart contracts is different and the consensus mechanism for the execution of these contracts is also different from that of Ethereum.Bitcoin’s blockchain provides a decentralized ledger that allows for the creation and execution of smart contracts. This combination of smart contracts and the Bitcoin blockchain provides a secure and transparent way to conduct transactions, which is particularly useful for NFTs.

NFTs on Bitcoin

Ordinals and NFTs on the Bitcoin Blockchain Ordinals is a new protocol that allows NFTs to be minted on the Bitcoin blockchain. The protocol has been gaining traction, leading to a surge in NFT trading volume and high-value sales. OnChain Monkey, an established Ethereum NFT collection, recently revealed Bitcoin-based counterparts via Ordinals, and saw prices for their Ethereum NFTs almost triple.

Benefits of Smart Contracts on Bitcoin

The use of smart contracts on the Bitcoin blockchain provides a secure and transparent way to conduct transactions. This is particularly useful for NFTs, where the ownership and authenticity of the NFT must be verified. The decentralized ledger of the Bitcoin blockchain ensures that the NFT cannot be duplicated or altered, providing added security for NFT holders. Additionally, the combination of smart contracts and the Bitcoin blockchain allows for the automation of processes, reducing the need for intermediaries and increasing efficiency.

Unlocked Potential

The Ordinals protocol has unlocked the potential for NFTs to be minted on the Bitcoin blockchain, leading to a surge in NFT trading volume and high-value sales. OnChain Monkey, an established Ethereum NFT collection, has reaped the benefits of going multi-chain after revealing Bitcoin-based counterparts. The use of smart contracts on the Bitcoin blockchain provides a secure and transparent way to conduct transactions, particularly for NFTs. With Metagood, the startup behind OnChain Monkey, planning to build a bridge between Ethereum and Bitcoin for NFT holders to switch between the two versions, the future looks bright for NFTs on the Bitcoin blockchain.

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