Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin - Ep. 548
Sep 26, 2023
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Danny Yang and Bill Tai, cofounders of Metagood and creators of the OnChainMonkey NFT collection, dive into the exciting world of Bitcoin Ordinals. They discuss the strategic move of their NFT collection from Ethereum to Bitcoin and the innovative potential of Bitcoin as a platform for digital assets. The duo explores notable developments in the Ordinals protocol, including Casey Rodarmor’s proposal on inscription numbering and the concept of recursive inscriptions, while advocating for more NFT creators to embrace Bitcoin's capabilities.
Efficient coding techniques can incorporate images on Bitcoin without hindering transaction speeds.
Medi-Good leverages NFTs and community currencies to promote a culture of giving and earning.
Orno, a protocol for creating digital artifacts on Bitcoin, requires standardization for interoperability and scalability.
Deep dives
Efficient coding enables the integration of images on Bitcoin without slowing down transactions
Efficient coding techniques have shown that it is possible to incorporate images on Bitcoin without hindering transaction speeds. By optimizing coding practices, the best of both worlds can be achieved, allowing for the inclusion of images on the Bitcoin blockchain while maintaining efficient transaction processing.
Medi-Good and the Power of NFTs for Community Alignment
Medi-Good, created by Danny Yang and Bill Tai, leverages NFTs to bring communities together and align them in pursuit of common goals. By using NFTs and community currencies, such as the banana, Medi-Good promotes a culture of giving and earning. The community has mined over a million bananas, fostering collaboration and creating a supportive ecosystem.
Orno's Growth in the Bitcoin Ecosystem and the Need for Standards
Orno, a protocol designed to create digital artifacts on Bitcoin, is experiencing significant growth within the Bitcoin ecosystem. Over half of all Bitcoin transactions this year have been Orno-related, highlighting its growing importance. As the protocol continues to evolve towards its 1.0 release, standardization becomes crucial to ensure interoperability and scalability. Developing collection standards and addressing issues like inscription numbering will be essential for Orno's continued success.
OCM Dimensions and the Potential of Digital Art on Bitcoin
OCM Dimensions, a protocol that showcases the possibilities of digital certificates tied to complete assets, demonstrates that entities can be more than just digital certificates. It allows users to generate images and other digital artifacts, including 3D renderings and animations, based on code that scales to any browser. Unlike Ethereum NFTs, which primarily focus on unique identifiers, OCM provides a data layer for developers to create their own protocols on top of the Ordon's protocol. This new protocol introduces a foundational layer for the Bitcoin blockchain and opens up opportunities for the development of new economies and applications.
The Shift from Ethereum to Bitcoin and the Role of Ordinals
The decision to migrate the entire Metagood NFT collection from Ethereum to Bitcoin is driven by the suitability of the Ordon's protocol for digital artifacts. The protocol's focus on digital artifacts rather than digital certificates aligns better with the goals of the collection. Bitcoin's robust security model and its role as the most established chain make it an attractive choice for securing high-value assets. The introduction of an ordinals marketplace, such as Osura, aims to curate high-quality and high-value NFTs, further bolstering Bitcoin's position in the NFT market.
Bitcoin Ordinals have exploded in popularity since their launch by developer Casey Rodarmor in January, changing the NFT game with millions of inscriptions to date. But what comes next for Bitcoin-based digital artifacts? Danny Yang and Bill Tai, cofounders of Metagood and creators of NFT collection OnChainMonkey, discuss why they will move OnChainMonkey from Ethereum to Bitcoin, Rodarmor’s proposal to change the Ordinals inscription numbering system, and why they believe more creators should consider moving to Bitcoin.
