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y00ts Shifts Blockchain Networks
Popular non-fungible token (NFT) venture y00ts is changing its blockchain networks yet again, only a few months after the majority of its NFTs shifted from Solana to Polygon.
On August 9th, DeLabs, the NFT company behind y00ts, shared a tweet revealing its plans to transition to Ethereum, aligning with its DeGods NFT collection.
Previous Migration
In December, the NFT collection marked the initial announcement of its shift from Solana to Polygon, and officially began the process by end March. By the 30th of the same month, Polygon reported that out of the 15,000 y00ts NFTs, 11,633 had been successfully bridged.
The purpose behind the shift, as specified by DeLabs, was to bring together its y00ts and DeGods communities. DeGods had a similar announcement in December about its move away from Solana and commenced its migration to Ethereum from April.
Statement by y00ts
y00ts acknowledged their fondness for Polygon, but emphasized the need to unite the y00ts and DeGods communities in a released statement.
Return of the Grant
The team also revealed their intention to give back a $3 million grant it had received in January from Polygon Labs to facilitate the migration.
In their own words, they intend to "re-deploy the funds for NFT ecosystem growth to empower builders and creators." They are set to give back 100% of the received grant to Polygon.
Reaction of the NFT Community
The announcement was met with varying responses from the NFT community. Several industry experts showed their support and expressed their confidence in NFT project founder FrankDeGods, while others voiced worry about the apparent instability of Polygon’s NFT ecosystem.
As noted by NFT Price Floor, DeGods and y00ts currently are at the 6th and 22nd positions for the highest floor prices - at 8.66 ETH ($16,065) and 1.35 ETH ($2,465) in that order.
