Quick take:
- Y00ts said it wants to unite its community on Ethereum.
- The company initially migrated from Solana to Polygon, receiving $3 million in grant money.
- It said it will be returning 100% of the amount to Polygon.
It is nearly a year now since Polygon NFTs shot up to a $97 million transaction volume in a month in August 2022. Last month, we published a report showing Polygon NFT volume dropped to $12.9 million in the preceding 30-day period, which on face value is a massive decline from last year’s figures.
That is not down to Polygon alone, as the industry continues to struggle to reach the highs of 2022. However, according to Cryptoslam data Polygon is now ranked third behind Solana in second and Ethereum which is streets ahead of everyone.
The Polygon-based NFTs generated about $30.9 million in sales over the past 30 days, compared to Solana, which accounted for more than $33.4 million in transaction volume. On the other hand, Ethereum, y00ts new home had $254.4 million over the same period.
Whether that data has anything to do with the call for migration remains to be seen. According to the DeGods project leader, Rohun Vora, who goes by the name Frank on socials, the two projects tried their best to make it work on separate blockchains, but now needed to bring the two communities together.
By the time the two projects left Solana, they were accounting for about 70% of all NFT transaction volume on the layer 1 blockchain according to Magic Eden, the leading NFT marketplace on Solana.
At the time, “Frank” stated on Twitter spaces that the decision to move y00ts and DeGods to Polygon and Ethereum, respectively had been arrived at because they felt they had “capped out on Solana” CoinDesk reported.
Currently, just as y00ts prepares to move to Ethereum, it accounted for the highest transaction volume on the layer 2 blockchain platform with 193.91 ETH (~$358,450), The second-placed collection ZeptoLabsOmNom managed just 1.81 ETH in sales (~$3,345) over the same period.
On the other hand, DeGods dominated NFT sales on the Ethereum blockchain with a 24-hour volume of 1,538 ETH, which is equivalent to about $2.84 million as of this writing.
Although DeGods is the bigger collection of the two with a market cap of 75,523 ETH versus y00ts’ 19,907 ETH, the difference in the transaction volume is several times bigger.
Having received a $3 million grant from Polygon earlier this year, y00ts said it will be giving it back in totality amid its impending move to Ethereum.
Polygon plans to re-deploy $1 million from the refunded amount by allocating it to developers and creators in its network.
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