Key takeaways:
- The Solana network is losing DeGods and Y00ts.
- The decision was made to look into new possibilities and support the continuous growth of the collections.
To increase the acceptance of its two top-performing Solana non-fungible token (NFT) projects, DeGods, and y00ts, Dust Labs is moving them to Ethereum and Polygon.
On their Twitter pages, DeGods and y00ts, respectively, confirmed the news. It is anticipated that both will be officially bridged onto Ethereum and Polygon in the first quarter of 2023.
The choice was made to “explore new opportunities” and support the collections’ ongoing expansion, according to DeGods and y00ts inventor Rohun Vora, also known as Frank III. Due to the move, the DUST token, which is used to buy, sell, and mint NFTs on the DeGods network will also be bridged onto Ethereum and Polygon.
Two NFT projects will continue to exist on Solana, according to Rohun. The owner’s “opt-in” nature of the bridge migration was confirmed in a separate article in response to a Twitter user.
Rohun explained to listeners during a Twitter space on December 26 that getting the NFT projects on the platforms he believes would be driving the next wave of NFT adoption was all necessary.
He compared the situation to the fierce competition for intellectual property (IP) among streaming services like Netflix, Disney Plus, and HBO Max, arguing that the service that wins the majority of viewers will ultimately obtain the finest IP, which then draws in special projects:
“They’re trying to get the best IP on their streaming services because that IP is ultimately going to drive the growth on that platform. Once you get enough IP on the platform, it becomes a virtuous cycle. People want to be on Netflix because that’s just the brand and the place to be,”
Rohun said that as NFTs are attention-driven, there is potential for “virtuous cycles” that would create a network effect for NFT initiatives. He said that comparable competition occurs amongst various blockchains as they compete to construct the finest NFT platforms. The metrics, volume, and liquidity will then “follow that,” he continued.
Rohun claimed that Disney, Adidas, Nike, and Reddit all selected Polygon as their preferred NFT platform positively impacted his bullish opinion of Polygon for NFTs.
Rohun added that despite receiving grant offers from numerous other platforms, most of which were far more significant than those made by Polygon, Polygon ultimately gave y00ts the best prospects for the future:
“Polygon by far was one of the lowest, if not the lowest, in terms of dollar value, but we went with Polygon because we see a lot of opportunity on a strategic level, and that’s what excites me and should excite you holders more than anything.”
Anatoly Yakovenko, a co-founder of Solana, tweeted that he had a “bittersweet” feeling that the two NFT initiatives would no longer “100% focus on Solana” but that he had also come to terms with the “fact” that these projects wanted to broaden their audience.
The two most popular Solana NFT collections on the OpenSea market are DeGods and Y00ts. Tuesday at noon in Asia, the floor price for DeGods was 790 SOL ($8,900), while the floor price for Y00ts was 215 SOL.
