coindesk.com
Popular non-fungible token (NFT) project y00ts has started the migration process from its native Solana blockchain to the Polygon network in a move meant to speed up transaction times and reduce network fees.
The migration, which began on Tuesday, was officially announced in December after months of speculation. DeLabs, the Los Angeles-based startup behind y00ts and its sister project DeGods, received a $3 million grant from Polygon to facilitate the move. Meanwhile, DeGods will also migrate away from Solana and plans to bridge over to Ethereum.
Y00ts, which launched in September 2022, is using a cross-chain bridge to bring its 15,000-edition generative art collection to Polygon. Existing holders can begin the migration process by visiting the y00ts website and connecting their wallets.
In order to incentivize holders to migrate their NFTs over to Polygon, DeLabs is waiving network fees for the first 24 hours. The team is also offering y00ts holders a chance to win an Ordinals-based DeGods NFT that has been inscribed on the Bitcoin network. Staking will also be free and holders will receive $5 USDC per Y00t listed on NFT marketplace Magic Eden.
Holders that do not migrate their NFTs by April 3 will be subject to a 33.3% “Paper Hands Bridge Tax,” which will result in a fine payable by increased royalty fees.
The project’s leader, Rohun Vora, known as Frank, tweeted that the move does not come without risk.
"I know that this is a risk. I don’t know what’s going to happen today, tomorrow or throughout the first few weeks. But I know we’re going to make it work," he wrote. "The short-term might be out of our control, but the long-term is completely in our entire community’s control."
Nearly 10,000 y00ts have already been moved over to Polygon, according to OpenSea. The floor price of the collection is currently hovering around 1.8 ETH, or about $3,200.
It's rare to see top NFT projects like y00ts and DeGods move their entire ecosystem from one blockchain to another. Vora told holders in a Twitter Space in December that a possible exploit of the bridge contract would be the biggest challenge.
The move hands another win to Polygon, which has continued to expand its partnerships with major brands like Starbucks (SBUX), Nike (NKE), Reddit, Instagram and DraftKings.