floor price

‘NFTs will win on Bitcoin’ — OnChainMonkey NFT collection ditches Ethereum

September 7, 2023 Coin Telegraph

Metagood CEO Danny Yang attributed the move to the Bitcoin network being seen as a more secure platform for its users, among other reasons.

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.

"A historical transition is on the horizon as we prepare to migrate our flagship collection, OCM Genesis, from Ethereum to Bitcoin,” Metagood co-founder and CEO Danny Yang said in a statement on Sept. 7.

The OnChainMonkeys were first launched in September 2021 on Ethereum, but Yang said the migration to Bitcoin Ordinals was due to its community seeing Bitcoin as offering a more secure platform for its users.

“The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.”

The proposal to migrate to Bitcoin was passed by 99% of OnChainMonkey tokenholders. Yang said this means the community had a high conviction for moving to Bitcoin.

The migration would come at a hefty cost though, with Metagood expecting to fork out over $1 million to ensure the migration process runs smoothly.

Why is the Art and Collectibles market significant for Bitcoin? Why should this matter to you?

1. Valuable Market. The wealth associated from art and collectibles by ultra-high net worth individuals (UHNWIs) *alone* accounts for $1.5 TRILLION in value according to Deloitte's…
— danny huuep (@huuep) August 22, 2023

While the migration process is rather complex, each new OnChainMonkey on Bitcoin will have clear provenance to the corresponding original Ethereum NFT. Holders will receive the corresponding Bitcoin Ordinal once they’ve burned the Ethereum NFT.

However, Yang says the migration shouldn’t be too challenging compared to what Metagood has already accomplished in the Bitcoin Ordinals space:

“We were the first to inscribe 10,000 images of a collection on Bitcoin. We were the first to launch a parent-child collection with OCM Dimensions 300. We pioneered recursive inscriptions on Bitcoin, as well as inscribing Three.js and p5.js for everyone to use.”

However, Ethereum continues to dominate the NFT market, settling $236.8 million in NFTs over the last month, compared to second place Solana ($37.7 million), with Bitcoin ($11.1 million) back in sixth place, according to CryptoSlam.

At the same time, Bitcoin Ordinals transaction volumes plunged 98% between May and mid-August despite rising to popularity in early 2023.

Bitcoin Ordinals is dead.

Bitcoin is dead. We heard this many many times over the years. In the case of Bitcoin Ordinals, let's actually understand what actually is dead.

1. Bitcoin Ordinals is a new protocol at release 0.8.2. It's an early release of a protocol that still… https://t.co/NxJP7YY64y
— danny huuep (@huuep) August 19, 2023

But Yang isn’t concerned, highlighting to Cointelegraph that it is only time before a strong Bitcoin-native NFT ecosystem develops. Both Bitcoin and Ethereum NFT ecosystems can thrive, he added.

OnChainMonkey NFTs currently trade at an average floor price of 1.10 Ether (ETH) with over 20,550 ETH in transaction volume from 9,500 items since it launched on NFT marketplace OpenSea in September 2021.

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

*List of OnChainMonkey NFTs currently traded on OpenSea. Source: OpenSea*

The arrival of Ordinals and BRC-20 tokens launched in January, which were made possible by the Taproot soft fork executed in November 2021.

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

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NFT project y00ts to return $3M grant as it ditches Polygon for Ethereum

August 10, 2023 Coin Telegraph

NFT project y00ts to return M grant as it ditches Polygon for Ethereum

Coin Telegraph

DeLabs has promised to return the $3 million grant initially provided by Polygon Labs to support y00ts from Solana to Polygon.

Non-fungible token project y00ts is again switching blockchain networks, only four months after bridging the majority of its NFTs from Solana to Polygon.

DeLabs, the NFT firm behind y00ts, announced via its X (Twitter) account on Aug. 9 it will soon be migrating to Ethereum in line with its DeGods NFT collection.

1. y00ts will be migrating to Ethereum.
— y00ts (@y00tsNFT) August 9, 2023

The NFT collection had mostly migrated from Solana to Polygon in April. The move was first initially announced in December, with the migration starting officially on March 28. By March 30, Polygon announced 11,633 of a total of 15,000 y00ts NFTs had been bridged.

DeLabs said the move was to unite its y00ts community with its DeGods community. DeGods had also announced it would be bridging off Solana in December and similarly began its migration from Solana to Ethereum at the start of April.

*DeLabs’ listings of y00ts on NFT marketplace OpenSea. Source:* *OpenSea*

“We still love Polygon. It's just time to unite the DeGods & y00ts communities,” y00ts wrote in a statement.

The team has also disclosed it will be returning a $3 million grant from Polygon Labs, which it had received in January from the blockchain firm to support its migration.

“We're returning 100% of the grant provided by Polygon. The funds will be re-deployed for NFT ecosystem growth to empower builders and creators,” it said.

1. We tried our best to make it work but we just need to bring our 2 communities together.

I would appreciate it if everyone remains respectful of all parties involved.

It’s all love. https://t.co/6AT4SMUT76
— Frank (@frankdegods) August 9, 2023

The news was met with mixed reactions by members of the NFT community.

Some industry pundits offered their support and backing behind NFT project founder FrankDeGods, while others expressed concern about the seemingly diminishing state of Polygon’s NFT ecosystem.

Huge blow to the Polygon NFT ecosystem

but organic NFT demand on Polygon seems nonexistent

I support this choice, feels like it was a no brainer tbh

Happy for y00t holders, this is an easy dub https://t.co/TwWtLTpq26
— Iced (@IcedKnife) August 10, 2023

According to NFT Price Floor, DeGods and y00ts currently boast the 6th and 22nd highest floor prices at 8.66 ETH ($16,065) and 1.35 ETH ($2,465) respectively.

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Moonbirds creator Kevin Rose loses $1.1M+ in NFTs after 1 wrong move

January 26, 2023 Coin Telegraph

Moonbirds creator Kevin Rose loses .1M+ in NFTs after 1 wrong move

Arran Schlosberg

Among the nonfungible tokens (NFTs) stolen from the PROOF co-founder were 25 Chromie Squiggles and one Autoglyph NFT.

Kevin Rose, the co-founder of the nonfungible token (NFT) collection Moonbirds, has fallen victim to a phishing scam leading to more than $1.1 million worth of his personal NFTs stolen.

The NFT creator and PROOF co-founder shared the news with his 1.6 million Twitter followers on Jan. 25 asking them to avoid buying any Squiggles NFTs until they manage to get them flagged as stolen.

I was just hacked, stay tuned for details - please avoid buying any squiggles until we get them flagged (just lost 25) + a few other NFTs (an autoglyph) ...
— KΞVIN R◎SE (,) (@kevinrose) January 25, 2023

“Thank you for all the kind, supportive words. Full debrief coming,” he then shared in a separate tweet about two hours later.

It is understood that Rose’s NFTs were drained after signing a malicious signature that transferred a significant proportion of his NFT assets to the exploiter.

GM – what a day!
Today I was phished. Tomorrow we'll cover all the details live, as a cautionary tail, on twitter spaces. Here is how it went down, technically: https://t.co/DgBKF8qVBK
— KΞVIN R◎SE (,) (@kevinrose) January 25, 2023

An independent analysis from Arkham found that the exploiter extracted at least one Autoglyph (345 ETH), 25 Art Blocks — also known as Chromie Squiggle — (332.5 ETH) and nine OnChainMonkey items (7.2 ETH).

In total, at least 684.7 ETH ($1.1 million) was extracted.

How Kevin Rose got exploited

While several independent on-chain analyses have been shared, Vice President of PROOF — the company behind Moonbirds — Arran Schlosberg explained to his 9,500 Twitter followers that Rose “was phished into signing a malicious signature” which allowed the exploiter to transfer over a large number of tokens:

1/ This was a classic piece of social engineering, tricking KRO into a false sense of security. The technical aspect of the hack was limited to crafting signatures accepted by OpenSea's marketplace contract.
— Arran (@divergencearran) January 25, 2023

Crypto analyst “foobar” further elaborated on the “technical aspect of the hack” in a separate post on Jan. 25, explaining that Rose approved a OpenSea marketplace contract to move all of his NFTs whenever Rose signed transactions.

He added that Rose was always “one malicious signature” away from an exploit:

be super careful when signing anything, even offchain signatures. kevin rose just had ~$2 million worth of NFTs drained from his vault from signing one malicious seaport bundle. thankfully a couple things held back, like the punk zombie (1000 ETH) which can't be traded on OS pic.twitter.com/GXHR3NQHLf
— foobar (@0xfoobar) January 25, 2023

The crypto analyst said Rose should have instead been “siloing” his NFT assets in a separate wallet:

“Moving assets from your vault to a separate "selling" wallet before listing on NFT marketplaces will prevent this.”

Another on-chain analyst, “Quit” told his 71,400 Twitter followers further explained that malicious signature was enabled by the Seaport marketplace contract — the platform which powers OpenSea:

Kevin Rose was just lost $2m+ in assets by signing an off-chain signature that created a listing for all of his OpenSea approved assets in one go.

While seaport is a powerful tool, it can also be dangerous if you're not aware of how it works.

A bit of context 1/
— quit (@0xQuit) January 25, 2023

Quit explained that the exploiters were able to set up a phishing site that was able to view the NFT assets held in Rose’s wallet.

The exploiter then set up an order for all of Rose’s assets that are approved on OpenSea to then be transferred to the exploiter.

Rose then validated the malicious transaction, noted Quit.

Meanwhile, foobar noted that most of the stolen assets were well above the floor price, which means that the amount stolen could be as high as $2 million.

Quit urged that OpenSea users “need to run away” from any other website that prompts users to sign something that looks suspicious.

NFTs on the move

On-chain analyst “ZachXBT” shared a transaction map to his 350,300 Twitter followers, which shows that the exploiter sent the assets to FixedFloat — a cryptocurrency exchange on the Bitcoin layer-2 “Lightning Network.”

The exploiter then transferred the funds into Bitcoin (BTC) and before depositing the BTC into a Bitcoin mixer:

Three hours ago Kevin was phished for $1.4m+ worth of NFTs. Earlier today the same scammer stole 75 ETH from another victim.

Mapping this out we can see a clear trend of sending the stolen funds to FixedFloat and swapping for BTC before depositing to a bitcoin mixer. https://t.co/2yrFpfYttT pic.twitter.com/ZlywPYydwx
— ZachXBT (@zachxbt) January 25, 2023

Crypto Twitter member "Degentraland” told their 67,000 Twitter followers that it was the “saddest thing” they have seen in cryptocurrency space to date, adding that if anyone can come back from such a devastating exploit, “it’s him”:

Saddest thing I've seen in crypto to date.@kevinrose wallet drained.

If anyone can come back from this, it's him. pic.twitter.com/HZysg34qji
— Degentraland (@Degentraland) January 25, 2023

Meanwhile, Bankless founder Ryan Sean Adams was enraged with the ease at which Rose was able to be exploited. In the Jan. 25 tweet, Adams urged front-end engineers to pick up their game and improve user experience (UX) to prevent such scams from taking place.