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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