Top Solana NFT projects DeGods & y00ts announce departure, will migrate to new blockchains
Solana’s fight continues. The FTX fallout, which included a ton of speculation surrounding the level of exposure to Alameda Research – believed to be in the hundreds of millions of dollars – has apparently bled into the blockchain’s NFT scene as well.
Now two of the leading projects in the Solana ecosystem have announced their departures to new chains – which are expected to be effective early next year.
For Solana, when it rains, it rains
Solana has arguably been the best sign of speculation surrounding FTX fallout. The token is moving out of the top 25 in top token market capitalization, which would have been a shocking revelation just a year ago – as SOL has long been a top 10 token.
Symbolic price aside, Solana’s sentiment in the NFT community has been waning; for many months DeGods and y00ts creator Frank have long teased a move to new chains. Just last month, NFT marketplace Magic Eden—which launched only on Solana—announced integration with Polygon.
While Solana’s momentum has slowed in recent months, it has remained the widely regarded ‘#2 player’ behind Ethereum in the NFT space. However, according to a new announcement On Christmas Day, two of the chain’s largest NFT projects, DeGods and y00ts, are moving towards new blockchains.
Solana's market cap dominance (CRYPTOCAP:SOL.D) has taken a major hit in recent months. The NFT sector has been no exception. | Source: CRYPTOCAP:SOL.D on TradingView.com
New year, new look blockchains
In the midst of the madness, Polygon secures another NFT win here. The chain will approach millennials with open arms, adding the first NFT collection to an ever-growing list of several “corporate” partners and hosts, including Reddit, Starbucks, and yes – even Donald Trump’s recent NFT collection. After a series of institutional wins, Polygon is now securing a more community-focused NFT gathering—and a significant one at that.
Meanwhile, DeGods will move up to Ethereum, trying to compete with the “big dog” blue chips that have the most volume in the NFT space. Frank, the creator of DeGods and subsequent y00ts, released quite a few tweets on the matter, but none more optimistic than this one:
Nike, Adidas, Starbucks, Disney, Shopify, NFL, TicketMaster, Reddit, Instagram, Facebook, Prada, Dolce & Gabana, FlipKart, Coca-Cola, Adobe, Bentley, Stripe, Draft Kings, 100 Thieves, and that’s just a few .
I think that @y00tsNFT the brand just got stronger.
But let’s see 🤷♂️
— Frank III (@frankdegods) 26 December 2022
Regardless of how things shake out for Frank’s respective projects in their new ventures, there is no doubt that this is a loss for the Solana NFT community. According to NFT collection data from CryptoSlam, both DeGods and y00ts have been in the top 20 volumes over every time measurement, not including all time (24 hours, 7 days, 30 days). They are the only Solana-based projects to do so.
Both DeGods and y00ts are expected to make their respective migrations to new chains in the first quarter of 2023.
