Y00ts NFT Collection Picks Ethereum Over Solana After $3M Polygon Grant

Lucknow(CoinChapter.com): In a bold move that reverberated through the blockchain space, the renowned y00ts NFT Collection announced its migration to Ethereum. The collection initially took root in Solana and then found a home on Polygon.

The transition comes as y00ts aims to strengthen ties between the DeGods and y00ts communities. This move propels both projects towards new horizons.

What About $3M Grant From Polygon? 

Earlier this year, y00ts pivoted from Solana to Polygon, embarking on a journey fueled by a $3 million grant from the Ethereum layer 2. The announcement signifies a harmonious separation from Polygon, with y00ts returning the grant in full to its benefactor.

y00ts expressed its intention to migrate to Ethereum with the aim to “unite the DeGods and y00ts communities.” This move aligns y00ts with DeGods, another brainchild of Los Angeles-based DeLabs, which successfully migrated to Ethereum in April.

While a concrete migration date is yet to be unveiled, y00ts enthusiasts can anticipate a seamless shift to Ethereum.

The DeGods community is in for a double treat, as the Season III collection is set to make its debut alongside the migration news. The dual revelation further ignites the excitement and anticipation within both communities.

The narrative of this migration started to unfold back in December when both y00ts and DeGods declared their departure from Solana.

Rohun Vora, also known as Frank, the mastermind behind DeGods, explained about it on Twitter Spaces. He highlighted that the Solana ecosystem had reached its capacity for these thriving projects. A staggering 70% of all Solana NFT sales volume was attributed to the dynamic duo, as reported by the NFT marketplace Magic Eden.

“it’s all love” Among Involved Parties

The journey of y00ts began on Solana but saw its destination shift to Polygon. The subsequent utilization of the Ethereum layer 2 grant was intended to cultivate expansion and innovation. This move, however, brought y00ts and DeGods onto divergent paths, culminating in the decision to relocate to Ethereum. Polygon has announced its strategy to reinvest $1 million from the refunded grant. This initiative aims to bolster its inherent network of creators and developers.

Vora conveyed in a tweet, “it’s all love” among the involved parties. 

He further elaborated, “We tried our best to make it work but we just need to bring our 2 communities together,” in a separate tweet.

In an official statement, Vora expressed that Polygon Labs had served as an “incredible partner for y00ts.” 

He said, “But ultimately, we believe it makes the most sense for y00ts to be on the same chain as DeGods.” Vora emphasized the gratitude for collaborating with Polygon Labs’ dedicated and talented individuals, acknowledging, “It’s an exciting chapter for all of us, and I’m looking forward to what the future holds.”

How Polygon Responded To Migration?

Sandeep Nailwal, the co-founder of Polygon, championed this move, acknowledging the significant contribution made by Vora and his team. Nailwal underscored the exponential growth of Polygon’s NFT ecosystem, fueled by the collective efforts of both communities.

Nailwal said that Frank and the team played an immense role in enhancing the NFT ecosystem on Polygon.

He further said, “We will continue to nurture this community that’s tripled in size this year by redeploying the y00ts funds and more to support our native creators and projects we believe have the vision and conviction to help evolve NFTs, both as an artform and as a key to boundless utility.”

Reactions to the announcement were a mixed bag on Twitter. However, the majority of the community rallied behind this strategic decision. This transition is becoming evident in the NFT market. Y00ts NFT sales are on the rise, while DeGods NFT sales show a temporary dip, based on OpenSea data.

The minimum price of NFT has shown a positive response. It registered a 7% increase in the past 24 hours, according to CoinGecko’s data. Presently, the cheapest y00ts NFT holds a value of 1.82 ETH ($3,366.23).