DeGods and Y00ts NFTs bridge Solana. Here’s why

by · December 26, 2022

Nonfungible token (NFT) firm Dust Labs is migrating its two top performing Solana NFT projects – DeGods and y00ts – to Ethereum and Polygon in an effort to expand their use.

The news was announced on DeGods and y00ts Twitter page on December 25, with both NFT projects expected to be officially connected to Ethereum and Polygon respectively in the first quarter of 2023.

Rohun Vora – the creator of DeGods and y00ts who goes by the alias Frank III – said the decision was made to “explore new opportunities” and to allow for the continued growth of the collection. The move will also see the DUST token – which is used to buy, sell and mint NFTs on the DeGods ecosystem – also connect to Ethereum and Polygon.

Vora confirmed that two NFT projects will still remain at Solana for the time being, and in a separate post answers to a Twitter user, confirmed that the bridge/migration will be owner “opt-in.”

During a December 26 Twitter pitch, Vora explained to 66,000 listeners that it was simply about getting the NFT projects on the platforms that he sees will drive the next wave of NFT adoption.

In his reasoning, he drew parallels to the intense battle over intellectual property rights (IP) between streaming services such as Netflix, Disney Plus and HBO Max – suggesting that the streaming service that secures the best IP will ultimately win the lion’s share of viewers, who then attract better projects.

“They’re trying to get the best IP on their streaming services because ultimately that IP is going to drive growth on that platform.”

“When you get enough IP on the platform, it becomes a virtuous cycle, people want to be on Netflix because it’s just the brand and the place to be,” he added.

He said a similar battle is playing out between different blockchains trying to build the best NFT platforms, noting that as NFTs are driven by attention, there is an opportunity for “virtuous cycles” that will create a network effect for NFTs -projects.

From there, “the metrics, volume and liquidity will follow,” he added.

Vora said his bullish view on Polygon for NFTs was influenced by the fact that Disney, Adidas, Nike and Reddit chose Polygon as their NFT platform.

Vora also said that he had received grant offers from many other platforms, most of which were much larger than what was offered by Polygon, but Polygon gave y00ts the best opportunities going forward.

“Polygon was arguably one of the lowest, if not the lowest, in terms of dollar value, but we went with Polygon because we see a lot of opportunity at a strategic level, and that’s what excites me and should excite you owners more than anything else .”

Related: Solana TVL falls by almost a third as FTX unsettles the ecosystem: Finance redefined

The news has only added to the growing list of concerns for Solana, which has seen total value locked (TVL) on the ecosystem fall 97.88% from a peak of $10.17 billion to $215 million at the time of writing, according to decentralized finance data . aggregator DefiLlama.

Solana’s co-founder Anatoly Yakovenko shared his “bittersweet” feeling at the news that the NFT projects would no longer “focus 100% on Solana” to his 223,600 Twitter followers on December 26, but accepted the “reality” that these projects want to expand their reach.

But controversial figure Ben “Bitboy” Armstrong and a good number of his 1 million Twitter followers weren’t so optimistic about Solana’s future, with 70% of 11,881 voters in a poll voting “Yes” to “Is Solana dead ».

According to DappRadar, both the y00ts and DeGods NFT collections are ranked first and second in terms of fiat transaction volume on Solana in the last 30 days.