OnChainMonkey Garners $100K in Remarkable Bitcoin Auction

Fresh off its $1 million migration to the Bitcoin blockchain, the OnChainMonkey Ordinals project has completed one of its biggest sales to date.

Announced Wednesday, the artwork, part of the OCM Dimensions collection unveiled in June, sought to demonstrate the unique attributes of Bitcoin Ordinals when compared to less secure crypto NFTs.

“As an example, the 300 OCM Dimensions Ordinals were minted on 300 consecutive satoshis, using the numbering system defined by the Ordinals protocol. Further, the first 300 Ordinals were inscribed on satoshis mined in Block 78, one of the oldest Bitcoin blocks to see the value it unlocked trade in the public market,” explains OnChainMonkey in a blog post.

The buyer of the artwork has been identified as crypto venture capitalist Jason Fang according to posts on social media.

Sales figures aside, the sale of the Ordinal showcases the increasing appeal of Bitcoin Ordinals, a unique type of digital collectible that has gained traction as an alternative to traditional crypto NFTs. Unlike NFTs, Bitcoin ordinals are stored on Bitcoin’s native blockchain and are often considered more secure due to the fact they are stored directly by Bitcoin nodes.

The OnChainMonkey project argues that this sale proves that Ordinals projects can be responsible users of Bitcoin’s block space, countering the detractors who believe they are a waste of valuable resources. The project boasts its use of the recursion technique that helps lower the data required to store even programmable art. This is possible because all Ordinals are stored by all Bitcoin nodes.

Public figures within the Ordinals space have weighed in on the sale, including Leonidas, who wrote on X: “Ordinals are dead. Long live Ordinals.” Leonidas’ statement reflects the notion that Bitcoin Ordinals have seen declining sales figures since the massive surge in minting earlier this year.

However, the sale provides evidence that the Ordinals market may yet challenge the wider NFT space. While crypto NFTs remain popular, ordinals are emerging as a secure alternative due to their intrinsic tie to the Bitcoin blockchain.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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