DeLabs Announces Migration to Ethereum
Non-fungible token project y00ts is again switching blockchain networks, only four months after bridging the majority of its NFTs from Solana to Polygon.
Bridging y00ts from Solana to Polygon
DeLabs, the NFT firm behind y00ts, announced via its X (Twitter) account on Aug. 9 that it will soon be migrating to Ethereum in line with its DeGods NFT collection. The NFT collection had mostly migrated from Solana to Polygon in April. The move was first initially announced in December, with the migration starting officially on March 28.
Returning $3 Million Grant from Polygon Labs
By March 30, Polygon announced 11,633 of a total of 15,000 y00ts NFTs had been bridged. DeLabs said the move was to unite its y00ts community with its DeGods community. The team also disclosed it will be returning a $3 million grant from Polygon Labs, which it had received in January.
“We’re returning 100% of the grant provided by Polygon. The funds will be re-deployed for NFT ecosystem growth to empower builders and creators,” it said. The news was met with mixed reactions by members of the NFT community.
Market Impact on DeGods and y00ts
Some industry pundits offered their support and backing behind NFT project founder FrankDeGods, while others expressed concern about the seemingly diminishing state of Polygon’s NFT ecosystem. According to NFT Price Floor, DeGods and y00ts currently boast the 6th and 22nd highest floor prices at 8.66 ($16,065) and 1.35 ETH ($2,465) respectively.
The migration of y00ts from Polygon to Ethereum represents a significant shift within the dynamic NFT landscape. The return of the $3 million grant showcases DeLabs’ commitment to transparency and responsible management of funds, even as it aligns its different NFT collections under a single blockchain. While some are concerned about the impact on Polygon’s NFT ecosystem, others see this move as a strategic alignment that could foster greater unity between DeGods and y00ts communities. What is clear is that this development will continue to stir conversations and potentially influence future decisions within the broader NFT market. Only time will reveal the long-term effects of this bold move by DeLabs and what it means for both Polygon and Ethereum platforms.