Quick take:
- Both NFT projects made the announcement on Twitter today.
- Details of the bridge will be released at a later date.
- This announcement comes after Solana’s value plummeted due to the FTX collapse.
Solana NFT projects y00ts and DeGods are bridging to Polygon and Ethereum respectively in 2023. Both NFT projects made the announcement on Twitter today.
While details are scant, both projects said that more information on the bridge will be released when it’s ready and tested as they want to ensure that the bridging is airtight. In the meantime, y00ts will release its Season 2 roadmap in January while DeGods will release its Season III roadmap in the same month.
DeGods is the best-performing NFT project on Solana. Since announcing its bridging to Ethereum, the project has seen a surge in sales volume. According to CryptoSlam, DeGods generated a sales volume of $1,627,780 today. One buyer spent about 9,055 SOL ($$103,740) on 20 DeGods NFT over a period of 18 hours. So far, DeGods has generated a total sales volume of $7,460,557.41 this month.
Born out of Dust Labs, the NFT software company founded by DeGods founders Frank and Kevin, y00ts is a relatively new NFT project that launched in September. Unlike DeGods, y00ts did not see a spike in sales after announcing that it will be bridging to Polygon. December is its worst-performing month, with only $1,192,224 in total sales so far compared to the $7,742,769 the project raked in last month, according to CryptoSlam.
In September, Dust Labs raised $7 million to build out DeGods’ native token, $DUST. The company is reportedly creating an NFT incubator, according to crypto and Web3 blogger, JToyts, who answered Twitter influencer Crypto King’s question: “Why bridge one to eth and one to matic?” However, a Google search for more information on the NFT incubator did not return verifiable results.
They’re creating a NFT incubator and points give you WL and tokens to mint those projects. Consistent mints on ETH gets expensive with gas fees, Polygon fees are much less allowing you to utilize their tech more. That and diversify from single point of failure in floor price
— JToyts (@JToyts) December 26, 2022
Y00ts could have chosen to bridge to Polygon not only for its low cost and scalability but also for the reputation that it has built for itself as a Layer-2 blockchain on Ethereum. Over the last few months, Polygon has entered high-profile partnerships with household names and popular platforms.
For instance, social aggregator site Reddit chose to build its “collectible avatars” on Polygon. Over 5 million avatars have been purchased as of this month while 306,000 Redditors (7.7% of holders) hold an average of 3.4 avatars per user.
In September, Starbucks announced its NFT loyalty program on Polygon and recently opened it for beta testing.
DeGods and y00ts decision to migrate to other blockchains does not bode well for Solana, which has taken a hit since one of its biggest backers, FTX, collapsed last month. Project founders Frank and Kevin did not give a reason for leaving the Solana ecosystem.
Earlier this year, Solana had its moment in the spotlight as a competitor to Ethereum, even though it has struggled with its fair share of hacks and DDoS attacks leading to poor network performance.
After the FTX fallout in November, SOL’s value has plummeted over 60% and is currently trading at about $12 as of this writing.
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