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DeGods, Y00ts migrate to new networks, but only one thrives

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DeGods, Y00ts migrate to new networks, but only one thrives

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  • DeGods NFT migrated to Ethereum from Solana, with slow sales and declining activity.
  • Y00ts NFT collection saw a successful start on Polygon, while trade volume increased on both Ethereum and Solana.

DeGods NFT has officially moved to the Ethereum [ETH] network, leaving Solana [SOL] behind. The migration was not without controversy, as it involved a couple of challenges from the Dust Labs.

In the last 24 hours since the migration, the impact on Ethereum NFT trading volume was closely monitored to assess how DeGods NFT has fared in its new home.

DeGods makes a move to Ethereum

DeGods has made good on its previous announcement by beginning its migration from Solana to Ethereum on 1 April, 2023. The project had pledged to cover gas fees for the first 24 hours of the migration to smooth the transition.

For those who prefer to skip the queue and speed up their migration, the user will cover the gas fees. This approach aims to make the process as seamless as possible while giving users the option to prioritize their migration if they choose.

Last year, Dust Labs made a surprising announcement regarding the migration of DeGods and y00ts from Solana to Ethereum and Polygon, respectively. According to project leader Frank DeGods, this move was motivated by a desire to explore new opportunities.

The decision to shift away from Solana’s blockchain was likely influenced by the platform’s challenges over the past year. 

How DeGods fared so far

According to CoinMarketCap, sales for DeGods on the Ethereum network have been relatively slow. As of this writing, the project has only achieved a trading volume of around 0.5%, with 17 sales representing roughly 6%.

However, there is a silver lining, as the number of owners has already exceeded 700. While these figures may not be as impressive as some other NFT projects, it’s important to remember that DeGods has only just migrated to the Ethereum network. 

An analysis of Unique Active Wallets (UAW), transactions and volume data on DappRadar revealed that DeGods experienced a decline in activity. According to the graph, the most recent recorded activity was on March 26. The decline could be due to various factors, such as the migration to Ethereum or changes in market sentiment.

DeGods trading volume

Source: DappRadar

In contrast, the y00ts NFT collection enjoyed a successful start on the Polygon network.

According to CoinMarketCap’s latest data, the project achieved impressive results within a 24-hour timeframe. The volume increased by over 190%, while sales more than doubled. Additionally, the project has already attracted over 1,300 owners.

Impact on Solana and Ethereum NFT trades

Data from Santiment indicated that there has been a notable increase in NFT trade volume in USD on both Solana and Ethereum. As of this writing, the trade volume on Solana reached approximately $5.4 million. Moreover, there was a visible spike in NFT trade volume on the Solana network since 17 March. 

Solana NFT USD trade volume

Source: Santiment

In addition to Solana, the Ethereum network has also seen a noticeable increase in NFT trade volume since 17 March, according to Santiment’s data. As of this writing, the NFT trade volume in USD on Ethereum reached around $7.8 million.

Ethereum NFT USD trding volume

Source: Santiment

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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