The non-fungible token (NFT) project y00ts has recently made the decision to switch blockchain networks once again, moving from Polygon to Ethereum. This move comes just four months after the majority of its NFTs were bridged from Solana to Polygon. The announcement was made by DeLabs, the NFT firm behind y00ts, through their X (Twitter) account on August 9. The migration to Ethereum is in line with their DeGods NFT collection, as the two communities are being united under one network.
The Background of the Migration
The migration process actually began in December, when it was first announced that both y00ts and DeGods would be moving away from Solana. The official migration from Solana to Polygon started on March 28 and by March 30, a total of 11,633 y00ts NFTs out of 15,000 had been bridged to Polygon. However, the decision to switch once again, this time to Ethereum, was made to bring together the y00ts and DeGods communities. In an official statement, y00ts expressed that they “still love Polygon” but it was time for the communities to unite.
Returning the Grant and Re-Deployment
As part of this transition, y00ts has revealed that they will be returning a $3 million grant from Polygon Labs. The grant was originally given to support their migration, but now the team feels it is appropriate to return the funds. They have stated that the returned funds will be re-deployed for the growth of the NFT ecosystem, with a focus on empowering builders and creators.
The news of y00ts’ switch to Ethereum has provoked mixed reactions within the NFT community. Some individuals and industry pundits have shown their support and backing for FrankDeGods, the founder of the NFT project. On the other hand, concerns have been raised about the state of Polygon’s NFT ecosystem, as this migration may be perceived as a diminishing factor for the network.
According to NFT Price Floor, DeGods and y00ts currently hold the 6th and 22nd highest floor prices among NFT projects. DeGods has a floor price of 8.66 ETH ($16,065), while y00ts has a floor price of 1.35 ETH ($2,465). These figures indicate the value and market interest in both projects, despite the recent network switch.
The y00ts NFT project has made the decision to migrate from Polygon to Ethereum, uniting its community with the DeGods community. This decision has resulted in the return of a $3 million grant from Polygon Labs, which will be used to support the growth of the NFT ecosystem. The reactions within the NFT community have been mixed, with some offering support while others express concerns. However, the current floor prices of DeGods and y00ts suggest a strong market interest in both projects. As the migration to Ethereum is completed, it will be interesting to see how this move impacts the future development and success of y00ts in the NFT space.