The non-fungible token (NFT) project y00ts has recently announced its decision to switch blockchain networks once again, opting to migrate from Polygon to Ethereum. This move comes just four months after y00ts bridged the majority of its NFTs from Solana to Polygon. The NFT firm, DeLabs, revealed this development through its X (Twitter) account on August 9th. The primary reason for the migration is to align with the DeGods NFT collection, which has already begun its transition from Solana to Ethereum. While y00ts expressed its continued affection for Polygon, the move is intended to unite the y00ts and DeGods communities.
The Migration Process
In April, y00ts successfully migrated its NFT collection from Solana to Polygon. The official migration began on March 28th and concluded on March 30th, with 11,633 out of a total of 15,000 y00ts NFTs being bridged. At that time, y00ts highlighted the opportunity to expand its community and explore new possibilities within the Polygon ecosystem. However, given the alignment of DeGods with Ethereum, y00ts found it fitting to bring its community together under one blockchain network.
Grant Return and Re-Deployment
As part of the migration process, y00ts will be returning a $3 million grant received from Polygon Labs in January. The grant was initially intended to support y00ts’ migration project. However, y00ts has chosen to return the entire amount, stating that the funds will be redirected towards the growth of the NFT ecosystem in order to empower builders and creators. By rejecting the grant, y00ts aims to maintain its independence and ensure that the decision to migrate is based solely on the interests of its community.
The announcement of y00ts’ blockchain switch has generated mixed reactions within the NFT community. While some individuals expressed support for the founder of the NFT project, FrankDeGods, others raised concerns about the state of Polygon’s NFT ecosystem. The decision to migrate from Polygon to Ethereum has led to speculation regarding the future growth and development of Polygon as a blockchain network for NFT projects. However, it is important to note that DeGods and y00ts currently rank 6th and 22nd, respectively, in terms of the highest floor prices, indicating a significant market value for their NFT collections.
Y00ts’ decision to move its NFT project from Polygon to Ethereum reflects its commitment to uniting the y00ts and DeGods communities. Although y00ts initially embraced Polygon and successfully migrated its NFTs from Solana, the alignment with DeGods and Ethereum has prompted this latest blockchain switch. By returning the grant received from Polygon Labs, y00ts aims to prioritize the growth of the NFT ecosystem and empower builders and creators. The reaction within the NFT community has been varied, with some showing support for the project founder while others express concerns about Polygon’s NFT ecosystem. Nonetheless, the floor prices of DeGods and y00ts NFT collections demonstrate their market value. Looking ahead, y00ts anticipates a successful integration within the Ethereum blockchain network.