DeGods begins migration to Ethereum

DeGods, the largest Solana-based non-fungible token ($NFT) collection by all-time sales volume, started its migration to the Ethereum blockchain on Saturday morning in Hong Kong.

See related article: Solana $NFT sales surge as traders farm for Tensor rewards

Fast facts

• Despite the migration, activity on the Solana network has been increasing, with the Forkast Solana Composite, a measure of the Solana $NFT market, rising by 2.9% over the past 24 hours.
• On Wednesday, DeGods’ sister project Y00ts began its move to Polygon. Around 80% of Y00ts had already completed the move, according to data from Dune Analytics.
• DeGods owners completed over US$2.19 million in sales on Friday alone, marking the highest amount since the NFTs were initially minted in October 2021, according to CryptoSlam, the data arm of Forkast Labs.
• The rising activity may indicate traders anticipating DeGods’ price to rise on Ethereum, just as it has with Y00ts, whose floor price is up by more than 50% since the NFTs began to land on Polygon, CoinGecko data shows.
• The deflationary collection, which began with a 10,000 $NFT mint, had a floor price of 939 $SOL (US$19,940), experiencing a 29.6% surge in the 24 hours leading up to 1 p.m in Hong Kong, according to CoinGecko data. DeGods on Ethereum had a floor price of 10.4 ETH (US$19,000).
• DeLabs, the Los Angeles-based $NFT firm behind DeGods and Y00ts, announced the projects’ moves to their designated blockchains in December 2021, which was the same month that Solana’s native coin, $SOL, dipped below US$10 for the first time since early 2021. The startup received a US$3 million grant from Polygon to migrate blockchains.
• The migration of DeGods from Solana is expected to drain around US$200 million, the estimated market capitalization of the $NFT collection, from the blockchain.

See related article: Top Solana $NFT projects find new homes on Ethereum, Polygon