Business News Report
December 26, 2022

Top Solana NFT collections DeGods and y00ts migrate to Ethereum and Polygon

In Brief

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 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. 

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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