The y00ts non-fungible token (NFT) project, which was launched in September 2022, has begun the process of migrating from its native Solana blockchain to the Polygon network, which will enable it to speed up transaction times and reduce network fees.
- The migration of y00ts NFT project from Solana to Polygon network
- DeLabs receiving a $3 million grant from Polygon to facilitate the move
- The use of a cross-chain bridge to bring y00ts generative art collection to Polygon
- Incentives offered to y00ts holders to migrate to Polygon
- Risks and benefits of the migration, including reduced network fees and increased transaction speed.
DeLabs, the Los Angeles-based startup behind y00ts and its sister project DeGods, received a $3 million grant from Polygon to facilitate the move. DeGods will also migrate away from Solana and plans to bridge over to Ethereum.
To bring its 15,000-edition generative art collection to Polygon, y00ts is using a cross-chain bridge. Existing holders can begin the migration process by visiting the y00ts website and connecting their wallets. In order to incentivize holders to migrate their NFTs over to Polygon, DeLabs is waiving network fees for the first 24 hours.
Staking will also be free, and holders will receive $5 USDC per Y00t listed on NFT marketplace Magic Eden. Additionally, the team is offering y00ts holders a chance to win an Ordinals-based DeGods NFT inscribed on the Bitcoin network.
It is important to note that holders who do not migrate their NFTs by April 3 will be subject to a 33.3% “Paper Hands Bridge Tax,” resulting in a fine payable by increased royalty fees.
Despite the benefits, the project's leader, Rohun Vora, known as Frank, tweeted that the move is not without risk. However, he is confident that the community will make it work.
Nearly 10,000 y00ts have already been moved over to Polygon, according to OpenSea. The floor price of the collection is currently hovering around 1.8 ETH, or about $3,200.
This migration is a significant step for y00ts as it seeks to improve the efficiency of its network and provide better opportunities for its holders. Polygon's blockchain is known for its scalability, speed, and low-cost transactions, making it an ideal choice for NFT projects seeking to reduce network fees and increase transaction speed.