Top Solana projects DeGods NFT & y00ts NFT announced migration to new blockchains in early 2023.
The top NFT projects DeGods & y00ts NFT on the Solana blockchain have announced migration to new blockchains as early as Q1 2023. The move came as surprise to the NFT community especially when things aren’t moving in the favour of Solana.
A shift in sentiments has been observed after FTX filed for bankruptcy taking down most of its subsidiaries including hedge fund Alameda Research. Solana is the only known L-1chain having maximum exposure to FTX.
FTX was one of the early investors in Solana Labs. It is also involved in shaping Solana’s ecosystem with projects like Serum DEX. Moreover, FTX owned Alameda Research owns 11% (50 million) of the total supply of SOL tokens making the chain vulnerable in the existing scenario.
Talking about Solana’s ecosystem, DeGods & y00ts are the premium NFT projects in its ecosystem. Created in 2021, DeGods is the top-ranked NFT collection in the Solana universe.
It is a collection of 10,000 PFP (profile picture) NFTs divided into 5 categories i.e Common, Uncommon, Rare, Super Rare & Mystic. Rare DeGods fetches the highest price.
y00ts NFTs collection by Dust Labs is also a premium NFT collection by the same team behind DeGods. There are 15,000 NFTs in the collection, designed to be used as PFP.
Frank the founder of DeGods and Kevin, CEO of Dust Labs are the two individuals behind the success of these projects. Dust Labs is a software company specialized in developing and marketing NFT projects.
The decision to switch to Ethereum & Polygon will take the risk off these projects surrounding the FUD of Solana collapse after FTX debacle. The creators likely want to save themselves from the crypto bear market encompassing the failure of the FTX exchange.
The Latest Crypto Headlines:
- All you need to know about NFL Rivals NFT game
- Forbes reported $116 billion loss in the wealth of crypto billionaires
- Beware of Amazon coin scam AZ54T, AMZ600x and AMC440x
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.