- DeGods and Y00ts, two of the most popular nonfungible token digital art collections on the Solana blockchain, have announced their plans to migrate to Ethereum and Polygon.
- The migration will finish in 2023. The $DUST utility token for the two collections, used to buy, sell, and mint NFTs on the DeGods ecosystem, will also bridge to the new blockchains.
DeGods and Y00ts, two of the most popular Nonfungible Token (NFT) digital art collections on the Solana blockchain, have announced their plans to migrate to Ethereum and Polygon.
According to the Twitter announcement, DeGods will initially bridge to Ethereum, while Y00ts will bridge to the Polygon blockchain. Details on how the migration and bridge will function are being planned for once it has been constructed and tested, as it “has never been done at this scale,” according to the developers.
Nonfungible tokens, often known as NFTs, are blockchain-based assets that reflect the ownership of digital objects, including artwork, digital collectibles, films, music, and in-game items. NFT owners can demonstrate ownership of digital assets by possessing the private keys to the tokens representing those assets transacted on specific blockchains. NFTs can be purchased, sold, and exchanged for cryptocurrencies, allowing them to possess real-world value.
The complete migration is scheduled to occur in the first quarter of 2023. At that point, the $DUST utility token for the two collections used to purchase, sell, and mint NFTs on the DeGods ecosystem will also bridge the new blockchains.
In a Twitter Spaces discussion, Rohun Vora, the founder of both collections known as Frank III, stated that the move was made to expose the NFT collections to new options and to allow greater capacity for the collections to develop onto additionals blockchains.
During the Spaces debate, Vora stated that Ethereum and Polygon would be the most effective means for the collections to reach a larger audience of NFT consumers. He also explained that the migration would occur via a cross-chain bridge.
Additionally, Vora stated on Twitter that the migration itself would be “opt-in” and not mandatory for owners. Individuals can keep their NFTs on Solana if they wish.
The move comes after a challenging year for Solana. In 2022, the blockchain has seen up to ten partial or complete outages and slower block delays. This comprised a four-hour outage in June, a seven-hour disruption in May, and a two-day outage in January. All of this was followed by a significant 18-hour outage that occurred in September 2021.
As a result of its low transaction fees, the blockchain has been promoted as a possible rival to Ethereum. Despite Ethereum’s scaling concerns, Ethereum and Polygon appear superior in light of these multiple failures, as none has suffered catastrophic outages.
Since the fall and insolvency of the FTX cryptocurrency exchange, Solana’s market has also been suffering. The price of its token dropped from USD 31 in November to USD 11.33 in December after it was found that the Solana Foundation, the organization behind the Solana ecosystem, had extensively invested in FTX and had large sums of its money stranded on FTX during its bankruptcy.
Consequently, many other crypto projects have begun to avoid or diverge from Solana. For instance, Magic Eden, an NFT marketplace initially centered on Solana, has lately integrated Ethereum and Polygon. Phantom, a crypto wallet built on Solana, has added support for Ethereum and Polygon.
In a separate letter posted on Twitter, Vora said that Solana placed the two NFT collections on the map and urged the DeGods and Y00ts communities to be kind and optimistic about the future.
Rohun Vora said, “The Solana NFT ecosystem is incredible. We owe everything to the people here. We are taking a risk by doing this. 2023 is going to be electric.”