The popular NFT collections on Solana, y00ts and DeGods, have revealed that they will be moving to the Polygon ecosystem on March 27th. Both NFT projects built by Dust Labs will be migrating to other blockchains such as Ethereum and Polygon in the near future.

@azcoinnews

In order to facilitate the migration, both projects will be using the services of Wormhole to burn the NFTs on Solana and mint new ones on the destination blockchain while preserving the metadata of the original collection.

To encourage the migration from Solana to Polygon, y00ts is offering attractive incentives such as free transactions and a 30-day staking period on Polygon. Additionally, the project will airdrop 1 BTC DeGods, worth about 1 Bitcoin, to one lucky y00t on Polygon in the first 24 hours.

At the same time, y00ts will be revoking the benefits of the collection on Solana and increasing the royalty fee from 3.33% to 33.3% on the old network. y00ts is a collection of 15,000 NFTs owned by DustLabs, and both DeGods and y00ts are considered blue-chip collections on Solana.

After Solana suffered heavily from the FTX crash, many DeFi projects as well as NFTs have begun to migrate to other blockchains. The volume of NFT transactions on Solana has also decreased significantly compared to 2021.

The migration of y00ts and DeGods to Polygon is seen as a positive move for both projects, as Polygon has been gaining popularity among DeFi and NFT enthusiasts due to its fast transaction speed and low fees. The incentives offered by y00ts for migrating to Polygon are also expected to attract more users to the platform.

In conclusion, the migration of y00ts and DeGods to Polygon marks a significant shift in the NFT landscape on Solana. It will be interesting to see how this move affects the overall NFT market and whether other NFT projects will follow suit in the future.

#SolanaNFT #yoots #Degods #PolygonNFT #azcoinnews

This article was republished from azcoinnews.com

DeGods, the largest NFT collection based on sales volume on Solana, has started migrating to the Ethereum blockchain in Hong Kong on Saturday, according to recent reports. Despite this move, activity on the Solana network has increased by 2.9% over the past 24 hours.

On Wednesday, DeGods’ sister project, Y00ts, began moving to Polygon. According to data from Dune Analytics, about 80% of Y00ts have completed the move. On Ethereum, DeGods’ floor price is 10.4 ETH (USD 19,000).

DeGods’ owners completed sales of over $2.19 million on Friday alone, marking the highest amount since NFTs were first minted in October 2021, according to CryptoSlam. The increasing activity may indicate that traders are predicting that DeGods’ prices will rise, much like with y00ts. The floor price of Y00ts has increased by over 50% since NFTs began appearing on Polygon, according to CoinGecko data.

DeLabs, the Los Angeles-based NFT company behind DeGods and y00ts, announced in December 2021 that their projects would be migrating to other blockchains. This was also the same month that the SOL token dropped below $10 for the first time since the beginning of 2021. The company received a $3 million grant from Polygon to facilitate the blockchain migration.

The move by DeGods to Ethereum, and y00ts to Polygon, demonstrates the importance of interoperability in the NFT market. As NFTs gain mainstream adoption, the ability to move between different blockchains will become increasingly essential. It will be interesting to see how these projects perform on their new blockchains and whether their prices will continue to rise.

#Ethereum #ETH #Degods #y00ts #azcoinnews

This article was republished from azcoinnews.com