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The non-fungible token initiative y00ts is once again transitioning blockchain networks, just four months after transferring the majority of its NFTs from Solana to Polygon.
DeLabs, the NFT company responsible for y00ts, announced through its X (Twitter) account on August 9 that it will soon be moving to Ethereum to align with its DeGods NFT collection.
1. y00ts will be migrating to Ethereum.
— y00ts (@y00tsNFT) August 9, 2023
The NFT collection primarily transitioned from Solana to Polygon in April. This shift was initially revealed in December, with the official migration commencing on March 28. By March 30, Polygon reported that 11,633 out of a total of 15,000 y00ts NFTs had been successfully bridged.
DeLabs indicated that the purpose of this move is to consolidate its y00ts community with that of DeGods. DeGods had also announced its plans to migrate from Solana in December and began its transition to Ethereum at the beginning of April.
DeLabs’ listings of y00ts on the NFT marketplace OpenSea. Source: OpenSea
“We still appreciate Polygon. It’s simply time to bring the DeGods & y00ts communities together,” y00ts stated in an announcement.
The team has also revealed that it will be returning a $3 million grant from Polygon Labs, which it received in January from the blockchain company to facilitate its migration.
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“We’re returning 100% of the grant provided by Polygon. The funds will be reallocated for the growth of the NFT ecosystem to support builders and creators,” it stated.
1. We did our utmost to make it work, but we need to unite our two communities.
I would appreciate it if everyone remains respectful of all parties involved.
It’s all love. https://t.co/6AT4SMUT76— Frank (@frankdegods) August 9, 2023
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The announcement received a variety of responses from the NFT community.
Some industry experts expressed their support for NFT project founder FrankDeGods, while others voiced concerns regarding the apparent decline of Polygon’s NFT ecosystem.
Significant setback for the Polygon NFT ecosystem
but organic NFT demand on Polygon appears to be lacking
I support this decision; it seems like a no-brainer, to be honest
Happy for y00t holders, this is a clear win https://t.co/TwWtLTpq26— Iced (@IcedKnife) August 10, 2023
As per NFT Price Floor, DeGods and y00ts currently hold the 6th and 22nd highest floor prices at 8.66 ETH ($16,065) and 1.35 ETH ($2,465) respectively.
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