NFTs have made great strides since they were produced by celebs & sold for millions. “NFTs are quietly but steadily making their way into our daily lives. NFTs are not only a lucrative business prospect, but they’re a novel method for people to have fun while earning money. According to the Founder and CEO of NFTically, a Polygon-backed NFT platform, “NFTs are here to stay.”
NFTs will be the stuff to own when the world embraces the metaverse. “Holding an NFT would grant consumers access to certain metaverse exclusives… NFTs provide collectors with access to distinct and credible artwork from throughout the world. “Some collectors are considering NFTs as a long-term investment opportunity because the NFT business is booming,” says Co-founder and Vice President of a Crypto & NFT Exchange.
The NFT world has a lot of beautiful and wonderful images to offer. Of course, these images can be pretty large.
In this line, The OnChainMonkey NFT, in a single Ethereum transaction, is created from a set of 10K PFP unique OC Monkeys. This is among the very first NFTs that were based on profile pics or PFPs. Using such NFTs as profile pictures on social networking platforms is possible. This project is created by Danny Yang (CEO), Amanda Terry (COO), Bill Tai (Chairman), and the Metagood team. Being an owner lets you participate in the community and the DAO.
Building Community with OnChain Monkey: A talk with Bill Tai (Chairman, OCM)
Describing the project, Tai says this OCM project is in its very initial phase, but it caught lots of people’s eyes. They obviously had the very first launch of the first NFT collection, which, just as a reminder, was the first-ever in history, all on-chain collections issued in a single click with one Ethereum transaction. The NFT world is full of all these beautiful, wonderful images. The images can, of course, be huge in size. And the blockchains that contain the information arranged in the form of the chain do not have a huge space in it. So the data structures embedded in those blocks have to be pretty tight; otherwise, the image should have to refer somewhere else.
So a lot of the earlier images that people would see were actually drawings or pieces of art that were stored on various locations like an Amazon server, and you would record the location, the IP address on the blockchain, in the way to find it.
But Danny Yang, CEO of Metagood and a data scientist, created a math equation that is a scalable vector graphics file with a little data table that determines rarity traits and a math expression that in a click renders or produces all of those things on the file & this experiment was done around a very simple looking graphic that was a design of a monkey (Although according to Yang, designing that simple-looking monkey was not as easy as it looked).
And that was the starting point of this project.
The initial stage was found so innovative that it caught the attention of several marketplaces and a bunch of other people that talked about it, and it built a community very quickly. Bill Tai also adds that it actually was not intended initially to be their first NFT.
The company Metagood, with the Onchain Monkey collection, was set up to do what the name implies, to be the source of all good and to drive a set of communities that could instantly drive communities and funding for projects that did well for this world. And they were and still are going to launch some new projects with the United Nations.
Bill pointing toward the future of these new digital communities, said: “The original purpose of venture capital was to fund products, typically electronic items that people used. With the creation of this new web world, micro-economies are given a chance to flourish. In addition to chips, routers, hubs, and switches, there are roadblocks, which are entire communities of madmen around the world who gather online in these metaverses, which are like virtual nations with economies of their own.”
After the Second World War, there was a mechanization industrial revolution. The country had currency backed by gold, but it only lasted for 28 years, from Bretton Woods until 1971, when the gold standard was dropped. Thereafter, it became about nations storing a chip to preserve their economic future.
To run their economy, they needed a way to store oil and run their machines. That’s how we came up with the petrodollar.
With the new abstraction layer, we’re moving beyond physical gold and barrels of oil and into a world of electrons. The concept can now be encapsulated into exchangeable token using digital technologies.
Learn more about Metagood here: (https://www.metagood.com/)
Tweet at OnChainMonkey on Twitter (https://twitter.com/OnChainMonkey)
Find OCM on Instagram (https://www.instagram.com/onchainmonkey/)
View OnChainMonkey on YouTube (https://www.youtube.com/c/OnChainMonkey)
Join OnChainMonkey’s discord here: https://discord.com/invite/ocm
