The Algorand foundation recently launched a platform that will enable NFT projects built on the Terra blockchain to migrate to the Algorand blockchain. Algorand has also committed one million Algo tokens, currently worth $388K, to fund the migration.
Algorand revealed that it had built an automatic converter to make the migration seamless for developers on its official website. In addition to that, Algorand ensured that it covered the transaction costs for these projects. Thus, developers and NFT holders will not be paying any fees for migrating.
Commenting on the recent development, the CEO of Algorand foundation said: “We’re all working for the same dream of an inclusive, decentralized, and borderless global economy. And when you see people who are chasing that dream get hit hard the way they did, you can’t just sit around.”
Staci Warden also revealed that people from the Terra community reached out to them, requesting assistance. As soon as they got these requests, they started working on a solution and came up with the Algorand migration service.
Algorand will allocate funding to some migrating NFT projects on a first-come-first-serve basis. The growth of the project and the size of the community will also be considered when allocating funding.
Poppin Puffins – Migrating from Terra to Algo
So far, NFT projects on the Terra ecosystem are already making a move. Poppin Puffins, an NFT creator club, previously launched on the Terra chain, has migrated to the Algorand chain. The club is committed to the preservation of sea life. About 2.5% of the profits made from the club are donated to natural seabird habitat conservation charities. The Poppin Puffins team was excited to switch to the Algorand chain to keep creating cool stuff.
The Algorand chain, built as a green blockchain, will now be looking to welcome more NFT projects. The platform makes it possible to create NFTs without writing smart contracts and transaction fees on the chain are very little. Also, the blockchain is fast, boasting a throughput of 1200 transactions per second. Thus, the Algorand chain is the best option for NFT projects in the Terra ecosystem to migrate to.