Bearish news for Solana Blockchain – DeLabs moves y00ts non-fungible-token (NFT) project on Magic Eden to Polygon in April 2023

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Sad Days for Solana Blockchain - Polygon wins race for Y00Ts NFT collection

NFT Solana Spaces at Hudson Yards, New York

Preface by Silke Brand | The solana ecosystem suffers from some final action taking by DeLabs who now shifts y00ts NFT Collection from Solana to Polygon – offered on the NFT marketplace Magic Eden. Seamus O’Connor writes about this on NFT News Today as follwows.

The well-liked y00ts non-fungible token (NFT) project is shifting from the Solana blockchain to the Polygon network. This change aims to make transactions quicker and cut down on network fees.

Y00ts NFT Collection migrates to Polygon from Solana

Y00ts made the official announcement in December, ending months of guesswork. DeLabs, the Los Angeles startup responsible for y00ts and its sibling project DeGods, got a $3 million grant from Polygon to help with the move. DeGods is also leaving Solana and plans to connect with Ethereum.

Launched in September 2022, y00ts is using a cross-chain bridge to bring its 15,000-edition generative art collection to Polygon. To start the migration process, current holders can go to the y00ts website and link their wallets.

Holders receive Reward and get incentified up until 3rd April 2023

To encourage holders to move their NFTs to Polygon, DeLabs is not charging network fees for the first day. The team is also giving y00ts holders a chance to win a DeGods NFT based on Ordinals and recorded on the Bitcoin network. Staking will be free, and holders will get $5 USDC for each Y00t listed on the Magic Eden NFT marketplace. If holders don’t move their NFTs by April 3, they’ll face a 33.3% “Paper Hands Bridge Tax” as a penalty, which will result in higher royalty fees.

Source: y00ts

Risks involved?

Rohun Vora, the project’s leader known as Frank, shared on Twitter that the move is not without risk. “I know that this is a risk. I don’t know what’s going to happen today, tomorrow, or throughout the first few weeks. But I know we’re going to make it work,” he wrote. “The short-term might be out of our control, but the long-term is completely in our entire community’s control.”

MagicEden reports that nearly 10,000 y00ts have already moved to Polygon. The collection’s floor price is about 1.8 ETH, or around $3,200.

Success for Polygon Blockhain

This move marks another success for Polygon, which keeps growing its partnerships with big names like Starbucks, Nike, Reddit, Instagram, and DraftKings.

Via this site.