NFT Project y00ts To Migrate To Ethereum, But What About Polygon’s $3 Million Grant?

In December 2022, Rohun Vora (aka Frank DeGods), the founder of popular NFTs DeGods and y00ts, dropped a bombshell when he announced that both NFT projects were moving away from Solana (both NFTs were part of the highest-ranking NFTs on the blockchain at the time) to Ethereum and Polygon respectively. Now, eight months later, another move is imminent for the y00ts ecosystem.

Y00ts Moving Away From Polygon

In a recent development, NFT project y00ts announced that it would migrate to the Ethereum network from Polygon just a few months after migrating from Solana. According to the project, the reason for this move is to reunite y00ts NFTs with its sister NFT collection, DeGods, which is already on the Ethereum mainnet. 

It is believed that the move, asides from reuniting it with sister project DeGods, could also give the project more exposure as the Ethereum network is known to host the most valuable NFT projects, including the foremost Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks. 

A date for the scheduled migration remains unknown as the y00ts announced that “the migration date will be announced shortly.” Y00ts also announced that it would be returning the $3 million grant it received from Polygon Labs to migrate to Polygon late last year. 

Polygon Labs, the firm behind the Polygon blockchain, had earlier given DeLabs, the firm behind y00ts’, the grant as part of the agreement to move from Solana. And DeLabs was meant to use the funds to expand while it agreed to help grow and support other Polygon projects.

It’s All Love Between DeGods & Polygon

The news undoubtedly comes as a shock to many in the NFT community, with many speculating that there was a fallout between the NFT project and Polygon. However, in a tweet confirming the move, DeGods and y00ts founder Frank, further clarified that the reason is solely to unite the y00t and DeGods NFT community. 

According to him:

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.

Meanwhile, Polygon co-founder Sandeep Nailwal also seemed supportive of the decision while commending DeLabs’s role in expanding the NFT ecosystem on Polygon.

“Frank and team played a huge role in helping us expand the NFT [profile picture] ecosystem on Polygon,” Nailwal said. “We will continue to nurture this community that’s tripled in size this year by redeploying the y00ts funds and more to support our native creators and projects we believe have the vision and conviction to help evolve NFTs, both as an artform and as a key to boundless utility.”

Y00ts NFT, launched in September 2022, is a PFP collection that has undoubtedly enjoyed much success since its inception on the Solana network. 

The NFT’s floor price has reacted positively to this news, up 7% in the last 24 hours, according to data from CoinGeko. The cheapest listed y00ts NFT is currently worth 1.82 ETH ($3,366.23).

Total market cap dips again to $1.137 trillion | Source: Crypto Total Market Cap on Tradingview.com

Featured image from The Crypto Times, chart from Tradingview.com