- August 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Non-Fungible Token Project y00ts Announces Migration to Ethereum
The non-fungible token (NFT) project y00ts, created by DeLabs, is transitioning to a new blockchain network once again. After moving the majority of its NFTs from Solana to Polygon just four months ago, y00ts is now announcing its migration to Ethereum. The decision was made in alignment with its DeGods NFT collection.
The announcement was made on August 9 via y00ts’ Twitter account.
1. y00ts will be migrating to Ethereum.
y00ts (@y00tsNFT) August 9, 2023
In April, the y00ts NFT collection had already migrated from Solana to Polygon. The migration process started in December and officially began on March 28. By March 30, Polygon had successfully bridged 11,633 out of a total of 15,000 y00ts NFTs.
The reason behind y00ts’ latest migration is to bring together its y00ts community and DeGods community. Similar to y00ts, DeGods had also decided to bridge off from Solana in December and began its migration to Ethereum in April.
In their statement, y00ts expressed their continued appreciation for Polygon while emphasizing the need to unite the DeGods and y00ts communities. As part of their migration process, y00ts will be returning a $3 million grant received from Polygon Labs in January to support their migration. The returned funds will be redirected towards NFT ecosystem growth to empower builders and creators.
1. We tried our best to make it work, but we just need to bring our 2 communities together.
I would appreciate it if everyone remains respectful of all parties involved.
ItÔÇÖs all love. https://t.co/6AT4SMUT76Frank (@frankdegods) August 9, 2023
The NFT community had mixed reactions to the news. While some industry pundits expressed their support for y00ts project founder FrankDeGods, others voiced concerns about the perceived decline of Polygon’s NFT ecosystem.
Huge blow to the Polygon NFT ecosystem
but organic NFT demand on Polygon seems nonexistent
I support this choice, feels like it was a no brainer tbh
Happy for y00t holders, this is an easy dub https://t.co/TwWtLTpq26Iced (@IcedKnife) August 10, 2023
Currently, according to NFT Price Floor, DeGods and y00ts have the 6th and 22nd highest floor prices at 8.66 ETH ($16,065) and 1.35 ETH ($2,465) respectively.
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****** just grabbed a