GET IN TOUCH WITH PAKKO, CREATIVE DIRECTOR ALIGNED FOR THE FUTURE OF CREATIVITY.
PAKKO@PAKKO.ORG

LA | DUBAI | NY | CDMX

PLAY PC GAMES? ADD ME AS A FRIEND ON STEAM

 


Back to Top

Pakko De La Torre // Creative Director

Solana NFT projects, DeGods and y00ts to abandon the blockchain for better options

Solana NFT projects, DeGods and y00ts to abandon the blockchain for better options

Top Solana NFT projects, DeGods, and y00ts have revealed that they will be jettisoning the blockchain in the coming year to explore other better opportunities.

This decision might be tied to the recent demoralizing events in the cryptocurrency market. As usual, there have been diverse and contrary opinions about the project’s decision to leave the blockchain within the cryptocurrency community. 

Read also: Brazil President signs bill to approve bitcoin as payment

Solana NFT projects, DeGods and y00ts to abandon the blockchain for better options

During the weekend, DeGods stated on Twitter that it will be transitioning to Ethereum, while its affiliate project is migrating to Polygon in 2023, the teams revealed. Also, DeGods’ DUST token will follow suit with this migration.

Members of the cryptocurrency community have expressed their varying views—some acknowledged that the move was good, while the other faction condemned it as wrong. The back and forth for sure is not going to end anytime soon. A particular comment about the activity that stood out is one person referring to it as a “level up.

Solana NFT projects, DeGods and y00ts to abandon the blockchain for better options

“At the beginning of the year, we noticed that much of the creator economy’s attention was focused on ETH and Solana,”

Ryan Wyatt, CEO of Polygon Studios

“Therefore, we decided to go against the trend and focus on the untapped potential of web3 by onboarding large enterprise brands, DeFi platforms, and gaming companies. We did this successfully through ecosystem fund investments and white-glove partnership support,” Ryan Wyatt, CEO of Polygon Studios, told TechCrunch.

Read Also: Sam Bankman-Fried arrives in the US to stand trial

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

DeGods and Y00ts are two of the busiest in the Solana NFT market. The records are there for everyone to see. DeGods commands a staggering 515 SOL (around $5,750) floor price, which ranks as the biggest in the ecosystem. On the other hand, Y00ts was launched this fall. Though it was released in the fall, it commands a 148 SOL (around $1,660) floor value.

Sales of DeGods increased after the news broke out, with the collection’s floor price rising 12% as of Monday. Sales for Y00ts have remained relatively tranquil, with the floor price increasing just 5 SOL (around $55). In the week leading up to the announcement, sales of DeGods and Y00ts accounted for nearly 70% of all Solana NFT sale volume, according to data from Magic Eden.

The move was preceded by months of tension on NFT Twitter, with some builders in the Solana NFT sector condemning the exit while the collection’s holders largely cheered the move. In early December, rumours circulated at the Art Basel festival in Miami that the DeGods team asked the Solana Foundation for $5 million to stay on the Solana platform. The DeGods team denies the claim.

A massive boost for Polygon

Y00ts migration to Polygon did not come on a free ride; there was a price to pay. In an interview by CoinDesk, a DeGods representative informed the blog that Polygon paid for the migration with a grant derived from its collaboration fund, stating the perks and nitty-gritty of the deal would be revealed very soon.

Trading volume of NFT up over 200% in 2022
Trading volume of NFT up over 200% in 2022

Vora said the grant would last “one year, maybe two,” and wasn’t paid upfront. It’s unclear what will happen once the grant runs out.

“There are a lot of milestones we have to hit,” Vora said. “And the grant isn’t as much as people think.”

The migration is the latest in Polygon’s partnership winning streak – the layer 2 blockchain has attracted partners as large as Starbucks (SBUX), Nike (NKE), Reddit, Instagram, and DraftKings in the past year.

This content was originally published here.