•DeGods and y00ts, two of Solana’s top NFT projects, have announced their departure from the network for Ethereum and Polygon.
• The move is set to take place in the first quarter of 2023 on an opt-in basis.
• The decision was made in order to “explore new opportunities” and allow for the continued growth of the collections.
• DeGods creator Rohun Vora explained that a similar battle is playing out between different blockchains that are trying to build the best NFT platforms, noting that as NFTs are driven by attention, there is an opportunity for “virtuous cycles” that would create a network effect for NFT projects.
In the world of NFTs (Non-Fungible Tokens), DeGods and Y00ts are two platforms that have gained popularity in recent months. Recently, DeGods and Y00ts announced that they would be leaving Solana, a blockchain network currently powering the two projects, in favor of Ethereum and Polygon networks. What does this mean for the future of NFTs? Let’s explore what has happened and how it affects the NFT landscape.
The sudden departure of DeGods and y00ts from Solana’s popular NFT network is causing quite a stir in the blockchain community. While neither Ethereum nor Polygon have been made aware of the exact motivating factors behind their inclusion, there is an expectation from within the sector that these projects will find more success on their new platforms. The level of interest in NFTs has surged since they first debuted onto the cryptocurrency market, making it unsurprising then why two of Solana’s leading projects would choose to hedge their bets elsewhere. As non-fungible tokens continue to grow in popularity, it will be interesting to see if DeGods and y00ts have made the correct decision in leaving for greener pastures.
What the heck is a DeGod, what in the world is a Y00t?
DeGods is the most popular and profitable NFT project on the Solana blockchain. The team has seen immense success and was able to branch out to celebrities and major financial figures as well. With the growth of the DeGods platform the leader who goes by Frank on Twitter was able to push forward with the next project titled Y00ts. Y00ts was the second project that focused more on the art and had a bit of an updated Bored Apes feel to it. Instead of looking exactly like chimpanzees Y00ts look more like stylized Yetis. The Y00ts had a very successful launch and the online minting system has been touted as one of the best implementations of minting technology to date.
Departure From Solana concerning
Dust Labs’s effort to migrate their two popular NFT projects — DeGods and y00ts — onto the Ethereum and Polygon networks has the potential to cause a stir in the digital collectibles market. Announced on Christmas Day, DeGod’s Twitter page explained why such an ambitious move was made: to explore new opportunities, foster the growth of collections, and bridge the token used by the DeGods ecosystem. Creator Rohan Vora reassured listeners of a recent Twitter Spaces that this bridge migration will be opt-in for owners. Such a move is seen as taking a step forward for the adoption of NFTs by getting them onto platforms that can drive a wave of new users utilizing them. What remains unknown is whether this gamble will pay off.
It is clear why so many technology giants, such as Disney, Adidas, Nike, and Reddit, chose Polygon as their NFT platform of choice — it offers the best opportunities moving forward. Vora has said that despite there being much larger grant offers from other platforms, he decided to go with Polygon because of the immense opportunity that exists. Unfortunately, Solana’s future is uncertain after two NFT projects left its ecosystem. It is a bittersweet feeling for Solana’s co-founder Anatoly Yakovenko but Ben Armstrong and some Twitter followers have responded with concern. With the total value locked on the ecosystem dropping significantly in recent times, time will tell what lies ahead for Solana and whether it can recover from this setback.
The Battle between Blockchains over NFT Platforms:
As NFTs become increasingly popular among collectors around the world, blockchain networks have started competing against each other for dominance in this space. This competition has resulted in projects leaving one blockchain for another due to increasing opportunities on different platforms with better user experiences at lower costs. Projects like DeGods’ and Y00ts’ decision to leave Solana is indicative of this trend as they look for more opportunities elsewhere with better user experiences at lower costs than what Solana may be able to provide them with at the moment. This could potentially benefit users by providing them with more options when it comes to purchasing NFTs as well as cost savings associated with moving platforms depending on which network offers the most competitive fees for transactions involving NFTs.
The Right Move?
This move by DeGods and Y00t’s signals a shift away from traditional blockchains towards newer ones as projects seek out better user experiences at lower costs than what traditional blockchains may be able to offer them currently. As competition heightens among different blockchain networks vying for a piece of the lucrative NFT pie, we may see more projects moving away from one platform towards another as they look for ways to capitalize on the increasing opportunity presented by these emerging technologies. Ultimately this may result in even greater benefits for end users who have access to more options when it comes to purchasing NFTs at potentially cheaper rates as competition between blockchains continues heating up over time.