DeGods and Y00ts NFTs Are Joining Solana: Here’s Why

Non-fungible token (NFT) firm Dust Labs is migrating its two highest-performing Solana NFT projects, DeGods and y00ts, to Ethereum and Polygon in a bid to expand their adoption.

The news was announced on gods Y y00ts Twitter pages on December 25, with both expected to officially join Ethereum and Polygon, respectively, in Q1 2023.

DeGods and y00ts creator Rohun Vora, known by the alias Frank III, said the decision was made to “explore new opportunities” and allow for continued growth of the collections. The move will also see the DUST token, used to buy, sell, and mint NFTs in the DeGods ecosystem, also connect to Ethereum and Polygon.

Vora confirmed that two NFT projects will remain in Solana for the time being. In a separate post replying to a Twitter user confirmed that the migration of the bridge will be “opt-in” of the owner.

During a Twitter space on December 26, Vora explained to 66,000 listeners that it was simply a matter of bringing NFT projects to the platforms that he said will drive the next wave of NFT adoption.

In his reasoning, he drew parallels to the intense battle over intellectual property (IP) between streaming services like Netflix, Disney Plus, and HBO Max, suggesting that the streaming service that secures the best IP will ultimately win the most share. viewers, which then attracts better projects:

“They are trying to get the best IP on their streaming services because that IP will ultimately drive growth on that platform.”

“Once you get enough IP on the platform, it becomes a virtuous circle, people want to be on Netflix because that’s the brand and the place to be,” he added.

He said a similar battle is playing out between different blockchains trying to build the best NFT platforms, noting that since NFTs are attention driven, there is an opportunity for “virtuous cycles” that would create a network effect for NFT projects.

From there, “that will be followed by metrics, volume and liquidity,” he added.

Vora said that his bullish view on Polygon for NFT was influenced by the fact that Disney, adidas, Nike Y Reddit chose Polygon as your preferred NFT platform.

Vora also said that he had received grant offers from many other platforms, most of which were much larger than what Polygon offered, but Polygon gave you the best opportunities to move forward:

“Polygon by far was one of the lowest, if not the lowest in terms of dollar value, but we went with Polygon because we see a lot of opportunity on a strategic level and that’s what excites me and should excite incumbents the most. than nothing. ”

Related: Solana TVL Drops Nearly a Third as FTX Turmoil Rocks Ecosystem – Finance Redefined

The news has only added to Solana’s growing list of concerns, which has seen the total fixed value in the ecosystem drop by 97.88%, from a high of $10.17 billion to $215 million in the time of writing this article. according to to DefiLlama decentralized finance (DeFi) data aggregator.

Anatoly Yakovenko, co-founder of Solana shared his “bittersweet” feeling that the pair of NFT projects would no longer be “100% Solana-focused” to his 223,600 Twitter followers on December 26, but accepted the “reality” that these projects want to broaden their reach.

But controversial figure Ben “Bitboy” Armstrong and a fair share of his million Twitter followers weren’t so optimistic about Solana’s future, with 70% of 11,881 voters in a poll voting “Yes” to “Solana is dead.” “.

According to According to DappRadar, the NFT collections of y00ts and DeGods rank first and second in terms of fiat transaction volume on Solana over the last 30 days.