Well-known NFT project y00ts has begun the process of transferring from its native Solana blockchain to the Polygon network in an effort to reduce transaction times and network fees.
The shift, which began on Tuesday, was officially revealed in December after months of rumors. DeLabs, the Los Angeles-based company that created y00ts and its twin project DeGods, received a $3 million grant from Polygon to assist with the changeover. DeGods, however, has ambitions to transfer to Ethereum and will quit Solana.
Y00ts, which launched in September 2022, is utilizing a cross-chain bridge to deliver Polygon its 15,000-edition collection of generative art. Current holders can start the migration process by visiting the y00ts website and connecting their wallets.
To encourage holders to transfer their NFTs to Polygon, DeLabs is eliminating network fees for the first twenty-four hours. In addition, the group is offering holders of y00ts the chance to win a DeGods for Ordinals-based NFT that has been inscribed on the Bitcoin network. In addition, staking will be free and holders will receive $5 USDC per Y00t listed on the NFT market Magic Eden.
Those who fail to migrate their NFTs by April 3 will pay a “Paper Hands Bridge Tax” of 33.3%, which will be covered by higher royalties.
In addition, the project manager, Rohun Vora, pointed out that there are hazards associated with the decision.
“I know that this is a risk. I don’t know what’s going to happen today, tomorrow or throughout the first few weeks. But I know we’re going to make it work,” he wrote. “The short-term might be out of our control, but the long-term is completely in our entire community’s control.”
OpenSea reports that approximately 10,000 y00ts have already switched to Polygon. The floor price for the collection is currently about 1.8 ETH, or nearly $3,200.
$37M Worth of y00ts NFTs move to Polygon from Solana in 24 hrs
It was reported that in less than 48 hours, 11,362 of the 15,000 y00ts NFTs had been transferred to Polygon, or more than 75%. Within two days after the migration tool became live, 11,506 NFTs (or around 77% of the entire collection) had been migrated.
About $37 million worth of NFTs have moved chains in less than 24 hours, based on the current floor price of 1.79 ETH ($3,230) at the OpenSea marketplace or the price of the cheapest listed NFT in the project. Given that a subset of NFTs has a value greater than the cap, the true figure may be substantially higher.
Content Source: coindesk.com