DeGods and y00ts, two of the largest NFT collections in the Solana (SOL) ecosystem, will soon abandon it to migrate to Ethereum (ETH) and Polygon (MATIC) respectively. It was their founder, nicknamed Frank DeGods, who officially announced it this Sunday on Twitter.
DeGods and y00ts leave Solana
This is news that could spoil the end of the year for followers of the Solana (SOL) ecosystem. Blockchain’s two flagship NFT collections, DeGods and y00tsannounced their ambition to migrate to new horizons, respectively Ethereum (ETH) and Polygon (MATIC).
It’s just the beginning. pic.twitter.com/F3vxzXQAOy
— Frank III (@frankdegods) December 25, 2022
Both collections were created on Solana in October 2021 by Rohun Vora, an NFT creator who goes by the pseudonym “Frank DeGods”. Those are the two most important NFT projects on the Solana blockchain with regard to total volumes:
Ranking of the most popular NFT collections on Solana according to Magic Eden
The DeGods trade for a minimum price of 519 SOL, or 5800 dollars and experience substantial volumes: almost 2 million dollars a day.
Concretely, DeGods should migrate to Ethereum and will most likely compete with the network’s most famous collections, like Bored Ape Yacht Club (BAYC) or CryptoPunks. As for the y00ts, they will join Polygona second layer solution of Ethereum renowned for its scalability and lower network costs.
the DUST tokenlinked to the ecosystem of both collections and also created by Rohun Vora, will be issued on both blockchains cited above. This migration should take place at the end of the 1st quarter of the year 2023. Indeed, it requires substantial resources, as the creator of the collections explains on Twitter:
“Details of the bridge will be released when it is ready and tested. This has never been done before on this scale. We want to make sure it works properly. »
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The end of NFTs on Solana?
This announcement received a mixed reception from the community. For many NFT enthusiasts, the Solana ecosystem had the ambition to compete with – or even surpass – that of Ethereum. And that undeniably had to go through the development of the two DeGods and y00ts projects on this blockchain.
Thus, this migration symbolizes two things: accept Ethereum rival victory and abandon Solana. Indeed, the term “abandonment” is voluntarily chosen and used by followers of the ecosystem, who have seen the fervor slowly fade away since the FTX affair.
As a reminder, during the bullish rally of 2021, the NFT market literally exploded. Faced with the success of collections on Ethereum, a huge community has been created on Solana and began to seriously compete with the industry’s first blockchain. So much so that on many occasions, trading volumes on Solana have surpassed those of Ethereum.
However, the Solana foundation was strongly supported by FTX, Alameda Research, and other investors close to these two entities. The bankruptcy of the two entities had a devastating effect on this blockchain and its SOL token, while investors gradually left the ship.
With the departure of the flagship collections DeGods and y00ts, it’s a page that turns in the history of NFTs on Solana. It is certain that the ecosystem will take the hit and will take time to recover.
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Source: MagicEden
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