10k NFT collection on Bitcoin, the great NFT migration? – SlateCast #56
In a recent episode of SlateCast, host Akiba sat down with Danny Yang from OnChainMonkey to discuss various aspects of the rapidly evolving crypto space. The conversation covered topics such as OnChainMonkey ‘s unique position in Ethereum and Bitcoin ecosystems, the potential impact of NFTs on bitcoin blockchain bloat, and the contentious issue of royalties for creators.
OnChainMonkey : Merging Art with Blockchain Technology
OnChainMonkey was initially created as an on-chain generative art project in September 2021. It became the first on-chain PFP collection minted in one transaction on Ethereum. However, the project quickly evolved into a community-driven endeavor focused on empowering communities around causes through NFT technology.
The community behind OnChainMonkey follows a set of core values known as RISE – Respect, Integrity, Sustainability, and Enrichment. These values guide their actions as they work towards creating a positive impact in the world through their initiatives.
NFTs on Bitcoin: Expanding Block Space Value
As adoption for Ordinals—the protocol enabling NFTs to be minted directly onto Bitcoin—grows, Danny Yang shared his enthusiasm about expanding block space value by securing high-value digital assets like art and collectibles alongside Bitcoin. He believes this development will drive more users to run full nodes to ensure the chain.
Yang also noted how his team managed to store all 10K images from their collection using just 20 block storage units—a testament to their commitment to mindful utilization of blockchain resources.
Royalties Debate: Adapting Business Models
The podcast discussed recent developments concerning royalties for creators within the NFT space. Platforms like Blur actively seek ways to either aggregate or remove royalties altogether. Yang acknowledged that the situation is a “battle” between collectors, creators, community members, and traders.
However, he remains optimistic about the future of royalties in the industry. While admitting that the absence of royalties would lead to an adjustment in business models for creators and communities, Yang believes that new solutions will emerge to address these concerns.
OnChainMonkey’s Upcoming Projects
Looking ahead, OnChainMonkey has several exciting projects lined up. They plan to release their “Passport to the Wealthy Digital Nation,” offering members access to valuable resources and experiences. Additionally, they have an art collaboration with generative artist Alexei Andre on the horizon. The collection will use DNA from OnChainMonkey’s existing works to create impressive new pieces.
As crypto enthusiasts continue navigating this complex landscape, conversations like those on SlateCast provide invaluable insights into emerging technologies and their potential impact on various aspects of our lives.
Don’t miss out on this engaging episode of SlateCast by watching the podcast in full above, where Danny Yang goes into further detail about OnChainMonkey’s projects and shares his thoughts on other critical developments within the crypto space.