y00ts Migrates to Ethereum, Returns $3 Million Grant to Polygon
NFT project y00ts is migrating from Polygon to Ethereum, mere months after moving from Solana. The move aims to unify the y00ts and DeGods communities. y00ts will return a $3 million migration grant to Polygon Labs, sparking mixed reactions in the NFT community.
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In a unsurprising move, NFT project y00ts has declared its intention to migrate to Ethereum, a mere four months after having transferred a majority of its NFTs from Solana to Polygon. Behind this decision is DeLabs, the NFT establishment responsible for y00ts.
The announcement of this shift was made through DeLabs' X (Twitter) account on August 9. The transition is to align with its other NFT collection, DeGods, which has a significant presence on Ethereum.
1. y00ts will be migrating to Ethereum.
— y00ts (@y00tsNFT) August 9, 2023
The y00ts NFT collection had primarily transitioned from Solana to Polygon earlier in April, with the declaration of this move made in December. The migration process officially began on March 28, and by March 30, Polygon confirmed that 11,633 out of a total 15,000 y00ts NFTs had successfully been bridged.
The driving force behind this transition, as stated by DeLabs, is to foster unity between the y00ts community and the DeGods community. DeGods had similarly broadcasted its decision to shift away from Solana in December, initiating its migration from Solana to Ethereum in the dawn of April.
In a statement, y00ts clarified their position: “We still love Polygon. It's just time to unite the DeGods & y00ts communities.”
In a commendable act, the team behind y00ts has revealed that they will be returning the $3 million grant they had previously received from Polygon Labs. This grant, given in January, was intended to facilitate their migration. In an official statement, they mentioned, “We're returning 100% of the grant provided by Polygon. The funds will be re-deployed for NFT ecosystem growth to empower builders and creators.”
The announcement was met with varying reactions from the NFT world. A segment of the industry showcased their support, rallying behind NFT project founder FrankDeGods. In contrast, others manifested their apprehensions regarding the possibly waning strength of Polygon’s NFT ecosystem.
It remains to be seen how this move will shape the future of both y00ts and the larger NFT community, but the episode underlines the ever-evolving and dynamic nature of the NFT space.