Dust Labs, a Nonfungible Token (NFT) company, is migrating two high-performing Solana NFT projects, DeGods and y00ts, to Ethereum and Polygon to expand its adoption.
news announced Degods When y00ts Twitter page on December 25th. In the first quarter of 2023, both his NFT projects will be officially bridged to Ethereum and Polygon respectively.
Rohun Vora — creator of DeGods and y00ts, aka Frank III — said the decision was made to “explore new opportunities” and allow for the collection’s continued growth. The move will also bridge the DUST token, which is used to buy, sell and mint NFTs in the DeGods ecosystem, to Ethereum and Polygon.
It’s just the beginning. pic.twitter.com/F3vxzXQAOy
— Frank III (@frankdegods) December 25, 2022
Vora confirmed in a separate post that the two NFT projects will remain with Solana for the time being. respond Confirmed with Twitter users that the bridge/migration is an “opt-in” for the owner.
In his Twitter space on Dec. 26, Vora explained He believes that just getting an NFT project on the platform to 66,000 listeners will drive the next wave of NFT adoption.
His reasoning is similar to the fierce battle for intellectual property (IP) between streaming services such as Netflix, Disney Plus and HBO Max, where the streaming service that secures the best IP ultimately wins over viewership. Suggests getting the most. Then attract better projects.
“They are trying to get the best IP on their streaming service because that IP will ultimately drive the growth of that platform.”
“Once you get enough IP on the platform, it becomes a virtuous cycle. People want to be on Netflix because Netflix is a brand and a place to be,” he added.
He said there is a similar battle going on between different blockchains looking to build the best NFT platform, and because NFTs are driven by attention, there is a “virtuous circle” opportunity to create network effects for NFT projects. pointed out that there is
From there, “metrics, volume and liquidity follow,” he added.
Vora said his bullish view on Polygon for NFTs is: disney, Adidas, Nike When Reddit chose polygon As the NFT platform of choice.
Vora also received grant offers from a number of other platforms, most of which were much larger than those offered by Polygon, but Polygon said it provided y00ts with the best opportunity to move forward. said.
“Polygon was one of the lowest, if not the lowest, in terms of dollar value, but I chose Polygon because I see a lot of opportunities at the strategic level. Above all, it should excite the owner.”
Related: Solana TVL Down Nearly A Third As FTX Turmoil Rocks Ecosystem: Finance Redefined
This news only adds to the growing list of concerns about Solana. Solana’s Total Value Locked (TVL) in the ecosystem has decreased by 97.88% from its peak of $10.17 billion to $215 million at the time of writing. according to Decentralized financial data aggregator DefiLlama.
Solana co-founder Anatoly Yakovenko share His “bittersweet” sentiment over the news that NFT projects are no longer “100% focused on Solana” to his 223,600 Twitter followers on Dec. 26 reflects the “reality” that these projects want to expand their reach. accepted.
However, controversial figure Ben “Bitboy” Armstrong and a significant percentage of his million Twitter followers are less optimistic about Solana’s future, with 70% of 11,881 voters in a poll. voted “yes” to “Is Solana dead?”
let’s check the temperature #solana Now that the top two NFT projects have left $SOL.
Is Solana dead?
— Ben Armstrong (@Bitboy_Crypto) December 26, 2022
according to According to DappRadar, both the y00ts and DeGods NFT collections rank first and second in terms of fiat trading volume on Solana over the past 30 days.
