Not even the crypto winter could stop DeGods and Y00ts to heat things up as they announced their plans to leave the SOL ecosystem. DeGods will be moving to Ethereum, and Y00ts will be moving to Polygon in the first quarter of this year. The decision to migrate has been met with mixed reactions, with some in the Solana NFT community condemning the exit while others have supported the move.
According to Rohun “Frank” Vora, the CEO of DeGods, the decision to leave Solana was driven by the desire to continue growing:
“There’s an argument to be made that [DeGods] has capped out on Solana.” Vora said in a Twitter Spaces conversation. “It’s hard to accept, but it’s been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it’s what we have to do.”
DeGods is known as Solana’s top-choice collection. While it encourages community engagement, like other NFT projects, DeGods sets itself apart by discouraging flipping and encouraging HODLing of its NFTs.
y00ts is a generative art collection of 15,000 NFTs. It is a love letter to the Web3 community designed to be aesthetic, engineered to be functional, and curated to contain the best community of builders and creators on the internet.
A path full of challenges
The migration to Ethereum and Polygon will not be without its challenges. It is rare for high-profile NFT projects to migrate to another blockchain at this scale, and the technical details of the move have not yet been announced. Vora has acknowledged that one potential risk is an exploit on the bridge contract, but he emphasized the importance of ensuring that the migration is “airtight”.
In the weeks leading up to the announcement, DeGods and Y00ts accounted for nearly 70% of all Solana NFT sale volume, according to data from Magic Eden. The news of the migration has had an impact on the sales of both collections. DeGods saw a 12% increase in its floor price following the announcement, while sales of Y00ts remained relatively stable with a 5 SOL (about $55) increase in the floor price.
The migration to Polygon has come with a price for Y00ts. A representative from DeGods told that Polygon paid for the move with a grant from its partnership fund, and the details of the deal will be made public eventually. It is unclear what will happen once the grant runs out.
Overall, the migration of DeGods and Y00ts to Ethereum and Polygon is a significant development in the NFT space. It will be interesting to see how the technical challenges of the move are addressed and how the collections fare on their new blockchains.