DeGods, Y00ts migrate to new networks, but only one thrives
- 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.
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.
— DeGods III (@DeGodsNFT) April 1, 2023
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.
It's just the beginning. pic.twitter.com/F3vxzXQAOy
— Frank² (@frankdegods) December 25, 2022
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.
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.
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.