A Guide to OnChainMonkey: A Community Forged On-Chain
by corporate trash
OnChainMonkey is known for being the first NFT PFP minted on-chain with one transaction, but they also have a highly engaged community, Banana tokens, and the OCM DAO. These monkeys seem simple upon first glance, made of simple colorful shapes. However, underneath it all, there is a plethora of innovation happening within their community.
With the Karma collection, banana tokens, DAO governance, and missions, the OnChainMonkey family has expanded the Monkeyverse in 2022.
What are OnChainMonkey NFTs?
OnChainMonkey (OCM) is an NFT community created by Metagood. Its purpose is “doing well while doing good.” The team includes Bill Tai, Danny Yang, and Amanda Terry, who are veterans in the crypto space. They also have powerful investors like Roham Gharegozlou (Dapper Labs), Woody Harrelson (actor), Randi Zuckerberg (Facebook), Owen Wilson (actor), and Guy Oseary (VC).
OCM minted on September 11, 2021 as a stealth, free mint. The 10K PFP collection was minted out quickly within four hours, as word of the project got around within the greater NFT community.
The artwork is made up of, well, on-chain monkeys. Although the genesis OCM art is considered simple when it comes to aesthetics, that’s because it was 100 percent created on-chain and coded into existence.
Both the Genesis OCM collection and its secondary Karma collection — which is more focused on the art — offer full commercial rights to their holders.
The core values of the OCM community are !RISE, which is a trend seen often on NFT Twitter. RISE stands for:
- Respect – Treat everyone with respect
- Integrity – Strive for the highest ethical standards
- Sustainability – Create for the future
- Experimentation – Try new things to find better solutions
OnChainMonkey NFT Traits
Founder Danny Yang wrote an article about how OCM came about, and explained that accomplishing a full on-chain mint is typically expensive due to the high number of transactions needed. The simpler the art, the cheaper it is to mint. He was inspired by Bored Ape Yacht Club and South Park-style art, and optimized for size, not style.
OCM Genesis has seven trait types: background, clothes, earring, eyes, fur, hat and mouth. One of the most fun things that the community has created are “meta-traits.” These are combinations of traits that don’t show up in the metadata. For example, a “Naked Snoutless” OCM combines five traits, and there are only 11 of them.
The floor for OCM Genesis is currently 1 Ethereum. The highest sale of an OCM to-date was for a Gold monkey at 50 Ethereum.
Desserts were airdropped to OCM Genesis holders on February 11, 2022. Desserts work similar to Mutant Ape Yacht Club, where you burn a serum to get a new version of your original NFT. They are used to create a Karma version of a Genesis OnChainMonkey.
From the Genesis airdrops, there are up to 10,000 Desserts available, with the maximum division being 5,550 K1, 4,485 K2, and 15 K3. Each OCM Genesis can eat one of each dessert type.
There was also a public mint of 9,000 desserts with a similar distribution, except just 5 K3, and another 1,000 held back by the team. The traits in these 10,000 are not based off of an existing Genesis OCM. All in all, the entire possible supply is up 20,000 Karma NFTs.
The D3 Desserts create 1-of-1s. The highest sale for a dessert at the time of this post was a K3 (Celestial Cake) which sold for 40 Ethereum.
The OCM Karma collection was launched in July 2022, with art by an Academy Award-nominated team. The benefits of a Karma include membership to the Monkeyverse, voting rights in the OCM DAO, access to Banana tokens, and missions, merch, and more. It acts as the secondary tier of membership to the OnChainMonkey community.
Karma have over 400 possible attributes and are in a much more realistic art style than the Genesis OCM collection. The floor price is currently 0.4 Ethereum. A K3 (“Celestial”) Karma sold for 30 Ethereum, the highest Karma sale yet.
Bananas: The OnChainMonkey Tokens
Bananas are the native token of the OCM ecosystem. They aren’t a true ERC-20 fungible token, but are distributed within the Discord as a token there. They’re sent to people for “spreading good Karma” on Twitter and Discord. Bananas can also be earned on Twitter and Discord by tweeting to @OnChainMonkey and including !RISE.
These tokens are redeemable for merch, and other goods and services. People have even used them to trade for OCM NFTs or other NFTs. Poker games have also been played with Bananas as an entry fee. Card pack breaks — or Banana Box Breaks — have been funded with bananas as well.
The OCM website’s page on $BANANA is currently down, as they continue to build out additional use cases for the token and economy.
OCM Missions are a fun way to soft-stake OCM NFTs to earn rewards and gain experience to level up your monkey. Missions are experiments and tasks, ranging from holding your OCM, voting in the OCM DAO, participating in an experience, or joining real-life missions.
These Missions take place over a certain number of days. The rewards come in locked crates, which are tied to the monkey. The creates can be opened to reveal “Part NFTs,” which take form in the way of various items. Some examples are Accessory Packs, Tread Packs, Shell Packs, and more.
The OCM team tweeted: “When combined in a certain way, parts can be used to create a utility-based NFT. Utility will vary, but Genesis and Karma holders will get the most utility.”
OCM DAO is a community fund that is governed by NFT holders, rather than the Metagood team, aimed at supporting community-led initiatives that extend the OCM brand into new spheres on influence.
The DAO was funded with half of primary sales from the OCM Karma collection (1,500 ETH), and is consistently funded by 50 percent of royalties from the secondary sales on OCM collections. The OCM DAO treasury currently holds over $3 million in Ethereum.
Those who own OCM NFTs within the ecosystem are able to draft proposals and vote on them. Discussions on the proposals take place within the OCM Discord.
From the DAO’s website, it states: “Proposals via the OCM DAO could fund partnerships with companies, new ventures, derivative art projects, charitable donations, marketing campaigns, both online and in-person events and activations, contests, merchandise, and new hires.” The possibilities for community proposals are wide open.
Proposals on Snapshot are reserved for ideas which require funding over 10 ETH. Ideas under 10 ETH can use Prop House and Small Grants to earn funds to execute their ideas.
Prop House is a way for anyone to make a proposal within the suggested guidelines for a funding round, then the community votes on their favorite ideas over a week. The ideas with the most votes after the voting period win funding. OnChainMonkey has held five Prop House rounds, with 28 winners winning at least one ETH so far.
Small Grants can be submitted through Proxychat.
Some of the community projects funded have been a skate park, custom prints, children’s toys meetups, poker tournaments, and more.
TL;DR — OnChainMonkey NFTs
When looking at listings on NFT marketplaces, less than two percent of OnChainMonkey Genesis NFTs are usually listed. That goes to show how tight-knit the OCM community is. Along with incentivizing Missions by soft-staking, the community has grown to be one of the tightest in all of Web3, and many don’t want to leave it.
In 2023, the OCM team continues to set its sights on expansion, supporting community projects through the DAO, and bringing more use cases for its Banana economy. All the while, !RISE is at the heart of what they do each day.
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Blog image created in collaboration with DALL-E 2 by OpenAI.