- y00ts, after a brief stint on Polygon following its departure from Solana, has decided to migrate to Ethereum to align with the DeGods community.
- Despite leaving Polygon, y00ts commits to returning the $3 million grant it received, highlighting mutual respect between the project and Polygon.
- While the NFT sales trends for y00ts and DeGods have varied, with the upcoming Season III collection release, there’s hope for renewed momentum in both projects.
In an unexpected twist, the NFT community y00ts has declared its imminent migration to Ethereum. This announcement comes a mere few months after its much-publicized move to Polygon, backed by a substantial $3 million grant. This move is underlined by y00ts’ intention to grow closer to DeGods, the larger sibling NFT project by DeLabs.
Initially, y00ts emerged as one of the leading projects on Solana. Its recognition on this blockchain platform was undeniable, especially when combined with DeGods, both projects are the brainchild of Los Angeles-based startup, DeLabs. Together, they accounted for nearly 70% of the NFT sales volume on Solana, a testament to their immense popularity.
However, in an unexpected turn of events, y00ts announced its migration to Polygon earlier this year. This transition came with a generous grant of $3 million from Polygon. The project intended to use these funds for team expansion and overall growth. But as fate would have it, their stay on Polygon was short-lived.
The Ripple Effects: Community and Collaborations
A few months after their migration, y00ts has now chosen to shift its base to Ethereum. One of the primary motivators behind this move seems to be the desire to align with the community of DeGods, which already made its move to Ethereum in April. As Decrypt recently reported, y00ts’ transition is driven by the objective of unifying the y00ts and DeGods communities. The exact date for this migration remains undisclosed but is expected to be announced in the upcoming days.
As y00ts parts ways with Polygon, it has made a public commitment to return the $3 million grant. This gesture, far from being a mere formality, symbolizes the respect and mutual admiration between the two entities. Polygon’s co-founder, Sandeep Nailwal, acknowledged the invaluable contribution of the y00ts team in bolstering the NFT ecosystem on Polygon. In a show of continued support, Polygon plans to utilize the returned funds to nurture its native creators and further elevate its NFT projects.
DeLabs and its leaders have expressed nothing but gratitude towards Polygon. Rohun Vora, known in the community as Frank, who also happens to be the Project Leader at DeGods, emphasized the positive relationship between the two. He confirmed, “It’s all love,” suggesting that the migration was more about aligning communities than any issues with Polygon.
What Lies Ahead for y00ts and the NFT Space?
The announcement of y00ts’ migration has elicited mixed reactions from the community. While some enthusiasts display palpable excitement, others opine that the move was foreseeable. Amidst these varied sentiments, sale statistics from OpenSea show an interesting trend. The sales numbers for y00ts NFTs have seen an uptick, whereas DeGods NFTs have experienced a dip. However, with the impending release of the Season III collection, there’s optimism that both projects will regain their momentum.
The broader implications of this migration remain to be seen. Ethereum, undeniably a giant in the NFT space with projects like Bored Ape Yacht Club and CryptoPunks, offers a massive ecosystem for y00ts and DeGods to thrive. However, the concern about the potential weakening of Polygon’s NFT ecosystem due to such exits lingers.