The NFT collection, y00ts, has recently announced its migration from the Polygon network to Ethereum. This significant shift has not only prompted a 350% boom in trade volume but also a decision to return a $3 million grant previously received from Polygon.
Background
Originally launched on the Solana network, y00ts became widely popular, establishing its reputation as a blue-chip digital asset. However, in a strategic move, DeLabs, the entity behind y00ts, decided to migrate its projects in April. While DeGods, another project by DeLabs, moved to Ethereum, y00ts transitioned to Polygon.
Reason for the Shift
The primary motivation behind y00ts’ migration to Ethereum is to “unite the DeGods and y00ts communities,” as stated in an August 10th announcement. Rohun Vora, also known as Frank DeGods, the founder of DeLabs, emphasized the importance of consolidating the communities on a single network. He mentioned, “We tried our best to make it work, but we just need to bring our two communities together.”
The $3 Million Grant
In support of y00ts’ growth and team expansion on the Polygon network, Polygon Labs had granted the project $3 million. However, with the recent decision to migrate, y00ts has chosen to return the entire grant amount. Polygon Labs plans to redirect $1 million of these funds to back “Polygon-native builders and creators.”
Expressing gratitude and goodwill, Rohun Vora tweeted his appreciation for Polygon Labs, calling them a “truly incredible partner for y00ts.” Sandeep Nailwal, Polygon’s co-founder, reciprocated the sentiment, acknowledging the pivotal role Frank and his team played in enhancing Polygon’s NFT ecosystem.
Community Reactions
The migration decision and the grant’s return have elicited mixed reactions from the community. While many support the move, concerns have emerged regarding the potential decline of Polygon’s NFT ecosystem.
Market Impact
Following the announcement, y00ts’ trading volume experienced a significant surge. According to data from CoinGecko, the floor price of y00ts jumped 7.6% to 1.83 ETH, with its trading volume soaring by over 350%. In contrast, DeGods, y00ts’ sister collection, saw a drop in its trading volume and floor price during the same period.
In conclusion, y00ts’ migration to Ethereum marks a significant chapter in its journey, reflecting the dynamic and ever-evolving landscape of the NFT world.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
