y00ts chooses Ethereum over Solana
- y00ts’ disclosure of its transfer to Ethereum has been met with intense debate.
- NFT gross sales throughout blockchains have decreased within the final 30 days.
In a stunning flip of occasions, Polygon [MATIC]-based NFT assortment y00ts has made a strategic resolution to disregard the opportunity of a transfer again to Solana [SOL]. Instead, it introduced its migration to the Ethereum [ETH] blockchain.
Reasonable or not, right here’s MATIC’s market cap in SOL’s phrases
From Solana to Polygon, now to Ethereum
Whereas the y00ts Twitter deal with mentioned the date for the transfer was nonetheless undecided, it might be sure that it returns 100% of Polygon’s grant.
2. We’re returning 100% of the grant supplied by Polygon.
The funds might be re-deployed for NFT ecosystem development to empower builders and creators.
We nonetheless love Polygon. It is simply time to unite the DeGods & y00ts communities.
— y00ts (@y00tsNFT) August 9, 2023
The choice comes amid a backdrop of accelerating competitors amongst completely different blockchain ecosystems. Nonetheless, y00ts’ newest resolution to maneuver from its host is as soon as once more controversial.
Earlier than the gathering migrated to Polygon, its first cease was Solana. When it launched on the blockchain, it skilled huge adoption, making it one of the crucial profitable Solana NFT tasks. This was as a result of DeLabs, the workforce behind the gathering, was additionally behind DeGods, which was additionally as soon as Solana-based.
However in March, the venture’s founders, led by Rohun Vora, popularly often called FrankDeGods, introduced the swap to Polygon. On the time, Vora took a jab at Solana, saying the blockchain did have sufficient capability to scale y00ts options however Polygon did.
One other controversy additionally arose then— the workforce denied ever receiving a $3 million grant from Polygon earlier than not too long ago admitting it.
Discovering calm amid the turbulence
It was additionally across the similar interval that DeGods moved to Ethereum. The workforce mentioned that the choice emigrate y00ts was to make sure that the gathering and DeGods have been on the identical blockchain.
Nonetheless, this resolution didn’t sit effectively with among the NFT holders. For some, it was a transfer effectively thought out because the y00ts model didn’t match the Polygon model. Others, alternatively, weren’t snug with shifting from blockchain to blockchain.
However Vora, by way of his Twitter, begged the y00ts group to respect the venture’s choices and the communities of all blockchains concerned, saying,
“We tried our greatest to make it work however we simply have to convey our 2 communities collectively. I might respect it if everybody stays respectful of all events concerned.”
How a lot are 1,10,100 ETHs price in the present day?
At press time, the NFT market was nonetheless in a state of upheaval. Based on CryptoSlam, Ethereum, Solana, and Polygon have been the highest three blockchains with the best quantity within the final 30 days.
Nonetheless, the ranks they’d didn’t cease all of them from registering notable drops in gross sales and consumers. Inside the final 30 days, Ethereum NFT gross sales dropped by 36.91%. Polygon decreased by 29.05% whereas Solana NFTs fell by 56.03%.