- The Y00ts NFT project has started the process of migrating from Solana to Polygon.
- The move is meant to speed up transactions and reduce network fees.
- Existing holders can migrate their NFTs by visiting the Y00ts website and connecting their wallets, and will receive incentives for doing so.
Y00ts, a popular non-fungible token (NFT) project, has begun the migration process from its native Solana blockchain to the Polygon network. The move was officially announced in December of 2022, after months of speculation. DeLabs, the Los Angeles-based startup behind Y00ts and its sister project DeGods, received a $3 million grant from Polygon to facilitate the move, which will speed up transaction times and reduce network fees.
Y00ts launched in September 2022 and has gained a significant following, with its 15,000-edition generative art collection being highly sought after. Now, Y00ts is using a cross-chain bridge to bring its collection to Polygon, and existing holders can begin the migration process by visiting the Y00ts website and connecting their wallets.
The migration process has already begun, and nearly 10,000 Y00ts have been moved over to Polygon, according to OpenSea. The floor price of the collection is currently hovering around 1.8 ETH, or about $3,200.
DeLabs is incentivizing holders to migrate their NFTs over to Polygon by waiving network fees for the first 24 hours. The team is also offering Y00ts holders a chance to win an Ordinals-based DeGods NFT that has been inscribed on the Bitcoin network. Staking will also be free, and holders will receive $5 USDC per Y00t listed on the NFT marketplace, Magic Eden.
However, holders who do not migrate their NFTs by April 3 will be subject to a 33.3% “Paper Hands Bridge Tax,” resulting in a fine payable by increased royalty fees. While this may seem like a harsh punishment, the project’s leader, Rohun Vora, known as Frank, tweeted that the move does not come without risk. “I know that this is a risk. I don’t know what’s going to happen today, tomorrow, or throughout the first few weeks. But I know we’re going to make it work,” he wrote. “The short-term might be out of our control, but the long-term is completely in our entire community’s control.”
The move to Polygon comes as no surprise, as the network has gained a lot of traction in recent months due to its low transaction fees and fast transaction times. Polygon was created as a layer-2 scaling solution for Ethereum, but it has since become a popular alternative to Ethereum due to its superior transaction speeds and lower fees. As the NFT market continues to grow, more and more projects are expected to migrate to Polygon and other layer-2 solutions.
DeLabs’ decision to migrate Y00ts to Polygon is a smart move, as it will allow the project to continue to grow and thrive while avoiding the high fees and slow transaction times associated with Solana. With nearly 10,000 Y00ts already moved over to Polygon, it seems that the migration is off to a strong start, and it will be interesting to see how the project performs on its new network.
In conclusion, the move of Y00ts from Solana to Polygon is a significant development in the NFT space. The migration is expected to speed up transaction times and reduce network fees, which will make the project more accessible to a broader audience. DeLabs’ decision to migrate Y00ts to Polygon is a smart move, and it will be interesting to see how the project performs on its new network. With the NFT market continuing to grow, it’s likely that more and more projects will migrate to Polygon and other layer-2 solutions, which will only serve to strengthen the network’s position in the space.