DeGods and y00ts, two of the most important NFT collections in the Solana (SOL) ecosystem, will soon abandon it and migrate to Ethereum (ETH) and Polygon (MATIC) respectively. It is their founder, nicknamed Frank DeGods, who officially announced it this Sunday on Twitter.
DeGods and y00ts leave Solana
This is news that could spoil the end of the year for followers of the Solana (SOL) ecosystem. The two flagship NFT collections of the blockchain, DeGods and y00ts, have announced their ambition to migrate to new horizons, respectively Ethereum (ETH) and Polygon (MATIC).
It’s just the beginning. pic.twitter.com/F3vxzXQAOy
– Frank III (@frankdegods) December 25, 2022
Both collections were created on Solana in October 2021 by Rohun Vora, an NFT designer who goes by the pseudonym “Frank DeGods”. These are the two largest NFT projects on the Solana blockchain in terms of total volumes:
Ranking of the most popular NFT collections on Solana according to Magic Eden
DeGods trade for a minimum price of 519 SOL, or $5,800, and have high volumes: almost $2 million per day.
In practice, DeGods should migrate to Ethereum and will most likely compete with the most famous collections of the network, such as Bored Ape Yacht Club (BAYC) or CryptoPunks. As for y00ts, they will join Polygon, a second-layer Ethereum solution known for its scalability and lower network fees.
The DUST token, linked to the ecosystem of both collections and also created by Rohun Vora, will be issued on both blockchains mentioned above. This migration is expected to take place at the end of Q1 2023. Indeed, this requires significant resources, as the creator of the collections explains on Twitter:
“The details of the migration are not yet known.
” Details of the bridge will be released when it is ready and tested. This has never been done before on this scale. We want to make sure it works properly. “
The end of NFTs on Solana?
This announcement was met with a mixed response from the community. For many NFT enthusiasts, the Solana ecosystem had the ambition to compete with – and even surpass – Ethereum. And this was undoubtedly to be achieved by developing the two projects DeGods and y00ts on this blockchain.
Thus, this migration symbolises two things: accepting the victory of the rival Ethereum and abandoning Solana. Indeed, the term “abandonment” is deliberately chosen and used by the ecosystem’s followers, who have seen the fervour slowly disappear since the FTX affair.
As a reminder, during the 2021 bull rally, the NFT market literally exploded. With the success of collections on Ethereum, a huge community was created on Solana and began to seriously compete with the industry’s leading blockchain. So much so that on many occasions, trading volumes on Solana surpassed those on Ethereum.
However, the Solana Foundation was strongly backed by FTX, Alameda Research, and other investors close to these two entities. The bankruptcy of both entities had a devastating effect on this blockchain and its token SOL, as investors gradually jumped ship.
With the departure of the flagship collections DeGods and y00ts, a page has been turned in the history of NFTs on Solana. It is certain that the ecosystem will be affected and will take time to recover
