NFT Project Y00ts Moves from Polygon to Ethereum
The popular NFT project y00ts is making a significant transition, shifting its operations from Polygon to Ethereum. This move comes with the intention of fostering a closer connection between the DeGods and y00ts communities.
Y00ts’ Evolutionary Path
DeLabs’ PFP project, y00ts, has undergone multiple transformations in recent times. It initially migrated from Solana (SOL) to Polygon in April, and now it’s embarking on its migration journey to Ethereum (ETH). While the exact migration date remains undisclosed, an official announcement is expected in the near future.
Motivation Behind the Migration
The decision to migrate y00ts to Ethereum is driven by the desire to have both the y00ts and DeGods communities on the same blockchain. Rohun “Frank” Vora, the founder of DeLabs, emphasized the importance of uniting these communities, stating, “We made every effort to find a solution, but ultimately, bringing our two communities together is the priority.”
Returning the Grant
Polygon Labs had previously provided y00ts with a generous $3 million grant, aimed at facilitating team expansion and overall growth. However, as part of the migration process, y00ts has chosen to return the entire grant. Polygon Labs plans to redirect $1 million of these funds to support native builders and creators within the Polygon ecosystem.
Positive Relations and Acknowledgments
Expressing goodwill, Rohun Vora (Frank), the leader of the DeGods project, took to Twitter to affirm the positive relationship between the parties. He thanked Polygon Labs for their exceptional partnership with y00ts. Sandeep Nailwal, co-founder of Polygon, also showed support, recognizing the crucial role played by Frank and his team in expanding Polygon’s NFT ecosystem.
The decision to redeploy the funds for NFT ecosystem growth received a mix of responses. While a significant portion of the community embraced the move, some concerns were raised about the potential impact on Polygon’s NFT ecosystem’s vitality.
According to NFT Price Floor data, the floor price of y00ts, representing the lowest listed NFT price, has remained stable at 1.35 ETH in the last 24 hours. In contrast, the floor price of DeGods, an associated collection, experienced a 10.5% decrease, settling at 7.9 ETH.