NFT Collection Y00ts make expected move from Solana to polygon
Popular non-fungible token (NFT) project y00ts has started the migration process from its original Solana blockchain to the Polygon network.
The migration, which began on Tuesday, was officially announced in December after months of speculation. DeLabs, the Los Angeles-based startup behind y00ts and sister project DeGods, received a $3 million grant from Polygon to facilitate the move. Meanwhile, DeGods will also migrate away from Solana and plans to bridge to Ethereum.
Y00ts, which launched in September 2022, uses a cross-chain bridge to bring its generative art collection of 15,000 issues to Polygon. Existing holders can start the migration process by visiting the y00ts website and connecting to their wallet.
To encourage holders to migrate their NFTs over to Polygon, DeLabs is waiving network fees for the first 24 hours. The team is also offering y00ts holders a chance to win an Ordinals-based DeGods NFT that has been entered into the Bitcoin network. Staking will also be free and holders will receive $5 USDC per Y00t listed on the NFT marketplace Magic Eden.
Holders who do not migrate their NFTs by April 3rd will be subject to a 33.3% “Paper Hands Bridge Tax”, which will result in a penalty payable from increased royalty fees.
The project’s leader, Rohun Vora, known as Sinceretweeted that the move does not come without risk.
“I know this is a risk. I don’t know what’s going to happen today, tomorrow or in the first few weeks. But I know we’re going to make it work.” he wrote. “The short-term may be out of our control, but the long-term is completely within the control of society as a whole.”
Almost 10,000 y00ts have already moved over to Polygon, according to OpenSea. The floor price of the collection is currently around 1.8 ETH, or around $3,200.
It is rare to see top NFT projects like y00ts and DeGods move their entire ecosystem from one blockchain to another. Vora told the owners in a Twitter Space in December that a possible exploitation of the bridge contract would be the biggest challenge.
The move is another win for Polygon, which has continued to expand its partnerships with major brands including Starbucks ( SBUX ), Nike ( NKE ), Reddit, Instagram and DraftKings.
DIRECTION (March 29, 2023, 15:06 UTC): Removes inaccurate claim that Polygon is faster and lower than Solana. Solana generally processes transactions faster and cheaper than Polygon, although both are considered very efficient networks.
