Prominent non-fungible token (NFT) project y00ts has begun the process of migrating from its native Solana blockchain to the Polygon network in an effort to accelerate transaction processing and cut network fees.
After months of speculation, the move began on Tuesday and was officially announced in December. Polygon provided DeLabs, the Los Angeles-based company responsible for y00ts and its sister project DeGods, with a $3 million grant to aid the migration. In the meantime, DeGods will likewise depart from Solana and transition to Ethereum.
Y00ts, which began in September 2022, is delivering its 15,000-edition generative art collection to Polygon over a cross-chain bridge. Existing holders can initiate the migration process by connecting their wallets to the y00ts website.
To incentivize NFT holders to move their assets to Polygon, DeLabs has decided to waive network fees for the first 24 hours. Additionally, y00ts holders have the opportunity to win a DeGods NFT inscribed on the Bitcoin network, based on Ordinals.
Staking will also be free of charge, and Magic Eden’s NFT market will provide $5 USDC per Y00t listed. Failure to migrate NFTs by April 3 will result in a “Paper Hands Bridge Tax” penalty of 33.3%, which will be compensated through increased royalties.
The project’s leader, Rohun Vora, commonly known as Frank, made a statement on Twitter acknowledging that the project’s latest move involves a certain level of risk. In his tweet, he stated that he is still determining the outcome in the coming days and weeks.
He is confident that the team will successfully navigate the challenges they face. He also emphasized that although the short-term outcome may be partially within their control, the project’s long-term success depends on the community’s collective effort.
OpenSea claims that about 10,000 y00ts have already moved to Polygon. 1.8 ETH, or around $3,200, is the collection’s floor price.
It is uncommon for leading NFT projects such as y00ts and DeGods to migrate their whole ecosystem from one blockchain to another. In December, Vora stated in a Twitter Space that a potential bridge contract exploit would be the greatest obstacle.
Polygon, which has expanded its connections with major businesses such as Starbucks (SBUX), Nike (NKE), Reddit, Instagram, and DraftKings, has scored another victory with this acquisition.