Chain Migration: Solana-Based NFT Projects DeGods and Y00ts

Non-fungible token (NFT) projects DeGods and Y00ts are moving away from Solana network, both announced on Twitter on December 25, Sunday. These two top NFT projects on Solana, DeGods will move to the Ethereum blockchain, and Y00ts will move to Polygon blockchain in Q1 2023.

Chain Migration: Solana-based NFT Projects DeGods and Y00ts to Ethereum and Polygon (Image source: Magic Eden)
Chain Migration: NFT Projects DeGods and Y00ts (Image source: Magic Eden)

Project leader of DeGods, Rohun Vora said in a Monday Twitter Space that it is difficult to admit that DeGods may be hard to grow at a desired speed on Solana. The team has to migrate it to Ethereum blockchain if that’s the way to keep growing fast. At the time of writing, the floor price of DeGods is 490 SOL (about $5,327). Moreover, its sister picture for proof (PFP) collection – Y00ts has a floor price of 156.11 SOL (about $1,697), according to data on Magic Eden.

Months of controversy on NFT Twitter preceded the decision, with several developers in the Solana NFT sector criticizing the exit, while the collection’s owners generally cheered it. Rumors emerged that the DeGods team requested $5 million from the Solana Foundation at the Miami Art Basel festival in early December to continue using the Solana platform. The DeGods group denies the rumors.

Polygon’s Win

According to a report from CoinDesk, a representative from DeGods mentioned that Polygon paid Y00ts for the partnership; details will be made public shortly. The move is the most recent in Polygon’s record of successful partnerships.

Last year, the layer-2 blockchain drew big-name partners including Starbucks (SBUX), Nike (NKE), Instagram, and Reddit. DeGod’s transition to Ethereum and Polygon may be challenging on the back end. High-profile NFT “branches” of this kind are uncommon.

Projects that go multi-chain often do so in the manner of Doodles, which is considering launching Doodles 2 on a layer 2 blockchain while maintaining its current collection on Ethereum. The team has stated that Y00tpoints, a token provided to Y00ts holders who stake their NFTs, will migrate chains as well. The technical aspects of the migration have not yet been disclosed.

Closing Thoughts

Will DeGods and Y00ts perform better on new blockchains? Can they overcome the technical challenges? I look forward to seeing the outcome of chain migration. NFT has been a trending topic in the crypto community. Recently, ex-president Donald Trump launched his own NFT collection. Buyers may have a chance to have dinner or to play golf with him.

Investing opportunity comes with crypto winter. Moreover, don’t forget to do your own research before trading. Lastly, check out our daily industry news and MEXC trading page to find out what we have to offer. Start your crypto journey now with MEXC!

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