10k NFT assortment on Bitcoin, the good NFT migration? – SlateCast #56
In a current episode of SlateCast, host Akiba sat down with Danny Yang from OnChainMonkey to debate numerous points of the quickly evolving crypto area. The dialog coated subjects resembling 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 Initiatives
Trying forward, OnChainMonkey has a number of thrilling initiatives lined up. They plan to launch their “Passport to the Wealthy Digital Nation,” providing members entry to useful assets and experiences. Moreover, they’ve an artwork collaboration with generative artist Alexei Andre on the horizon. The gathering will use DNA from OnChainMonkey’s current works to create spectacular new items.
As crypto fans proceed navigating this complicated panorama, conversations like these on SlateCast present invaluable insights into rising applied sciences and their potential affect on numerous points of our lives.
Don’t miss out on this participating episode of SlateCast by watching the podcast in full above, the place Danny Yang goes into additional element about OnChainMonkey’s initiatives and shares his ideas on different essential developments inside the crypto area.
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