Solana NFT projects, DeGods and y00ts to leave blockchain for better alternatives
Top Solana NFT projects, DeGods and y00ts have revealed that they will discard the blockchain in the coming year to explore other better opportunities.
This decision may be related to the recent demoralizing events in the cryptocurrency market. As usual, there have been different and opposing opinions about the project’s decision to leave the blockchain within the cryptocurrency community.
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Over the weekend, DeGods stated on Twitter that it will transition to Ethereum, while its associated project will migrate to Polygon in 2023, the teams revealed. Also, DeGods’ DUST token will follow suit with this migration.
Members of the cryptocurrency community have expressed their differing views – some acknowledged that the move was good, while the other faction condemned it as wrong. The back and forth is sure not going to end anytime soon. One particular comment about the activity that stood out is one person referring to it as a “level up.
“At the beginning of the year, we noticed that much of the creative economy’s attention was focused on ETH and Solana,”
Ryan Wyatt, CEO of Polygon Studios
“That’s why we decided to buck the trend and focus on the untapped potential of web3 by bringing in big enterprise brands, DeFi platforms and gaming companies. We did this successfully through ecosystem fund investments and white glove partnership support,” said Ryan Wyatt, CEO of Polygon Studios, to TechCrunch.
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More details on this feature of these top Solana projects
“There is an argument that can be made for that [DeGods] has reached Solana,” the project’s leader, Rohun Vora, known as Sincere, said in a Monday Twitter Spaces. “It’s hard to accept, but it’s been tough to grow at the rate we want to grow. If Ethereum is where we need to go to continue to grow, that’s what we need to do.”
DeGods and Y00ts are two of the busiest in the Solana NFT market. The records are there for all to see. DeGods commands a staggering 515 SOL (around $5,750) floor price, which ranks as the largest in the ecosystem. On the other hand, Y00ts was launched this autumn. Although it was released this fall, it has a floor value of 148 SOL (around $1,660).
Sales of DeGods surged after the news broke, with the collection’s floor price rising 12% as of Monday. Sales for Y00ts have remained relatively calm, with the floor price only increasing by 5 SOL (around $55). In the week prior to the announcement, sales of DeGods and Y00ts accounted for nearly 70% of all Solana NFT sales volume, according to data from Magic Eden.
The move was preceded by months of excitement on NFT Twitter, with some developers in the Solana NFT sector denouncing the exit while the collection’s holders largely cheered the move. In early December, rumors circulated at the Art Basel festival in Miami that the DeGods team asked the Solana Foundation for $5 million to stay on the Solana platform. The DeGods team denies the claim.
A huge boost for Polygon
Y00t’s migration to Polygon didn’t come on a free ride; there was a price to pay. In an interview by CoinDesk, a DeGods representative informed the blog that Polygon paid for the migration with a grant from the collaborative fund, saying that the benefits and sobriety of the deal would be revealed very soon.
Vora said the grant would last “a year, maybe two” and was not paid up front. It is unclear what will happen when the grant expires.
“There are a lot of milestones we have to reach,” Vora said. “And the subsidy is not as much as people think.”
The migration is the latest in Polygon’s winning streak of partnerships — the layer 2 blockchain has attracted partners as big as Starbucks (SBUX), Nike (NKE), Reddit, Instagram, and DraftKings in the past year.
