On a recent episode of SlateCast, host Akiba sat down with OnChainMonkey’s Danny Yang to discuss various aspects of the rapidly evolving crypto space. The conversation covered topics such as OnChainMonkey’s unique position in the Ethereum and Bitcoin ecosystems, the potential impact of NFTs on the rise of the bitcoin blockchain, and the contentious issue of royalties for creators.
OnChainMonkey: Fusing Art with Blockchain Technology
OnChainMonkey was initially created as a generative on-chain art project in September 2021. It became the first collection of on-chain PFPs minted in a transaction on Ethereum. However, the project quickly evolved into a community-driven effort 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 to create a positive impact in the world through their initiatives.
NFT in Bitcoin: Expanding the value of the block space
As adoption of Ordinals, the protocol that allows NFTs to be minted directly into Bitcoin, grows, Danny Yang shared his enthusiasm for expanding the value of the block space by securing high-value digital assets like art and collectibles alongside Bitcoin. He believes that this development will drive more users to run full nodes to secure the chain.
Yang also noted how his team managed to store all 10,000 images in their collection using just 20 block storage units, a testament to their commitment to conscious use of blockchain resources.
Royalty Debate: Adapting Business Models
The podcast discussed recent developments regarding royalties for creators within the NFT space. Platforms like Blur are actively looking for ways to add or remove royalties altogether. Yang acknowledged that the situation is a “battle” between collectors, creators, community members and dealers.
However, he remains optimistic about the future of royalties in the industry. While he admits 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.
Upcoming OnChainMonkey Projects
Looking ahead, OnChainMonkey has several exciting projects lined up. They plan to launch their “Passport to the Rich Digital Nation”, offering members access to valuable resources and experiences. Plus, they have an artistic collaboration with generative artist Alexei Andre on the horizon. The collection will use DNA from OnChainMonkey’s existing works to create stunning new pieces.
As cryptocurrency enthusiasts continue to navigate this complex landscape, conversations like the ones on SlateCast provide invaluable insight into emerging technologies and their potential impact on various aspects of our lives.
Don’t miss this interesting episode of SlateCast by watching the full podcast above, where Danny Yang provides more details on OnChainMonkey’s projects and shares his thoughts on other critical developments within the crypto space.
This post Collection of 10k NFTs in Bitcoin, the great migration of NFTs? -SlateCast #56
was published first on https://cryptoslate.com/podcasts/10k-nft-collection-on-bitcoin-the-great-nft-migration-slatecast-56/
