In December 2022, Rohon Vora (aka Frank DeGods), founder of NFTs DeGods and y00ts, dropped a bombshell when announce That both NFT projects were moving away from Solana (both NFTs were part of the highest rated NFT on the blockchain at the time) to Ethereum and Polygon respectively. Now, eight months later, another move for the y00ts ecosystem is imminent.
Y00ts Move away from the polygon
In a recent development, the y00ts NFT project announce that it will be migrating to Polygon’s Ethereum network just a few months after migrating from Solana. According to the project, the reason for the move is to reunite y00ts NFTs with its sister NFT pool, DeGods, which is already on the Ethereum mainnet.
It is believed that this move, along with its reunion with sister project DeGods, could also give the project more exposure as the Ethereum network is known to host the most valuable NFT projects, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club. (MAYC) and CryptoPunks.
The scheduled migration date is still unknown as y00ts announced that “the migration date will be announced soon”. Y00ts also announced that it will return the $3 million grant it received from Polygon Labs to move to Polygon late last year.
Polygon Labs, the company behind the Polygon blockchain, had earlier awarded a grant to DeLabs, the company behind y00ts, as part of a transition agreement from Solana. DeLabs was to use the money to expand while it agreed to help grow and support Polygon’s other projects.
It’s all love between DeGods and Polygon
The news undoubtedly comes as a shock to many in the NFT community, with many speculating that there will be fallout between the NFT project and Polygon. However, in a tweet Confirming the move, DeGods and y00ts founder Frank explained that the only reason is to unite the y00t and DeGods NFT community.
According to him:
We did our best to make it work but we just need to bring our communities together. I would appreciate it if everyone remained respectful to all parties involved. It’s all love.
Meanwhile, Polygon co-founder Sandeep Nailwal appeared supportive of the decision while praising DeLabs’ role in expanding Polygon’s NFT ecosystem.
“Frank and his team have played a huge role in helping us expand the NFT (profile picture) ecosystem on Polygon,” said Nailwal. “We will continue to nurture this community which has tripled in size this year by redistributing funds from Y00s and more to support our local creators and projects that we believe have the vision and conviction to help develop NFTs, whether as an art form or as a key to limitless feasibility.”
Y00ts NFT, launched in September 2022, is a PFP pool that has undoubtedly enjoyed a lot of success since its inception on the Solana network.
The NFT floor price reacted positively to this news, rising by 7% in the past 24 hours, according to data from Queen Gekko. The cheapest y00ts NFT listed is currently worth 1.82 ETH ($3,366.23).
Total market cap dips again to $1.137 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from The Crypto Times, chart from Tradingview.com
