NFT Projects ‘DeGods’ and ‘y00ts’ are Migrating From Solana to Ethereum and Polygon

NFT Projects ‘DeGods’ and ‘y00ts’ are Migrating From Solana to Ethereum and Polygon

NFT Projects ‘DeGods’ and ‘y00ts’ are Migrating From Solana to Ethereum and Polygon
DeGods and y00ts, the top two NFT projects on the Solana ecosystem, are bridging to Ethereum and Polygon. Dust Labs view the move as a way to expand adoption of the digital art collections across blockchains.

Dust Labs, creators of the top performing Solana (SOL) based NFT projects – DeGods and y00ts – announced they will be moving the digital art collections to Ethereum (ETH) and Polygon (MATIC) networks. The move is aimed at expanding adoption of the collectibles among NFT communities across blockchains.

The announcement made on Christmas day on Twitter says that DeGods will be migrating to Ethereum, while its sister project y00ts will be moving to Polygon in the first quarter of 2023. DUST, the token used to trade and mint NFTs on the DeGods ecosystem, will also be bridged onto the respective blockchains.

“There’s an argument to be made that [DeGods] has capped out on Solana. It’s hard to accept, but it’s been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it’s what we have to do,” said Rohun Vora, project leader of DeGods and y00ts, known by his pseudonym Frank III, in a Twitter Spaces on Monday.

NFT Projects ‘DeGods’ and ‘y00ts’ are Migrating From Solana to Ethereum and Polygon

The PFP (profile picture) collections are the highest grossing among Solana NFTs, where DeGods leads with a floor price of 484.95 SOL ($5,213), followed by y00ts, which was released this fall, in second place with a floor of 150.99 SOL ($1,623). According to data from NFT marketplace Magic Eden, both projects accounted for nearly 70% of all sales volume on the Solana network last week leading up to the announcement.

The news comes at not a very good time for Solana, which has been heavily impacted by recent market events. The blockchain project was supported by FTX and Alameda Research co-founder Sam Bankman-Fried, who is accused of securities fraud, wire fraud and money laundering, for mismanaging $10 billion worth of funds deposited by customers on his crypto exchange. The former CEO of FTX is currently under house arrest at his parents home in California. According to decentralised finance (DeFi) data aggregator DefiLlama, the total value locked on the Solana ecosystem fell 97.88%, from a peak of $10.17 billion to $215 million since FTX’s collapse.

“Solana unicorns like Magic Eden, Phantom and DeGods are going multichain. It’s bittersweet to watch. It would be awesome for them to 100% focus on Solana. But the reality is that these projects want to conquer the world. But so does the Solana community,” said Anatoly Yakovenko, co-founder of Solana Labs, on Twitter.

Last month, Magic Eden, the largest NFT marketplace on Solana, which is responsible for 90% of all digital collectible trades on the blockchain ecosystem, announced plans to expand its support for NFTs minted on Polygon. The cross-chain platform already supports collections created on Solana and Ethereum. Phantom, the popular Solana-based DeFi wallet, also announced that it was bridging to Ethereum and Polygon chains to increase adoption and go toe-to-toe with MetaMask, the widely used self-custody crypto wallet.

Although Ethereum is responsible for more than 90% of all trades in the digital art industry, its Layer-2 scaling network Polygon is fast catching up. This year has seen massive growth for the Polygon ecosystem, which recently announced partnerships with Starbucks and Disney, and collaborated with big-brands like Prada and Adidas to launch NFT projects.

At the time of writing, SOL is trading at $10.53 – down 6.4% in the last 24-hours, while DUST is priced at $0.008. ETH is trading at $1,197 – down 2.2% since yesterday, and MATIC is priced at $0.79 – down 2.6% in the last 24-hours.

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