By
Bhushan Akolkar
May 2nd, 2024
The announcement has raised concerns about the weakening state of Polygon’s NFT ecosystem.
Y00ts, the popular non-fungible token (NFT) collection, may have just ditched the Polygon blockchain network for Ethereum. The project, which originally launched on Solana, had previously migrated to Polygon just about four months ago. At the time, it also received a $3 million grant, from Polygon Labs, to support the migration. However, DeLabs – the NFT firm behind Y00ts, confirms that it would be returning the grant in full. That is even as Polygon also revealed plans to re-invest $1 million of the refunded grant in its native network of developers.
On why the project is switching blockchain networks again, DeLabs announced that the decision is in line with its DeGods NFT collection. The announcement reads partly:
“We still love Polygon. It’s just time to unite the DeGods & y00ts communities.”
As of publication, the date of the migration has not yet been fixed. However, Y00ts confirms that it will communicate that information “shortly”.
Meanwhile, DeGods project leader, Rohun Vora, has also commented on Yoots’ upcoming migration. Vora, who is sometimes identified as Frank, first heaped praises on the Polygon team for their incredible partnership with Yoots. However, he also added that it is ultimately in the best interest of DeLabs for Y00ts to be on the same chain as DeGods.
Recall that, in a similar manner to Y00ts, DeGods also started out on the Solana blockchain. However, it started migrating to Ethereum in April after Frank said that the collection had “capped out on Solana”.
What Exit of Y00ts NFT Collection Means for Polygon
The announcement has raised concerns about the weakening state of Polygon’s NFT ecosystem. But Polygon remains adamant that it is exactly where it needs to be as regards its NFT ecosystem. According to Polygon co-founder Sandeep Nailwal, Vora and his team helped expand Polygon’s “growing” NFT ecosystem. To assure of the growth, he said:
“We will continue to nurture this community that’s tripled in size this year by redeploying the y00ts funds and more to support our native creators and projects.”
According to NFT Price Floor, DeGods and y00ts currently have the 6th and 22nd highest floor prices at 8.66 ETH ($16,065) and 1.35 ETH ($2,465) respectively.