DeLabs project lead Frank revealed y00ts got $3 million in a non-equity grant from Polygon. He said the grant would be used to fund the project’s incubator.
DeLabs, the Los Angeles-based startup behind popular non-fungible token (NFT) projects DeGods and Y00ts, received a $3 million grant from Polygon to migrate to the blockchain.
Y00ts, a generative art project with 15,000 NFTs, and DeGods, a digital art collection with 10,000 versions, are top projects built on the Solana blockchain.
Last week, the team behind the collection announced that they were leaving the Solana network, DeGods would be moving to the Ethereum blockchain, and Y00ts would be moving to Polygon.
A DeGods representative revealed that Polygon paid for the move with a grant from its Partnership Fund. On Friday, the project’s director, Rohun Vora, also known as Frank, confirmed the $3 million grant.
“DeLabs received a $3M non-equity grant from Polygon to help fund the expansion of the DeLabs team and to kickstart and initially help scale the incubator we are building that will allow you to spend y00tpoints and DePoints to mint our incubator’s NFT collections,” he wrote in the Y00ts Discord channel.
Y00tpoints and DePoints are tokens given to holders who stake their NFTs.
Vora further explained that the money will be used to expand the DeLabs team across departments such as business development, graphic design, content creation and events coordination. He added that with the increased capital, the startup could “start higher value projects” and offer “really cool partnerships/deals/discounts/perks with real companies.”
DeGods and y00ts Price Surges
DeGods and y00ts base prices are up 16% and 10%, respectively, to 575 SOL and 163.69 SOL over the past 24 hours, according to floor data. Meanwhile, WarDaddyCapital, an NFT analyst, noted that projects are “beyond their Sol ATH” since the migration was announced. According to other analysts, the collections have sparked renewed interest in the space from investors.