NFT Project Receives $3 million to Relocate Collection to Polygon

According to a January 6 announcement made by Frank III, the founder of y00ts and DeGods, the team behind these projects was paid $3 million to transfer their collections from Solana to Polygon. The announcement was shared on Discord and also posted on Twitter.

On December 27, the developers of y00ts and DeGods had announced their plans to move the projects to Polygon. This move was seen by many as potentially damaging to the Solana network, which was already struggling due to the collapse of the FTX exchange.

However, at the time of the announcement, there was no information suggesting that the y00ts team had received any financial compensation for the move. In a January 6 announcement made on Discord and shared on Twitter by Frank III, the founder of y00ts and DeGods, it was revealed that the team had in fact been paid $3 million to transfer their collections from Solana to Polygon.

In a recent statement, Frank III, the founder of y00ts and DeGods, claimed that the team had been offered even larger sums of money from other parties, but ultimately decided to partner with Polygon because it would be the best platform for their projects.

Frank also addressed potential criticism of the decision to disclose the compensation received for the move to Polygon. He explained that the team made the decision to be transparent about the financial details of the deal.

Frank’s statement read as:

“We didn’t take this deal for the money. That’s just a nice bonus and we will use it effectively. We did this because it’s the most exciting direction for y00ts as a project. Also, if you are really upset — all I ask is to just channel that energy into genuine questions before just automatically assuming the worst.”

Frank III announced that he will not be using the money to buy a Lamborghini, and instead, plans to use the funds to hire new employees for business development, graphic design, content creation, and events coordination.

This is intended to increase mainstream acceptance of their projects. Despite experiencing a recent exodus of users, it appears that Solana may have recovered, as there has been increased trading activity on the platform involving meme coins like Bonk.

Source : Polygon Medium

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