Y00ts, one of the largest NFT projects on Solana, has successfully completed the migration of 77% of its NFTs to the Polygon network, according to a recent blog post by the project’s team. As of March 30, 11,633 out of the total 15,000 NFTs have been bridged over to Polygon, resulting in more than $766,000 of secondary sales volume generated since the migration began. The project allows users to stake their Y00ts and collect rewards, with 9,456 already being staked on the Polygon network.

The team is using a carrot and stick approach to encourage a faster migration for the remaining NFTs. Those who moved their NFTs within the first 24 hours of the migration were eligible to win an NFT from a sister project called BTC DeGod. Holdouts will now be subject to a 33.3% “Paper Hands Bridge Tax,” payable through increased royalty fees starting on April 3.

Y00ts is leaving Solana to tap into a larger pool of collectors within the broader Ethereum ecosystem. On the Polygon network, the project will join tens of thousands of dApps and some of the biggest Web3 projects, such as Aave, Uniswap, and OpenSea, as well as well-known enterprises like Robinhood, Stripe, and Adobe.

According to data compiled by Polygon Labs, profile picture NFTs like Y00ts saw unique wallets more than triple month-on-month, with over a 70% gain in transactions and more than 30% increase in secondary sales volumes in the period leading up to March 15. The increase in activity is largely happening on Magic Eden, a cross-chain NFT marketplace that joined the Polygon ecosystem in late 2022. NFT sales on Magic Eden tripled from the previous month to about $492,000, with projects like RektDogs leading the way.

Meanwhile, in December 2022, Dust Labs, an NFT provider, announced that it was migrating its two most successful Solana NFT projects, DeGods and Y00ts, out of the Solana blockchain. DeGods migrated to the Ethereum blockchain, while Y00ts moved to Polygon.

In other news, the decentralized wireless network Helium has shared a countdown to its migration to Solana, which will occur in approximately 19 days from now. This process will result in all Helium hotspots becoming Solana NFTs. The migration to Solana will begin at 9 am Pacific Time on April 18, 2023, and the team has set a 48-hour window to complete the process.

This move comes in response to a community vote in September, in which 81% of Helium community members voted in favor of the migration.

#Solana #SolanaNFT #PolygonNFT #Y00ts #azcoinnews

This article was republished from azcoinnews.com

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.

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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

- Solana NFT sales surge to a staggering $5 billion, underscoring the network's surging appeal.
- December 2023 marks a historic milestone with $365 million in NFT transactions, eclipsing the previous record set in 2021.
- The Solana NFT community boasts an impressive 2.2 million buyers and 1.6 million sellers, indicating robust demand dynamics.
- Solana's market value demonstrates resilience post-FTX crash, stabilizing at approximately $100.
- Analysts foresee a bullish trajectory, setting a price target of $143 for SOL, representing a notable 45% uptick from current levels.

In the realm of digital currencies, SOL, despite its tumultuous journey in 2022, has experienced a notable upswing in fortunes throughout 2023 and 2024.
Following a sharp decline in 2022, plummeting from over $200 to a mere $9 amidst the FTX/Alameda debacle, SOL has managed to stage a remarkable recovery.
This resurgence was particularly evident in the realm of non-fungible tokens (NFTs), with SOL NFT sales skyrocketing to unprecedented heights. CryptoSlam's recent tweet revealed a staggering $5 billion in all-time sales volume for SOL NFTs as of February 23, 2024.
The popularity of SOL NFTs began gaining traction in 2020, coinciding with the initial growth of Solana's price and total value locked (TVL). However, this upward trajectory was momentarily disrupted in 2022 due to the network's association with FTX/Alameda Research.
Nevertheless, signs of Solana's former glory started to reemerge, with December 2023 witnessing the second-highest monthly sales volume for SOL NFTs, reaching an impressive $365 million. This resurgence mirrored the Q4 2023 boom in SOL's value, nearing the previous record set in October 2021.
Further analysis from CryptoSlam indicates a substantial increase in total NFT sales volume, surpassing $5.022 billion, with a significant discrepancy between the number of buyers and sellers, signaling robust demand and potential for further growth.
The recent introduction of platforms like Metaplex and Solanart, along with popular NFT collections such as Frogana, Open SolMap, and MadLads, likely contributed to the surge in SOL NFT sales volume.
From a technical standpoint, SOL appears to have found support around the $100 mark, hinting at a possible upward trajectory towards the $143 resistance zone, representing a potential 45% price increase.
However, this bullish setup would only be invalidated by a break below the minor support at $93.29 from early February.
It's important to note that while Voice of Crypto strives to provide accurate information, it does not assume liability for any missing or inaccurate data. Given the volatile nature of cryptocurrencies, it's advisable to conduct thorough research and exercise prudence in financial decision-making.

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$SOL