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Reported Bitcoin Magzine, A popular Ethereum NFT project OnChainMonkey (OCM) project has committed to migrating its entire digital art collection from Ethereum to Bitcoin.
In total, moving the collection, which includes burning the old NFTs on Ethereum so they can no longer be traded, cost the project over $1 million in Bitcoin fees.
OnChainMonkey, created by Metagood, became the first profile picture collection created entirely on-chain in a single Ethereum transaction back in 2021. Further, it launched its first Ordinals collection in February shortly after the Ordinals launch.
Notably, the decision was supported by a broad portion of OnChainMonkey NFT owners, with users voting to subsidize a portion of the substantial migration cost.
The transaction comes at a time when the Ordinals market has cooled considerably, with total transaction volumes and sales across exchanges seeing a notable decline.
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