Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
DeLabs has promised to return the $3 million grant initially provided by Polygon Labs to support y00ts from Solana to Polygon.
Non-fungible token project y00ts is again switching blockchain networks, only four months after bridging the majority of its NFTs from Solana to Polygon.
DeLabs, the NFT firm behind y00ts, announced via its X (Twitter) account on Aug. 9 it will soon be migrating to Ethereum in line with its DeGods NFT collection.
1. y00ts will be migrating to Ethereum.
— y00ts (@y00tsNFT) August 9, 2023
The NFT collection had mostly migrated from Solana to Polygon in April. The move was first initially announced in December, with the migration starting officially on March 28. By March 30, Polygon announced 11,633 of a total of 15,000 y00ts NFTs had been bridged.
DeLabs said the move was to unite its y00ts community with its DeGods community. DeGods had also announced it would be bridging off Solana in December and similarly began its migration from Solana to Ethereum at the start of April.
DeLabs’ listings of y00ts on NFT marketplace OpenSea. Source: OpenSea
“We still love Polygon. It's just time to unite the DeGods & y00ts communities,” y00ts wrote in a statement.
The team has also disclosed it will be returning a $3 million grant from Polygon Labs, which it had received in January from the blockchain firm to support its migration.
“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,” it said.
1. 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.
It’s all love. https://t.co/6AT4SMUT76
— Frank (@frankdegods) August 9, 2023
The news was met with mixed reactions by members of the NFT community.
Some industry pundits offered their support and backing behind NFT project founder FrankDeGods, while others expressed concern about the seemingly diminishing state of Polygon’s NFT ecosystem.
Huge blow to the Polygon NFT ecosystem
but organic NFT demand on Polygon seems nonexistent
I support this choice, feels like it was a no brainer tbh
Happy for y00t holders, this is an easy dub https://t.co/TwWtLTpq26
— Iced (@IcedKnife) August 10, 2023
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.