In 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 bitcoin blockchain bloat, and the controversial issue of creator royalties.
OnChainMonkey: Merging Art with Blockchain Technology
OnChainMonkey was originally created as an on-chain generative art project in September 2021. It became the first on-chain PFP collection created in a single transaction on Ethereum. However, the project quickly evolved into a community enterprise 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 on Bitcoin: increasing the value of block space
As adoption of Ordinals – the protocol allowing NFTs to be minted directly on Bitcoin – grows, Danny Yang shared his excitement about increasing the value of block space by securing assets high-value digital assets like art and collectibles alongside Bitcoin. He believes this development will inspire more users to run full knots to secure the chain.
Yang also noted how his team managed to store all 10,000 images in their collection using only 20 block storage units, which shows their commitment to conscientious use of blockchain resources.
Royalty Debate: Adapting Business Models
The podcast discussed recent developments regarding creator royalties in the NFT space. Platforms like Blur are actively looking for ways to 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 acknowledging that the absence of royalties would lead to an adjustment of the economic models of 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 release their “Passport to the Digital Wealthy Nation,” providing members with access to valuable resources and experiences. Additionally, they have an artistic collaboration with generative artist Alexei Andre on the horizon. The collection will use the DNA of existing OnChainMonkey works to create impressive new pieces.
As crypto enthusiasts continue to navigate this complex landscape, conversations like those on SlateCast provide invaluable insight into emerging technologies and their potential impact on various aspects of our lives.
Don’t miss this gripping episode of SlateCast by watching the full podcast above, where Danny Yang further explains OnChainMonkey’s plans and shares his thoughts on other critical developments within the crypto space.