OnChainMonkey NFT collection ditches Ethereum for Bitcoin in the Web 3.0 era.
‘NFTs will win on Bitcoin’ — OnChainMonkey NFT collection ditches Ethereum

Difference between Web 2.0 and Web 3.0

The team behind nonfungible token collection OnChainMonkey is shifting its entire collection of 10,000 NFTs from Ethereum to Bitcoin, in a massive undertaking expected to take several months. This historical transition marks a shift from Ethereum to Bitcoin, due to the Bitcoin community seeing it as a more secure platform for its users.

Metagood co-founder and CEO Danny Yang said in a statement on Sept. 7 that the proposal to migrate to Bitcoin was passed by 99% of OnChainMonkey tokenholders, indicating a high conviction for moving to Bitcoin.

The differences between Web 2.0 and Web 3.0 are significant, with Web 3.0 being a more decentralized and secure platform than Web 2.0. It is important to note the differences between Web 1.0, Web 2.0 and Web 3.0, as well as the differences between DeFi, NFTs, DAOs and Web 3.0. It is also important to consider if we are in Web 2.0 or Web 3.0.

Difference between Web 2.0 and Web 3.0

The migration of Metagood to Bitcoin would be expensive, with an estimated cost of over $1 million to ensure a successful transition. Despite the complexity of the process, NFT holders on Ethereum will be able to receive the corresponding Bitcoin Ordinals after burning their Ethereum NFTs.

In comparison to the work Metagood has already done in the Bitcoin Ordinals space, the migration will not be too difficult. According to CryptoSlam, Ethereum remains the leader in the NFT market, settling $236.8 million in NFTs in the last month, while Solana is in second place with $37.7 million, and Bitcoin is in sixth with $11.1 million.

The differences between Web 2.0 and Web 3.0 are vast. Web 2.0 is a platform for sharing content and information, while Web 3.0 is a decentralized platform for sharing data and applications. Web 3.0 also includes features such as DeFi, NFTs, and DAOs, which are not present in Web 2.0. We are currently in Web 3.0, which is a more advanced version of the internet.

Bitcoin Ordinals Transaction Volumes

Between May and mid-August, Bitcoin Ordinals transaction volumes experienced a significant decline of 98%, despite its growing popularity in early 2023.

Yang, however, is not worried as he believes that it is only a matter of time before a robust Bitcoin-native NFT ecosystem is established. He further added that both Bitcoin and Ethereum NFT ecosystems can co-exist.

OpenSea’s NFT marketplace has seen over 20,550 ETH in transaction volume from 9,500 items since its launch in September 2021, with an average floor price of 1.10 Ether (ETH) for OnChainMonkey NFTs.

According to OpenSea, of the 2,900 owners of OnChainMonkey NFTs, 31% are unique owners.

Difference between Web 2.0 and Web 3.0

Web 2.0 is a term used to refer to the second generation of the World Wide Web, which is characterized by the emergence of social media, user-generated content, and other interactive features. Web 3.0, on the other hand, is the third generation of the World Wide Web, which is characterized by the rise of decentralized technologies, such as Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Decentralized Autonomous Organizations (DAOs).

In November 2021, a Taproot soft fork enabled the launch of Ordinals and BRC-20 tokens in January, representing an important milestone in the evolution from Web 1.0 to Web 3.0.

Collect this article as an NFT to commemorate this moment in history and demonstrate your support for independent journalism in the crypto space.

Categorized in:

Tagged in: