OnChainMonkey (OMC) has defied the bearish trend in the NFT market, establishing itself as a standout performer. So far in 2023, the collection has demonstrated a remarkable growth trajectory and is well worth watching. A key factor that distinguishes OnChainMonkey is its storage of visual and metadata directly on the blockchain. This begs the question: does on-chain storage enhance a collection’s value? Let’s delve into the analysis.
Table of Contents
- OnChainMonkey floor price surges 183% in 2023
- Rising with Bitcoin Ordinal
- Does storing metadata on-chain make OMC NFTs more valuable?
- How to check whether an NFT’s metadata is 100% on-chain?
- Continue your learning journey with DappRadar
OnChainMonkey floor price surges 183% in 2023
The NFT market in 2023 has faced challenges. According to DappRadar’s latest monthly industry report, NFT trading volumes in June only reached $888 million. Meanwhile, the prominent Bored Ape NFTs experienced a 20-month low in floor prices, and many other collections also experienced declines.
From 1 January to 10 July 2023 several NFT projects with market caps between $50 million and $100 million witnessed notable decreases in floor prices. The once highly regarded blue-chip collections, including VeeFriends, Doodles, Moonbirds, and Meebits, experienced drops in their floor prices of 40% up to 62%.
In contrast to the decline, OnChainMonkey showcased a remarkable increase of 183% in floor price. This divergence underscores the resilience of OnChainMonkey and suggests its unique value propositions have attracted sustained market demand.
Rising with Bitcoin Ordinal
Starting from early February, alongside the rise of Bitcoin Ordinals, the OnChainMonkey team announced that every holder will receive a version of their NFT on the Bitcoin blockchain.
Following the announcement, there was a surge in user interest in securing a piece of the Bitcoin network. This heightened demand propelled OnChainMonkey’s NFT trading volume to an impressive figure of over $1.08 million on 9 Feb 2023.
Bitcoin Ordinals have gained traction within the NFT community due to their unique characteristics. Many see them as a valuable way to own a piece of Bitcoin’s rich history while offering enhanced security and the potential for more complex NFTs.
You can learn more about this emerging NFT landscape on Bitcoin in this article. Moreover, the trading dynamics of Ordinals are also closely monitored by DappRadar.
Does storing metadata on-chain make NFTs more valuable?
Another notable aspect of OnChainMonkey (OCM) is its commitment to storing metadata directly on the blockchain. And this approach applies to both its Ethereum NFTs and Bitcoin Ordinals. As a result, it distinguishes OnChainMonkey as one of the few NFT collections operating exclusively on-chain, ensuring transparency, immutability, and verifiability.
In addition to OCM, several other notable NFT collections have embraced this practice of storing metadata. These include Autoglyph, CryptoPunk, and Hashmask.
But does this make these NFT collections better than others?
The decision to store content on-chain may vary depending on project requirements. Some NFTs require flexibility and the ability to update their visual components regularly, which may be better achieved through a combination of on-chain and off-chain storage solutions.
But OCM extends beyond visually appealing profile pictures (PFPs). The collection continually spearheads NFT technology experimentation, pioneering new possibilities.
A recent experiment undertaken by OCM was the implementation of Ordinals Recursion. This innovation significantly improves the efficiency of on-chain content storage, unlocking new possibilities for NFT projects on Bitcoin.
How to check whether NFT metadata is 100% on-chain?
If you’re interested in checking how NFT metadata is stored, you can follow these steps. Let’s take OnChainMonkey as an example:
- First, identify the NFT contract address. If you are a DappRadar PRO user, you can get the NFT’s smart contract directly from its NFT page.
- Click on the address, and you will land on Etherscan, where the smart contract details of a collection are displayed.
- Click on ‘Contract’ and then ‘Read Contract’ to explore the contract functions.
- Look for the function ‘tokenURI’ within the contract, which indicates how and where the metadata is stored.
- Choose a random token from the collection and input its tokenid. Then click on ‘query’. If the metadata is stored on-chain, you will see the metadata displayed as a string of data.
We can follow the same steps to check the metadata storage for any collection, such as BAYC or Azuki. In contrast to OnChainMonkey, both BAYC, and Azuki store their metadata on IPFS, a decentralized storage solution that is off-chain.
Continue your learning journey with DappRadar
The revival of OnChainMonkey can be attributed to its focus on core values, prioritizing technological innovation and community development. By remaining steadfast in its pursuit of pushing the boundaries of NFT technology, OnChainMonkey has solidified its position as an impactful player in the NFT space.
For a broader understanding of the dynamic NFT landscape, we encourage you to read, explore and gain data-powered insights with DappRadar.
- The OnChainMonkey NFT page
- Bitcoin Ordinal Ranking
- Read What Is Bitcoin Ordinal
- Check out all the NFT market trends
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