DeGods and Y00ts: move to Ethereum & Polygon
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Two non-fungible token (NFT) projects, DeGods and Y00ts, both announced their departure from the Solana network on Twitter on December 25. DeGods and Y00ts, two of the top NFT projects on Solana, will transfer to the Ethereum blockchain and the Polygon blockchain, respectively, in Q1 2023.
Chain Migration: NFT Projects DeGods and Y00ts (Image source: Magic Eden)
Rohun Vora, the project manager for DeGods, said in a Monday Twitter Space that it was difficult to admit that DeGods might not develop on Solana at the anticipated rate. The group must transfer it to the Ethereum blockchain if that's the only way for it to keep expanding swiftly. As of this writing, DeGods have a floor price of 490 SOL (or $5,327). The sister picture for proof (PFP) collection, Y00ts, has a floor price of 156.11 SOL (about $1,697), according to data on Magic Eden.
The decision was opposed by a few Solana NFT developers, but the collection's owners mostly supported it. A controversy that raged on NFT Twitter for months preceded the choice. Rumor has it that the DeGods team requested $5 million from the Solana Foundation at the Miami Art Basel festival in the first week of December in order to continue using the Solana platform. The DeGods group denies the rumors.
Polygon's Success
According to a spokeswoman for DeGods, Polygon paid Y00ts for the connection, and more details would be revealed soon, according to a CoinDesk report. On Polygon's list of successful alliances, the action is the most recent.
Last year, a number of well-known corporations, including Starbucks (SBUX), Nike (NKE), Instagram, and Reddit, joined the layer-2 blockchain. DeGod's transition to Ethereum and Polygon may be challenging on the back end. Such well-known NFT "branches" are uncommon.
Many projects that migrate to several blockchains do so in the manner that Doodles is recommending, where it will continue to use Ethereum for its current collection while establishing Doodles 2 on a layer 2 blockchain. According to the developers, the Y00tpoints token, which is provided to Y00ts holders who wager their NFTs, will also move chains. The migration's technical specifics are still under wraps.
Final Reflections
Will DeGods and Y00ts perform better on the new blockchains? Can they overcome the technical issues? Chain migration excites me to watch how it plays out. NFT has gained a lot of attention in the cryptocurrency community. Former president Donald Trump just unveiled his own NFT line. Buyers may get the option to play golf or have dinner with him.
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