NFT from DeLabs profile picture (PFP) project has y00ts already performed one migrationby Solana Unpleasant Ethereum scalable network Polygon earlier this year – and it’s about to take another journey, moving over to Ethereum mainnet to live alongside the startup’s more prominent DeGods collection.
The news was announced late Wednesday afternoon leading up to the reveal of DeGod’s ‘Season 3’ content. DeGods is a valuable PFP collection that also came over from Solana last spring. DeLabs has yet to reveal a date for the migration, which was a surprising move given all the rumors surrounding the original shift away from Solana.
“Polygon Labs has really been an incredible partner for y00ts,” DeLabs founder Rohun “Frank” Vora said in a press release. “But at the end of the day, we believe it makes the most sense for y00ts to be on the same chain as DeGods.”
3. The migration date will be announced shortly. pic.twitter.com/5YVgyCg2cV
— y00ts (@y00tsNFT) August 9, 2023
Polygon Labs, a company that supports the development of the Polygon blockchain and projects built on it given DeLabs a $3 million grant as part of the agreement to move from Solana. The money would be used to expand the DeLabs team, which had agreed to help incubate and support other Polygon projects.
Today, DeLabs said the entire grant will be returned to Polygon Labs when the project leaves the Polygon ecosystem. For its part, Polygon Labs said $1 million of the returned money will be used to support “Polygon-native builders and makers,” with details to be revealed at a later date.
“We’ve done our best to make it work, but we just need to bring our two communities together.” Frank added in a tweet. “I would appreciate it if everyone continues to have respect for all parties involved. It’s all love.”
In a press release, Polygon co-founder Sandeep Nailwal pointed to what he says is significant growth for the Polygon PFP ecosystem, noting that DeLabs “played a big part” in driving it.
“We will continue to nurture this community, which has tripled in size this year, by redeploying the y00ts funds,” said Nailwal, “and more to support our original creators and projects that we believe have exemplified the vision and belief to help develop NFTs, both as an art form and as a key to limitless utility.”
The market apparently reacted positively to the news with the floor price – or the price of the cheapest on the list NFT in the projecton the OpenSea marketplace jumping from 1.7 ETH (around $3,150) earlier today to around 2.09 ETH ($3,880) shortly after the news broke, though it has stabilized somewhat to around 2 ETH ($3,710).
DeGods is one of the most valuable NFT projects on the market. According to data from NFT price flooris the third most valuable PFP project in the market for a collection of at least 10,000 pieces, at an entry price of 8.75 ETH – worth about $16,240 at the time of writing.
