coinculture.com
Popular non-fungible token (NFT) project y00ts has moved from its native Solana blockchain to the Polygon network to reduce network fees and speed up transaction times.
After months of speculation, the migration was officially kicked off on Tuesday. Polygon gave DeLabs, the company that made y00ts and DeGods and is based in Los Angeles, a $3 million grant to help with the move. In the meantime, DeGods will also depart from Solana and transition to Ethereum.
Y00ts, launched in September 2022, delivers its 15,000-edition generative art collection to Polygon via a cross-chain bridge. Existing holders can initiate the migration by attaching their wallets to the y00ts website.
You can now migrate your y00ts to Polygon.https://t.co/pORyvNw3S7 pic.twitter.com/iYSpBF68hp
— y00ts (@y00tsNFT) March 28, 2023
To encourage holders to migrate their NFTs to Polygon, DeLabs will waive network fees for the first twenty-four hours. The team also allows y00ts holders to win a DeGods NFT based on Ordinals inscribed on the Bitcoin network.
Staking will also be free, and proprietors will receive $5 USDC per Y00t listed on Magic Eden’s NFT marketplace.
Those who fail to migrate their NFTs by April 3 will be subject to a “Paper Hands Bridge Tax” of 33.3%, which will be paid through increased royalty fees.
Frank Rohun Vora, the supervisor of the initiative, tweeted that the step is with risk. The short-term may be beyond their control, but the long-term is entirely in the hands of the entire community.
According to OpenSea, nearly 10,000 y00ts have already been transferred to Polygon. The collection’s minimum price is around 1.8 ETH, or approximately $3,200.
It is uncommon for leading NFT initiatives such as y00ts and DeGods to migrate their complete ecosystem from one blockchain to another. In December, Vora said in a Twitter Space that the biggest problem would be a possible bridge contract exploit.
Polygon, continuing to expand its partnerships with notable brands such as Starbucks (SBUX), Nike (NKE), Reddit, Instagram, and DraftKings, has scored another victory.