DeGod’s and Y00t’s NFT collections will leave Solana and migrate to Ethereum and Polygon

DeGods and Y00ts, two of the most popular non-fungible token digital art collections on the Solana blockchain, announced today that they will be moving to Ethereum and Polygon.

according to announcement on Twitter, DeGods is the first to bridge to Ethereum and Y00ts build bridges to the polygon blockchain. Details of how the migration and bridge will work are planned once it’s ready and tested, the creators said, since it’s “never been done on this scale.”

Non-fungible tokens, or NFTs, are a type of blockchain-based asset that represents the ownership of digital objects such as artwork, digital collectibles, videos, music, or in-game items. NFT owners can prove they own digital assets by holding the private keys of tokens representing them, which are transacted on specific blockchains. NFTs can be bought, sold and traded for cryptocurrency and thus can have real value.

Full migration is planned for the first quarter of 2023. The $DUST utility token for the two collections – used to buy, sell and mint NFTs on the DeGods ecosystem – will also bridge to the new blockchains at that time.

Rohun Vora, the founder of both collections known as Frank III, said in a Twitter Spaces chat that the move was to open the NFT collections to more possibilities and provide additional space to expand the collections to more blockchains.

During the Spaces discussion, Vora commented that Ethereum and Polygon would give the collections the best way to reach a wider audience of NFT users. He added that the migration would be through a cross chain bridge.

Ours too confirmed on Twitter that the migration itself would be “opt-in” for owners and would not be forced. People can keep their NFTs on Solana if they choose.

The move comes after Solana has had a difficult year. The blockchain has had up to 10 partial or full outages in 2022, along with reduced block times. That included a four-hour outage that occurred in June, a seven-hour outage in May and a two-day outage in January. All this comes with another major 18-hour outage in September 2021.

Blockchain was touted as a potential competitor for Ethereum, particularly as a place to host NFTs, thanks to low transaction fees. However, with these numerous outages, both Ethereum and Polygon appear to be superior, as neither has experienced major outages, although Ethereum has had issues with scaling.

Also recently, Solana’s market has struggled since the collapse and bankruptcy of crypto exchange FTX. The price of the token fell from $31 in November to $11.33 in December after it was discovered that the Solana Foundation, the organization behind the Solana ecosystem, had invested heavily in FTX, and had large amounts of the cryptocurrency stranded on FTX during the bankruptcy.

As a result, a number of other crypto projects have begun to shy away from Solana or diversify. For example, Magic Eden, originally a Solana-focused NFT marketplace, recently integrated Ethereum and polygon. Phantom, also a Solana-based crypto wallet, added Ethereum and Polygon support.

In a separate letter published on Twitter, Vora commented that Solana put the two NFT collections on the map and asked the DeGods and Y00ts communities to be kind and look forward to the future.

“The Solana NFT ecosystem is incredible,” said Vora. “We owe everything to the people here. We take a risk by doing this. 2023 is going to be electric.”

Image: Y00ts