The buzz surrounding Bitcoin-based NFTs continues to grow, with the recently-launched Ordinals protocol leading the charge.
One established Ethereum NFT collection, OnChain Monkey, has taken advantage of this new technology, revealing Bitcoin-based counterparts for its artwork and seeing its prices soar as a result.
OnChain Monkey is a collection of 10,000 Ethereum NFT profile pictures (PFPs) minted in 2021. Using the Ordinals protocol, the collection was “inscribed” onto the Bitcoin blockchain, allowing NFT holders on Ethereum to also say that their respective collectibles live on Bitcoin.
The result of this move has been a tremendous increase in demand for the OnChain Monkey NFTs, with prices nearly tripling overnight.
According to CryptoSlam, the move has resulted in a 12,200% increase in NFT trading volume for the Ethereum project over the past 24 hours, with over $1.1 million in sales being reported in just one day.
The startup behind OnChain Monkey, Metagood, said that enabling trading was the next step for the team, but that other tools need to be created around Ordinals to facilitate this feature.
The team also plans to build a bridge between Ethereum and Bitcoin to allow NFT holders to switch between the two versions.
In a Twitter Spaces today, Metagood co-founder Danny Yang stated that the NFTs are the same on both chains, saying “buy on ETH and you will have access to the BTC version when the tools catch up.”