Solana’s troubles persist. The FTX aftermath, which includes a great deal of conjecture over the extent of Alameda Research’s exposure – estimated to be in the tens of millions of dollars – seems to have spread to the blockchain’s NFT community as well.
Currently, two of the most prominent ventures in the Solana blockchain network have confirmed their exits to other chains, which are anticipated to take full effect at the start of 2023
Solana has emerged as the most prominent subject of FTX fallout hypothesis. The crypto token is weakening steadily as its market cap goes below the top 25 tokens, which would have been stunning a year ago, given that SOL has consistently remained a top 10 crypto token for years.
Solana’s reputation in the NFT industry has been declining for quarters; DeGods and y00ts founder Frank has often hinted about a move to other chains. NFT marketplace Magic Eden, which began on Solana alone, revealed integration with Polygon only a month before.
While Solana’s impetus has decreased in recent weeks, it is still widely regarded as the ‘#2 player’ in the NFT field, after Ethereum. As per a Christmas Day statement, nevertheless, two of the blockchain’s largest NFT ventures, DeGods and y00ts, are moving to other blockchains.
In the middle of the chaos, Polygon achieves just another NFT victory. The blockchain will welcome y00ts with great enthusiasm, further stating that the community-first NFT series to a growing roster of ‘business’ associates and hosts that includes Reddit, Starbucks, and yep – even Donald Trump’s latest NFT bundle. After a string of institutional victories, Polygon finally achieves a large community-oriented NFT bundle victory.
In the meantime, DeGods will move to Ethereum in an attempt to keep up with ‘big dog’ blue chip stocks that demand the largest transaction volume in the NFT market. Frank, the author of DeGods and subsequent y00ts, published a number of tweets on the subject, but nothing more positive than the following:
There is little question that this is a setback for the Solana NFT group, irrespective of the outcome of Frank’s various efforts in their new companies. As per CryptoSlam’s NFT collection data, both DeGods and y00ts have been among the top 20 volumes for each time measure, except all-time (24 hours, 7 days, 30 days). They are the sole ventures located in Solana to accomplish so.
It is anticipated that both DeGods and y00ts will migrate to fresh chains in the initial quarter of 2023.
