Crypto and NFT projects from Collapsed Terra migrate a lot to polygon (MATIC)
Summary:
- Crypto and NFT projects that once called Terra home have begun to migrate to the Polygon Network (MATIC).
- According to Polygon Studios CEO, 48 projects have started the migration, including the OnePlanet NFT marketplace and Derby Star’s metaverse games.
- In late May, the CEO of Polygon Studios announced an unlimited migration fund for projects willing to migrate from Terra.
Terra projects that were left in limbo after the collapse of LUNA and UST, and the subsequent launch of a new Terra chain, have begun to migrate en masse to the Polygon Network (MATIC).
According to Polygon Studios CEO Ryan Wyatt, over 48 crypto and NFT projects have started the migration process from Terra to MATIC. Projects moving to Polygon include the NFT marketplace known as OnePlanet and the metaverse game Derby Stars. Mr. Wyatt shared his insights on the migration of projects from Terra to Polygon through the following tweet.
UPDATE: Terra projects have begun migration. Over 48 projects and counts… included @OnePlanet_NFTan exclusive @ 0xPolygon marketplace, and @DerbyStars_HQ!
It was so wonderful to help and welcome all these amazing developers to our thriving ecosystem!
Welcome! 💜$ MATIC pic.twitter.com/JcskdWGnZJ
– Ryan Wyatt (@Fwiz) July 8, 2022
The sudden collapse of Terra left a lot of NFT projects and communities stranded – OnePlanet.
In a media blog post announcing the migration, the team at OnePlanet explained that “the sudden collapse of the Terra ecosystem left a lot of innovative NFT projects and their communities stranded in the wreckage.”
As a result, OnePlanet led and built ‘its own version of Noah’s Ark to save Terra’s growing NFT biodiversity and take it to a new home.’
Polygon Studios’ CEO had announced an uncapped migration fund for Terra projects.
News of nearly 50 crypto and NFT projects migrating from Terra to Polygon comes less than two months after Polygon Studios CEO Ryan Watts announced the launch of an in full fund to help affected projects move to the MATIC ecosystem .
The fund’s funding will be from $ 450 million previously raised by Polygon, its treasury, and a $ 100 million ecosystem fund. Mr. Wyatt had also stated that Polygon Studios was willing to distribute more capital to the migration process if necessary.
Reddit and Coca-Cola chose Polygon for their NFT projects.
It should be noted that Polygon has recently experienced a lot of development activity, with Reddit choosing the team two Ethereum project as the home of its digital collectibles market. The huge beverage company Coca-Cola also chose Polygon as the preferred network for its Pride Series NFT collection.
