DeGods and y00ts NFT collections leave Solana to move to Ethereum and Polygon in Q1 2023.
Both collections rank the highest in the Solana’s NFT network.
The Trust Project is a worldwide group of news organizations working to establish transparency standards.
The leading NFT projects on Solana’s network, DeGods and y00ts, are leaving the blockchain. In the first quarter of 2023, DeGods will bridge to Ethereum and y00ts to Polygon. The token $DUST will be bridged to both blockchains.
DeGods wrote on Twitter that more details of the bridge would be released after it’s tested and ready. The team claimed, “This has never been done before at this scale,” and reminded users that it’s planning to release a Season III roadmap next month.
The founder of the two NFT collections, Frank, didn’t say why he decided to leave Solana. But in a letter, he wrote:
“The Solana NFT ecosystem is incredible. We owe everything to the people here.”
The NFT community took the news rather well. According to data by OpenSea, DeGods saw a 271% increase in 24-hour trading volume, while y00ts’ volume rose by 388%. DeGods has a floor price of 790 SOL, and y00ts is at 215 SOL.
Solana has been struggling even more after the FTX fallout. Solana’s price is still very low, currently standing at $11.30. Web3 projects have been turning away from the blockchain—the Solana NFT marketplace Magic Eden recently integrated Ethereum and Polygon networks to avoid being associated with Solana-only transactions. Similarly, Solana’s self-custody wallet Phantom added support for Ethereum and Polygon last month.
Considering DeGods and y00ts were the two top NFT projects on Solana, this unexpected migration from the network is just another proof that web3 projects are turning away from Solana.
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.