CONSENSUS 2023: Metagood COO on Bitcoin duplicates of NFTs, crypto for social impact

In this interview, we discuss how NFTs can be used to do good in the real world, examples of social good projects empowered by NFTs, why OnChainMonkey is such a powerful tool to support good causes, the future of NFT, and so much more.

FinanceFeeds Editor in Chief Nikolai Isayev was curious about what makes Metagood unique within the NFT community and the significance of their OnChainMonkey community.

In response, Amanda explained that Metagood is shaping the future of digital assets through a combination of technology, art, and community. They were the first profile picture (PFP) 10K collection to be uploaded on Ethereum in a single transaction, which is historically significant. Metagood made history again by inscribing all of their 10,000 Genesis NFTs on Bitcoin via the Ordinals protocol, much as it did for the original Ethereum collection back in 2021.

The OnChainMonkey community is a prime example of the social impact, where 50% of the trading revenues generated by the OCM collection were channeled back into the DAO, where members have the power to vote on how the funds are used. The company has used a portion of its secondary-market trading fees to support social impact projects. For example, they helped Sharbat Gula and her family to get out of Afghanistan to Italy, created the NFT collection called OCM Earth that raised over $185k, and 100% of those proceeds were donated to Save the Children for humanitarian aid in Ukraine.

The OCM DAO was funded with roughly $4 million (2,000 ETH) and is available for all token holders to propose and vote for projects. The DAO has inspired people to start businesses together, pursue creative endeavors, and do social impact projects. For example, a group in Brazil used the DAO to rehabilitate an unused skatepark that, from a drone perspective, looks like a monkey. Metagood has also donated to a number of charities, including Save the Children, Giga Connect Project, and Coral Vita, making a real difference in the lives of people and animals around the world.

Overall, Amanda envisions that the uniqueness of Metagood lies in their technical innovation, the community they have built, which is diamond-handed, and their leading position in Bitcoin and NFTs. The company has proved that high-value art can also live on the Bitcoin blockchain, as evidenced by their partnership with Asprey Studio for their Asprey Bugatti Egg Collection.

Metagood is a great example of a company that is using its platform to raise money for charity, inspire people to do good in the world and create value for their community. We asked how the company plans each project to achieve this goal.

Amanda explains that the #1 thing they think about is creating value for their community and building a sustainable long-term business. They started with a free Genesis collection and later dropped 10,000 Desserts (NFTs used to create a Karma NFT from Genesis NFTs) to their holders. The most rare Desserts were sold for over $200,000, providing the holders with a significant return on investment. Additionally, the NFT holders on Ethereum can also see their respective collectibles live on Bitcoin, for free.

Metagood’s values – represented by the acronym RISE, which stands for respect, integrity, sustainability, and enrichment – have attracted a group of like-minded entrepreneurs, creators, athletes, and investors who are aligned with those values. They are not interested in creating a quick buck with an NFT collection but rather in bringing high-value assets to the Bitcoin blockchain.

The Asprey Bugatti Egg Collection project is a great example of how NFTs can be used to create a unique and valuable experience for customers. As Ali Walker, Chief Creative Officer at Asprey Studio said, “the collection not only pushes the boundaries on a production level, but the generative art coded by our strategic partner and Bitcoin experts Metagood using the equation of the egg shape of the actual sculpture as an NFT in Bitcoin is a new form of expression and art itself. 1he NFT and the sculpture are linked by this equation.”

Amanda believes the Asprey Bugatti Egg Collection project is just the beginning of how NFTs will be used by big brands. In the future, we can expect to see more brands using NFTs to create loyalty rewards, engage their customers, and create exclusive experiences.

She also expressed excitement about the collection, emphasizing its historical significance and long-term potential. Amanda highlighted the revolutionary nature of inscribing art onto the secure Bitcoin blockchain, ensuring its lasting existence. She described the collaboration between Asprey Studio, Bugatti, and Metagood as the convergence of art, design, and technology, expressing pride in contributing their expertise to make history together.

Meanwhile, Amanda sees the growth of NFTs as bringing a lot of value to the ecosystems of Ethereum, Solana, and Polygon. However, Bitcoin, which has double the market cap of Ethereum, has not experienced this growth yet from the NFTs side. She explains that the Ordinals protocol was not in place until February, so it’s still very early in development. For her, it’s less about loyalty and more about bringing high-value art to the blockchain. So, Metagood is extremely excited about working with iconic brands like Asprey and Bugatti.

We asked Amanda if it is too early to say whether Bitcoin-based NFTs will take over from Ethereum-based NFTs. Both platforms have their own advantages and disadvantages.
Bitcoin-based NFTs are more secure and decentralized than Ethereum-based NFTs. However, they are also more expensive to mint and trade.

Amanda notes that the global NFT market is currently valued at around $15 billion but predicts that it is still in its early stages. She cites recent research from Galaxy Digital that estimates the ordinal market will be worth $5-10 billion by 2025, indicating the potential for significant growth.

Metagood COO also highlights the first-mover advantage that her company has in the NFT space, given the experience and expertise of its co-founder and chairman. Co-founder Danny Yang has been involved in blockchain since founding the Stanford Bitcoin meetup in 2013 and also founded the largest cryptocurrency exchange in Taiwan, Maicoin, and Blockseer, which was sold in 2018. Additionally, Metagood chairman Bill Tai has also been in the crypto space since 2010 and has been involved in many successful projects, such as Zoom, Wish, Canva, and a charity company. Tai even lent money to BitFury to create their first ASIC mining chip.

Earlier in December, Metagood raised $5 million in its pre-seed round. Elaborating on the latest capital injection, Amanda said they were fortunate to have an incredible list of investors, including Animoca Brands, Morgan Creek Capital Management, the founders of Sandbox and Axie Infinity, and other notable individuals.

Amanda also mentions that they have over 4700 ETH from over 17,000 ETH traded on their collection, plus over 3,000 ETH from their public sale of Karma. They do not want to touch the ETH as they expect its value to increase. Instead, they are using the fiat money from their investments to fund the company’s operations. Overall, the funds raised are being used to build a strong community around Metagood and to support its ecosystem growth.

The NFT market experienced a peak in sales volume in January 2022, but has since dropped by 97%. When asked about their expectations for wider adoption of tokens and NFTs in particular, Amanda expressed confidence in the market’s future and highlighted the current early stage of development.

In fact, Metagood envisions the dip as a great opportunity to buy valuable digital assets. Amanda cited the average growth rate for the NFT market from now until 2030, which is projected to be around 38%. She also mentioned that their recent move to build on Bitcoin has actually tripled the floor price—the cheapest listed NFT on their marketplace—and they have upcoming projects such as the Dimensions Collection, a 3D animated collection. The first 300 Dimensions will use the Genesis DNA from Metagood’s exclusive Genesis collection. This DNA has never been used before, and includes rare traits such as Alien and Gold furs.

On the macro side, Amanda points out that the crypto market has shifted from speculation to utility. While people were speculating on crypto asset prices in the past, the current focus is on the actual utility of these assets. She believes that we are in a new growth cycle despite the recent dip in NFT sales volume. Metagood seems to have a similar strategy, with plans to build and innovate in the NFT space.

Interestingly, Amanda shared a tweet from one of Metagood co-founders – Danny Yang – that she found relevant to the discussion. The tweet talks about the fluctuations in cryptocurrency prices and how quality will ultimately stand out over time. The co-founder suggests that in bear markets, quality really shines because it is not just about hype and momentum, but rather, it is a time when builders and their quality work can be distinguished from the rest. She believes that their collection has stood out with a 69% increase in the last 90 days, while other collections have gone down.

Towards the end of our conversation, Nikolai Isayev was interested in knowing Amanda’s impressions of the Consensus 2023 conference.

Metagood COO described Consensus 2023 as an event that no one interested in the future of cryptocurrency, blockchain, and Web3 should miss. The gathering featured a wide range of speakers, panels, and workshops, as well as a number of networking opportunities, allowing attendees to connect with other members of the community.

Amanda also reflected on the main takeaway from the conference, highlighting the resilience of the communities that attend these events. She listened to panels featuring prominent figures in the industry, such as Scaramucci, Caitlyn Long, Erik Voorhees, and Michael Casey, where the topic of regulation was a major focus. The general consensus seemed to be that the more transparent and immutable blockchain technology is, the better it is for the industry and that government regulations should not make things opaque or obfuscate the technology.