
Non-fungible token (NFT) company Dust Labs is migrating its two most successful Solana NFT projects – DeGods and y00ts – to Ethereum and Polygon in a bid to expand their adoption.
The news was announced on DeGods and y00ts Twitter pages in December. 25, with both set to officially link to Ethereum and Polygon, respectively, in Q1 2023.
DeGods and y00ts creator Rohun Vora, known as Frank III, said the decision was made “to explore new opportunities” and allow for the continued growth of the collections. This move will also see the DUST token – used to buy, sell and mint NFTs on the DeGods ecosystem – also linked to Ethereum and Polygon.
It’s just the beginning. pic.twitter.com/F3vxzXQAOy
– Franck III (@frankdegods) December 25, 2022
Vora has confirmed that two NFT projects will remain on Solana for the time being. In a separate post responding to a Twitter user confirmed that the bridge migration will be the “opt-in” owner.
During a Dec. 26 Twitter spaces right now Explain to 66,000 listeners that it was just a matter of getting the NFT projects onto the platforms that he believes will drive the next wave of NFT adoption.
In his reasoning, he drew parallels to the intense intellectual property (IP) battle between streaming services such as Netflix, Disney Plus and HBO Max – suggesting that the streaming service that secures the best IP will ultimately win the prize. lion’s share of viewers, which then attracts better projects:
“They’re trying to get the best IP address on their streaming services because that IP address is ultimately going to drive growth on that platform.”
“Once you get enough IP on the platform it becomes a virtuous circle, people want to be on Netflix because it’s just the brand and the place to be,” he said. he adds.
He said a similar battle is being played out between different blockchains trying to build the best NFT platforms, noting that since NFTs are attention-driven, there is an opportunity for “virtuous cycles” that would create a network effect for NFT projects.
From there, “metrics, volume and liquidity will follow that,” he added.
Vora said his optimistic view of Polygon for NFTs was influenced by the fact that Disney, Adidas, Nike and Reddit chose Polygon as the NFT platform of choice.
Vora also said that he had received grant offers from many other platforms, most of which were much larger than what was offered by Polygon, but Polygon provided y00ts with the best opportunities to move forward. :
“Polygon was by far one of the lowest, if not the lowest in terms of monetary value, but we went with Polygon because we see a lot of opportunities at a strategic level and that’s what excites me and should excite you more than anything.”
Related: Solana TVL drops nearly a third as FTX turmoil rocks the ecosystem: finance redefined
The news only added to Solana’s growing list of concerns, which saw the total value locked to the ecosystem drop 97.88% from a peak of $10.17 billion to 215. million dollars at the time of writing, according to to decentralized finance (DeFi) data aggregator DefiLlama.
Anatoly Yakovenko, co-founder of Solana share his “bittersweet” feeling that the pair of NFT projects would no longer be “100% focused on Solana” to his 223,600 Twitter followers on December 1. 26 but accepted the “reality” that these projects want to expand their reach.
But controversial figure Ben ‘Bitboy’ Armstrong and a good chunk of his one million Twitter followers weren’t so optimistic about Solana’s future, with 70% of 11,881 voters in a poll voting ‘Yes’ to “Is Solana dead”.
Let’s check the temperature on #solana now that the 2 best NFT projects are leaving $SOL.
Is Solana dead?
—Ben Amstrong (@Bitboy_Crypto) December 26, 2022
According to According to DappRadar, y00ts and DeGods NFT collections are ranked first and second in fiat trading volume on Solana over the past 30 days.
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