Nonfungible token (NFT) firm Dust Labs is migrating its two top-performing Solana projects to new blockchains. This comes at a time when Solana is struggling to maintain its position in the top ten cryptocurrencies, after being affected by the drama surrounding the failed crypto exchange FTX.
DeGods, y00ts to Leave Solana for Ethereum and Polygon
Two of the leading projects in the Solana ecosystem are moving off the Solana chain. DeGods announced that it will be moving to the Ethereum blockchain. The Y00ts NFT team announced that it would be moving to Polygon. It will release the details of the bridge when it’s ready and tested. The two NFT projects plan to migrate in the first quarter of 2023.
Rohun Vora, the creator of DeGods and y00ts and known by the alias Frank III, said the decision is to explore new opportunities and room for growth. Vora also confirmed that the bridge or migration will be an “opt-in” process.
In a Twitter space on Dec. 26, Vora explained that many NFT projects need to be integrated into platforms that he sees as vital for the next wave of NFT adoption.
Rumors circulated on Twitter that the DeGods team had asked the Solana Foundation for $5 million in exchange for staying on the chain. The Solana Foundation representative verified the figure to CoinDesk. However, the DeGods team declined to comment.
Polygon’s Partnership Streak Keeps Growing
Polygon’s partnerships with prominent brands were well-received by the market and have drawn a variety of partners including Disney, Starbucks, Nike, Reddit, and Instagram in the last year. Vora said that Polygon’s selection by well-known companies influenced his bullish view on Polygon for NFTs.
DeGod’s move to Ethereum and Polygon will be a complicated process, as it is rare to see high-profile NFT bridges at this scale. In general, when projects go multichain, they do so in the style of Doodles, which is considering launching Doodles 2 on a layer 2 blockchain while keeping its original collection on Ethereum.
The y00ts and DeGods NFT collections both rank first and second in terms of fiat transaction volume on Solana over the last 30 days, according to DappRadar.