y00ts, a generative art project featuring 15,000 NFTs, announced its decision to migrate to Ethereum from Polygon after initially beginning on Solana. The news came via a tweet, where y00ts explained its continued affection for Polygon but the need to unify the DeGods and y00ts communities.
The NFT project will announce the migration date soon.
Y00ts to Return Polygon Grant
The company first must tackle an issue involving a $3 million grant that it initially received from Polygon, which had aided its migration. Project leader Frank had previously shared the importance of the non-equity grant to help with the team’s expansion and scale of the incubator, saying,
“DeLabs as a company has been understaffed for a while. Securing extended runway with non-dilutive capital is huge for us, because it means we can be a little less conservative in our monthly burn.”
In an official tweet, y00ts declared:
“We’re returning 100% of the grant provided by Polygon. The funds will be re-deployed for NFT ecosystem growth to empower builders and creators.”
Originally known as Duppies, y00ts NFTs underwent a migration to the Solana blockchain even before moving to Polygon, where they currently rank as the second-best-selling collection in the past 30 days.
Take a look at our guide to NFT marketing here: NFT Marketing: A Guide to Promoting Non-Fungible Tokens
DeGods and y00ts made separate announcements in December last year that they would migrate to their homes in Q1 of 2023. Solana-based NFTs DeGods and y00ts said goodbye to the blockchain and migrated to Ethereum and Polygon, respectively.
The decision has led to a variety of reactions on social media. Research analyst Steven Zheng stated, “Frank saw Rollbit 9x after its migration to Ethereum and said I want some of that.” T
witter user @subvert_nft criticized the move, arguing it was “an admission that Polygon was a mistake.” Conversely, another user praised the team’s flexibility, stating they’re “not, at all, scared of change.”
Performance of the NFT Projects
According to data from OpenSea, y00ts has been the eighth-largest NFT collection by volume on Polygon so far. Therefore, its migration to Ethereum could signify a massive loss for the platform. The current price floor of y00ts is 1.35 ETH, per figures by NFT Price Floor. The 24-hour trading volume stands at 230.37 ETH.
Based on Cryptoslam figures, DeGods on Ethereum is the seventh largest based on 24-hour sales volume, exceeding $11 million in July and surpassing $3.3 million this month.
The migration from Solana was attributed to performance issues, with the network crashing several times since its introduction. Ethereum and Polygon have not experienced similar problems. While the move away from Polygon has yet to receive an official reason, several top NFT projects rely on Ethereum.
Based on OpenSea stats, Bored Ape Yacht Club (BAYC), CryptoPunks, Mutant Ape Yacht Club (MAYC), and Azuki are the top NFTs on Ethereum. DefiLlama figures reveal a TVL of over $24 billion on Ethereum, dominating 57% of all chains. Polygon is at 2%, with dollars locked close to $873 million.
In the NFT sector, Ethereum holds a dominant position. It boasts a market cap of 2 million ETH, compared to the aggregate of 37,000 ETH on Polygon. With a massive lead in the number of collections, Ethereum is home to 737 NFT projects, whereas Polygon houses 78 collections.
Major Ethereum-based marketplaces like OpenSea have further solidified this dominance. Polygon has gained traction due to its economy of transferring NFTs, but it still comes second to the size and influence of Ethereum.
Any project migration is an ongoing exploration of the most reliable and supportive blockchain environment. y00ts is a major player in the NFT space. The underlying stability of a bigger chain like Ethereum could prove beneficial to the project.
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