DeLabs has pledged to reimburse Polygon Labs for the $3 million grant that was previously given to assist y00ts from Solana to Polygon.
The y00ts non-fungible token (NFT) project is making headlines once more after switching its blockchain network a second time in as little as four months. The project, which was formerly on Solana and later moved to Polygon, is now prepared to switch to Ethereum in order to support its DeGods NFT collection.
DeLabs, the NFT organization in charge of y00ts, announced via its X (Twitter) account that the switch to Ethereum is ongoing, mirroring the move of the DeGods NFT collection. The action aims to build a sense of cooperation and togetherness among NFT aficionados by bringing together the y00ts and DeGods groups.
1. y00ts will be migrating to Ethereum.
— y00ts (@y00tsNFT) August 9, 2023
Migration has been a fascinating and complicated process. The migration from Solana to Polygon was initially announced in December, and it started in earnest on March 28. By March 30, the majority of the y00ts NFTs had successfully bridged to Polygon.
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The project is currently negotiating the constantly changing landscape of blockchain networks after switching to Ethereum.
Return of Grants and Shifting Sentiments
In the middle of the rapid changes in the blockchain industry, DeLabs has made an unexpected announcement: the return of a $3 million grant from Polygon Labs. The y00ts project is returning the funding it received in January to help with the relocation. According to DeLabs, the refunded money will be wisely invested to strengthen the NFT ecosystem and give artists and builders more leverage.
Huge blow to the Polygon NFT ecosystem
— Iced (@IcedKnife) August 10, 2023
but organic NFT demand on Polygon seems nonexistent
I support this choice, feels like it was a no brainer tbh
Happy for y00t holders, this is an easy dub https://t.co/TwWtLTpq26
The NFT community has responded to this multidimensional action in a variety of ways. While some industry insiders have backed FrankDeGods, the NFT project’s creator, others have expressed worries about the NFT environment at Polygon. As the y00ts and DeGods collections currently hold notable positions in terms of floor prices, the shifting dynamics of the NFT space continue to captivate both creators and collectors alike.
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