- y00ts’ disclosure of its move to Ethereum has been met with intense debate.
- NFT sales across blockchains have decreased in the last 30 days.
In a surprising turn of events, Polygon [MATIC]-based NFT collection y00ts has made a strategic decision to ignore the possibility of a move back to Solana [SOL]. Instead, it announced its migration to the Ethereum [ETH] blockchain.
Realistic or not, here’s MATIC’s market cap in SOL’s terms
From Solana to Polygon, now to Ethereum
While the y00ts Twitter handle said the date for the move was still undecided, it would ensure that it returns 100% of Polygon’s grant.
2. We're returning 100% of the grant provided by Polygon.
The funds will be re-deployed for NFT ecosystem growth to empower builders and creators.
We still love Polygon. It's just time to unite the DeGods & y00ts communities.
— y00ts (@y00tsNFT) August 9, 2023
The decision comes amid a backdrop of increasing competition among different blockchain ecosystems. However, y00ts’ latest decision to move from its host is once again controversial.
Before the collection migrated to Polygon, its first stop was Solana. When it launched on the blockchain, it experienced massive adoption, making it one of the most successful Solana NFT projects. This was because DeLabs, the team behind the collection, was also behind DeGods, which was also once Solana-based.
But in March, the project’s founders, led by Rohun Vora, popularly known as FrankDeGods, announced the switch to Polygon. At the time, Vora took a jab at Solana, saying the blockchain did have enough capacity to scale y00ts features but Polygon did.
Another controversy also arose then— the team denied ever receiving a $3 million grant from Polygon before recently admitting it.
Finding calm amid the turbulence
It was also around the same period that DeGods moved to Ethereum. The team said that the decision to migrate y00ts was to ensure that the collection and DeGods were on the same blockchain.
However, this decision did not sit well with some of the NFT holders. For some, it was a move well thought out as the y00ts brand did not fit the Polygon brand. Others, on the other hand, were not comfortable with moving from blockchain to blockchain.
But Vora, via his Twitter, begged the y00ts community to respect the project’s decisions and the communities of all blockchains involved, saying,
“We tried our best to make it work but we just need to bring our 2 communities together. I would appreciate it if everyone remains respectful of all parties involved.”
How much are 1,10,100 ETHs worth today?
At press time, the NFT market was still in a state of upheaval. According to CryptoSlam, Ethereum, Solana, and Polygon were the top three blockchains with the highest volume in the last 30 days.
However, the ranks they had did not stop them all from registering notable drops in sales and buyers. Within the last 30 days, Ethereum NFT sales dropped by 36.91%. Polygon decreased by 29.05% while Solana NFTs fell by 56.03%.
Source: CryptoSlam
