Polygon’s Co-Founder Sandeep Nailwal Buys y00ts 2953 NFT for 30ET – Cryptopolitan
Sandeep Nailwal, the co-founder of Polygon has made headlines in the crypto community with his recent purchase of the highly coveted y00ts 2953 NFT for a staggering 30ETH. The news has sparked excitement and speculation among NFT collectors and enthusiasts, as Nailwal’s purchase marks a significant milestone in the growing trend of digital ownership and blockchain-based art.
Sandeep Nailwal ventures into y00ts NFTs
y00ts is a generative art project consisting of 15,000 NFTs. The developers called it “their love letter to the Web3 community.” The collection is meant to be visually appealing. The NFT collection is designed to be a functional scribbler. Furthermore, it is curated to contain the best community of builders and creators on the internet.
Sandeep Nailwal’s purchase of y00ts 2953 NFTs is notable because of Polygon’s prominence in the crypto space. It is no coincidence that Sandeep invested 30 ETH in NFT. The popular NFT project y00ts started the migration process from its original Solana blockchain to the Polygon network near the end of last month.
According to on-chain data, Sandeep Nailwal bought y00ts #2953 for 30 ETH, which is equivalent to $63,449.03 at the current Ethereum market price. NFT was sold by Karnika E. Yashwant, also known as the legendary Mr. KEY. Both Sandeep and Mr. KEY changed their Twitter profiles to feature y00ts NFT.
According to Amazon, Mr. KEY began his entrepreneurial journey at the age of 14 and before he turned 20, he had engaged in a number of successful business ventures. His business portfolio has continued to expand since then.
Mr. KEY has a passion for education reform and is an entrepreneur, blockchain expert (founder, advisor and marketer), speaker and industry influencer. He is a co-founder of Forward Protocol and the founder of KEY Difference Media (KDM).
His ability to simplify complex ideas and technical concepts regarding FinTech, DeFi and blockchain adoption is the source of his influence on his team of global professionals and the blockchain space.
An in-depth look at y00t’s NFTs
y00ts reportedly planned to migrate from Solana to Polygon in December 2022. After months of speculation, the migration took place towards the end of March 2023. Polygon awarded DeLabs, the Los Angeles-based startup behind y00ts and its sister project DeGods, a $3 million grant to facilitate the move. Meanwhile, DeGods plans to move away from Solana and into Ethereum.
DeLabs waived network fees for the first 24 hours of the migration to encourage holders to migrate their NFTs to Polygon. Furthermore, the team gave y00ts holders the opportunity to win an Ordinals-based DeGods NFT enrolled on the Bitcoin network.
Staking was also free, with holders set to receive $5 USDC per Y00t listed on NFT marketplace Magic Eden. Finally, holders who failed to migrate their NFTs by April 3 faced a 33.3% “Paper Hands Bridge Tax”, which resulted in a penalty paid through increased royalty fees.
y00t’s NFTs perform well as the crypto bull market makes a comeback. In the last week, y00ts NFTs were sold 335 times, according to data from NFT Stats. The total sales volume for y00ts was $1.45 million. The average price of y00ts NFT was $4.3k. Current y00ts minimum price is 2.03 ETH. There are 1,296 y00ts owners who have a total of 12,634 tokens.
Meet Sandeep Nailwal
Sandeep Nailwal is a software developer based in Delhi who started his IT career in 2010 as a software engineer at Computer Sciences Corporation. He started as a consultant at Deloitte in 2014, where he worked with management consulting and program management. Sandeep Nailwal served as Welspun Group’s Head of Technology and Supply Chain from 2015 to 2016.
Nailwal founded ScopeWeaver as CEO in March 2016, but soon became interested in AI and blockchain technology. Sandeep Nailwal became co-founder and COO of Polygon – formerly Matic Network – in 2017.
In 2021, Nailwal started the COVID-19 relief fund and encouraged his Twitter followers to contribute tokens to a multi-signature ERC-20 address. Donations were made by prominent members of the industry, including former Coinbase CTO and angel investor Balaji Srinivasan, as well as former Australian cricketer Brett Lee.
During that time, Ethereum co-founder Vitalik Buterin contributed 500 Ether and 50 trillion SHIB, which had a market capitalization of over $1.14 billion at the time. According to Sandeep, “Sooner or later Ethereum is going to surpass Bitcoin and then become the global standard.”
His claim is proven correct as the crypto bull run gathers pace. According to reports, ETH has outperformed BTC since the Shanghai upgrade took place this week. The performance is projected to grow to greater heights. With that, Vitalik Buterin has said that the network needs to focus quickly on solving the scaling issues before the next crypto bull run.
