BONKz collection to migrate off of OCP to the Metaplex standard

BONKz collection to migrate off of OCP to the Metaplex standard

BONKz, the owners of the BONKz collection, indicated in a recent Twitter thread that they will be moving their collection off of the Open Collectors Protocol (OCP) and onto the metaplex standard. 

Introduction of optional royalties at 2% for holders

During the move, which is scheduled to start roughly today, the entire BONKz collection will be immediately delisted and returned to seller wallets.

The team said in the thread that this migration is a challenging technological shift. Additional information that came to light over the weekend prompted them to automatically bulk-move all of the holders’ collections. 

The team also mentioned that the optional royalties, which would decrease from 4% to 2%, would be made possible by this migration. Additionally, royalties would only be used if holders decided to pay them for the purchase and burning of $BONK.

The move will take place independently from the royalty modification and won’t require delisting. In the Twitter thread, the team states that $100,000 has been paid out in royalties, with the OMNI team keeping $13,810 to cover launch expenses. All 1:1 artists who participated in the project will receive an equal share of the remaining $86,190.

The BONKz team adds that this modification would enable frictionless trade of BONKz across numerous platforms and markets and simple wallet-to-wallet transfers in wallets like Phantom. Listings will resume as usual after the process, which should take about 30 minutes.

Migration to happen in three stages

There will be three stages to the migration. To prevent anyone from listing new NFTs, the team will first disable listing via policy. Then, all NFTs will be taken off the market’s list and returned to sellers. 

The OCP policy will then be converted to the metaplex standard, after which relisting will be permitted. An open-source system called Metaplex enables the production and minting of NFTs, utilizing a uniform format across wallets and programs. It comprises a self-hosted web3 application and on-chain software, meaning sellers and buyers do not need to trust a centralized authority.

The BONKz team expressed regret for any inconvenience the migration may have caused and explained that because they are removing OCP from each NFT individually, some NFTs may become tradable earlier than others throughout the move. The process, they said, should take little time.

Dogecoin and Shiba Inu vs Bonk: a memecoin market comparison

In the fast-paced world of memecoins, the competition for the top spot is fierce. Dogecoin and Shiba Inu, the reigning champions, are facing off against a new challenger, the Solana-based coin Bonk.

Over the past week, all three coins saw a surge in value, with Dogecoin jumping from a low of $0.077 to a high of $0.092, marking a 16% increase. Shiba Inu also saw impressive gains, rising 32% from a weekly low of $0.0000083 to a high of $0.000011.

Bonk, which made its debut late last month, has had a wild ride in the market. The dog-themed altcoin has seen a 787% increase in value since its launch, but as the broader market began to rally, it also experienced a 56% decrease, going from a seven-day high of $0.000002 to a low of $0.00000088.

Despite the recent rally, Dogecoin and Shiba Inu remain down 88% from their all-time highs, hitting in May 2021 and October 2021, respectively. As the competition intensifies, it will be interesting to see how Bonk performs against the established memecoin leaders.

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