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Polygon granted $3 million to Los Angeles’s DeLabs, the company behind the non-fungible token (NFT) projects DeGods and Y00ts.
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The 15,000-NFT Y00ts generative art project and the 10,000-edition DeGods digital art collection are among the top Solana-based blockchain. DeGods will be transferred to the Ethereum blockchain, while Y00ts will move to Polygon.
According to a DeGods spokesperson, Polygon had covered relocation costs with a grant from its partnership fund. Project manager Rohun Vora, aka Frank, confirmed on Friday that the grant amount was $3 million.
DeLabs has 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 for users to spend Y00tpoints and DePoints to mint NFT collections. When holders bet their NFTs, they receive tokens such as Y00tpoints or DePoints.
Here is a screenshot of our latest @y00tsNFT Discord announcement. pic.twitter.com/qWxjBsexv6
— Frank III (@frankdegods) January 6, 2023
The funds would also be used to hire more human resources for various DeLabs tasks, including marketing and PR, graphic design, content production, and event planning. The company could launch higher-quality projects and offer great deals and partnerships with real businesses if it had more funding.
The decision hurt Solana, whose native token, SOL, had been falling steadily from its all-time high of $258 in November 2021. On Friday, the price of SOL was roughly $13.
Last week, Vora announced the migration on Twitter Spaces and stated that DeGods has topped out on Solana. According to data from NFT marketplace Magic Eden, sales of DeGods and Y00ts accounted for approximately 70% of all Solana NFT sale volume in the days preceding the announcement.
The news was also good for Polygon, which has recently been able to sign on numerous well-known brands and projects. In the past 12 months, Polygon has seen the debut of initiatives from Instagram (INSTA), Reddit (RDD), Nike (NKE), Starbucks (SBUX), and DraftKings (DRK).