One of the most popular non-fungible token (NFT) projects, y00ts, is finally shifting from the Solana (SOL) blockchain to the Polygon (MATIC) network in a bid to speed up transaction times and reduce network fees.
This comes hot on the heels after DeLabs, the company behind top Solana NFT collections DeGods and y00ts revealed that it received a $3 million grant to move y00ts to the Polygon network, in January. Rohun Vora, the founder of both collections known as Frank III, had previuosly stated the move was to open the NFT collections to more opportunities and to provide additional space to grow the collections onto additional blockchains.
Here is a screenshot of our latest @y00tsNFT Discord announcement. pic.twitter.com/qWxjBsexv6
— Frank² (@frankdegods) January 6, 2023
He specified that Polygon would provide the best way for the collections to reach a broader audience of NFT users. At the same time, DeGods will also migrate away from Solana and plans to bridge over to Ethereum (ETH).
A Rare Move
On March 28, y00ts took to Twitter to confirm the move noting it is using a cross-chain bridge to bring its 15,000-edition generative art collection to Polygon. As per the NFT startup, current holders can go to the y00ts website and link their wallets to start the migration process.
Additionally, in order to incentivize holders to migrate their NFTs over to Polygon, DeLabs is waiving network fees for the first 24 hours. Users will be airdropped 1 DUST per y00t on the Polygon network, enabling them to stake for free. The team also urged users to connect their EVM wallet before migration.
According to the series of Twitter threads by y00ts, its team is also giving y00ts holders a chance to win a DeGods NFT based on Ordinals and recorded on the Bitcoin network along with them getting $5 USDC for each y00ts listed on the Magic Eden NFT marketplace.
Use @phantom multi-chain wallet for the smoothest experience + dedicated support.
The Phantom team will be answering support questions directly in the y00ts Discord. Their team will have a "Phantom Support" role.
Attaching their official thread:https://t.co/rjN7LZroFg
— y00ts (@y00tsNFT) March 28, 2023
Another Feather in the Cap for Polygon
However, on the flipside, if the holders don’t move their NFTs by April 3, they’ll face a 33.3% “Paper Hands Bridge Tax” as a penalty, which will result in higher royalty fees. As per an OpenSea report nearly 10,000 y00ts have already moved to Polygon. The collection’s floor price is about 1.8 ETH, or around $3,200.
This move marks another success for Polygon, which keeps growing its partnerships with big names like Starbucks, Nike, Reddit and Instagram among many others. Earlier this month, Binance NFT, the branch of Binance dealing with non-fungible tokens trading, announced the inclusion of the Polygon network into its marketplace.