DeGods and y00ts – have announced their departure from Solana and revealed that they would be migrating to Ethereum and Polygon.
After months of speculation that DeGods and Y00ts, two of the top Solana non-fungible token (NFT) projects, would be leaving the Solana network, the team behind the projects confirmed the migration on Twitter on Sunday. The team announced that DeGods would transfer to the Ethereum blockchain and Y00ts will transfer to Polygon at the beginning of 2019.
“There’s an argument to be made that [DeGods] has capped out on Solana,” the project’s leader, Rohun Vora, known as Frank, said in a Monday Twitter Spaces. “It’s hard to accept, but it’s been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it’s what we have to do.”
Months of conflict on NFT Twitter preceded the decision, with several developers in the Solana NFT sector criticizing the withdrawal while the collection’s owners generally applauded it.
DeGods and y00ts the Biggest Solana NFT Projects
The collections are two of the buzziest in the Solana NFT market, with DeGods commanding a 515 SOL (around $5,750) floor price at the time of writing, the largest in the ecosystem. Y00ts, DeGod’s sister PFP collection that was released this fall, has a 148 SOL (around $1,660) floor price.
Sales of DeGods rose following the news, with the collection’s floor price increasing 12% as of Monday. Sales for Y00ts have stayed relatively calm, with the floor price increasing just 5 SOL (around $55). In the week leading up to the announcement, sales of DeGods and Y00ts accounted for nearly 70% of all Solana NFT sale volume, according to data from Magic Eden.
In early December at the Art Basel festival in Miami, rumors circulated that the DeGods team asked the Solana Foundation for $5 million to stay on the Solana platform. The DeGods team denies the claim. While Polygon reportedly coughed up $5 million to bridge y00ts, the amount Ethereum paid is unknown.