CDS Crypto News At Least $37M Worth of y00ts NFTs Migrate to Polygon From Solana in 24 Hours
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At Least $37M Worth of y00ts NFTs Migrate to Polygon From Solana in 24 Hours

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At Least $37M Worth of y00ts NFTs Migrate to Polygon From Solana in 24 Hours

Solana Profile Picture (PFP​) Collection y00ts is the most prominent NFT project ever to move from one chain to another. Early data indicates that the holders support the transition, with nearly 77% of NFTs starting to migrate to Polygon since the late Monday launch.

At Least $37M Worth of y00ts NFTs Migrate to Polygon From Solana in 24 Hours
At Least $37M Worth of y00ts NFTs Migrate to Polygon From Solana in 24 Hours 1

At Least $37M Worth of y00ts NFTs Migrate to Polygon From Solana in 24 Hours

DeLabs, the Web3 startup behind y00ts and DeGods project on Solana, has announced in December that both collections will go through the process of “bridging” to a new blockchain in the coming months: y00ts to Polygon and DeGods to Ethereum. According to the reports, both updates are set for March.Late Monday night, DeLabs and related tech startup Dust Labs kicked off the migration for y00ts, which is actually a “burn and mint” process that sees holders burn the original Solana version of the NFT and get the new Polygon version at the other end of the Wormhole-based bridge.

In just over 24 hours, more than 75% (11,362 out of 15,000) of the total y00ts NFT supply was reportedly migrated to Polygon. As of this writing, less than two days after launching the migration tool, the tally has reached 11,506 migrated NFTs, or almost 77% of the total collection. DeLabs is giving holders an incentive to move quickly. Anyone who migrates to Polygon within first 24 hours will have network gas fee reimbursed by the Magic Eden marketplace and will receive 5 USDC stablecoin by listing the Polygon-based NFT in the same marketplace. On top of that, they can have fee-free y00ts trading for 30 days.

Additionally, DeLabs said it will airdrop a free Bitcoin-based DeGods NFT (or Ordinal) to one of the migrated y00ts owners within the first 24 hours. Meanwhile, NFT owners who do not migrate to Polygon by April 3 will be charged their 33.3% “Paper Hands Bridge” Tax creator royalty fee on secondary sales, which is ten times the standard rate set by DeLabs.

The Migration

DeGods will begin migrating from Solana to the Ethereum blockchain on March 31st, so DeLabs and Dust Labs will implement the other half of their plans this week. In a concersation with Decrypt in February, DeLabs founder Rohun “Frank” Vora and Dust Labs CEO Kevin Henrikson explained that both y00ts and DeGods are migrating from the Solana blockchain to Polygon and Ethereum, respectively.

Frank made it clear that y00ts’ lure to Polygon wasn’t due to a $3 million grant paid by Polygon Labs, but due to a list of giants building on the network, including Reddit, Disney, Nike, and Starbucks. Frank revealed the visual design of the y00ts avatar was created with the ability for brands to “imprint their logos” in order facilitate accessibility for building partnerships with the Polygon brand.

In the case of DeGods, Henrikson said: “It wasn’t about if, it was just a matter of when the collection would move to Ethereum. If we’re gonna be the biggest, most popular NFT collection in the world, you’re gonna have to be on Ethereum.”

“We’re trying to take big swings, and we are trying to do it in a way that is going to make it exciting on the upside for people to participate,” Frank said in February, teasing the types of incentives that ultimately accompanied the y00ts migration.

Source

www.decrypto.com

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ali009

The author is 28 year old student recently graduated from Celal Bayar University, Faculty of Medicine. Currently he works as a writer and translator for different platforms.

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