Nonfungible token (NFT) firm Dust Labs is moving two of its top Solana NFT projects – DeGods and y00ts – to Ethereum and Polygon to expand its application.
The news was reported Hymns and y00ts Twitter pages on December 25, both expected to be officially bridged to Ethereum and Polygon in the first quarter of 2023, respectively.
DeGods and y00ts creator Rohun Vora, aka Frank III, said the decision was made to “explore new opportunities” and allow the collections to continue to grow. The move will also see the DUST token, which is used to buy, sell and trade NFTs in the DeGods ecosystem, be bridged to Ethereum and Polygon.
This is just the beginning. pic.twitter.com/F3vxzXQAOy
— Frank III (@frankdegods) December 25, 2022
Vora confirmed that the two NFT projects will still remain at Solana. In a separate post responding to a Twitter user confirmed that the owner of the bridge migration will be “opt-in”.
26 Twitter locations during the month of December, Vora he explained He told 66,000 listeners that it was a matter of getting NFT projects on the platforms he sees as bringing the next wave of NFT adoption.
He drew parallels in his reasoning to the intense battle for intellectual property (IP) between streaming services such as Netflix, Disney Plus and HBO Max – suggesting that the streaming service that provides the best IP will ultimately win the lion’s share of viewers. then attracts better projects:
“They’re trying to get the best IP in streaming services because that IP will ultimately drive growth on that platform.”
“Once you get enough IP on the platform, it becomes a virtuous cycle, people want to be on Netflix because it’s just the brand and the place,” he said.
I mentioned that there is a similar battle between different blockchains trying to build the best NFT platforms, and I noted that since NFTs are driven by attention, there is an opportunity for “virtuous cycles” that will create a network effect for NFT projects.
From there, “measurements, volume and liquidity will follow,” he said.
Vora said his bullish view on the polygon for NFTs is affected by this disney, adidas, Nike and Reddit chose Polygon As an NFT platform.
Vora also said that he has received grant offers from many other platforms, most of which are larger than what Polygon offers, but Polygon offers y00ts the best opportunities to advance:
“Polygon was one of the lowest, if not the lowest, in terms of dollar value ever, but we went with polygon because we see a lot of opportunity at a strategic level, and that excites me, and you owners should be more excited than anything else. “
Related: Solana TVL drops by almost a third as FTX turmoil shakes ecosystem: Finance Redefined
The news only added to a growing list of concerns for Solana, who saw the total value locked in the ecosystem drop by 97.88%, going from $10.17 billion to $215 million at the time of writing. according to decentralized finance (DeFi) data aggregator DefiLlama.
Solana co-founder Anatoly Yakovenko shared To his 223,600 Twitter followers in December, he felt “bittersweet” that the pair of NFT projects would no longer be “100% focused on Solan.” 26, however, accepted the “reality” that he wanted to expand the scope of these projects.
But controversial figure Ben “Bitboy” Armstrong and his fair share of 1 million Twitter followers weren’t so optimistic about Solana’s future, with 70% of the 11,881 polled voting “Yes” to “Is Solana dead.”
Let’s check the temperature #solana now the top 2 NFT projects are separated $LEFT.
Is Solana dead?
— Ben Armstrong (@Bitboy_Crypto) December 26, 2022
According to According to DappRadar, both y00ts and DeGods NFT collections are the first and second largest fiat transaction volumes on Solana over the past 30 days.
