y00ts Transitions to Ethereum: NFT Venture’s Strategic Move Surprises Community August 12, 2023 August 12, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 12, 2023 by Kelly Cromley

y00ts Transitions to Ethereum: NFT Venture’s Strategic Move Surprises Community

In an unexpected turn of events, the well-known NFT enterprise, y00ts, has executed a surprising strategic maneuver by migrating to a new blockchain network. Having previously transferred a substantial portion of its Non-Fungible Tokens (NFTs) from Solana to Polygon earlier this year, the venture has once again caught the community off-guard by shifting its focus to Ethereum. The revelation of this move was disseminated by DeLabs, the pioneering NFT entity behind y00ts, via their Twitter account on August 9.

Venture’s Unanticipated Blockchain Shift Sparks Conversations

This calculated decision closely follows the trajectory of its DeGods NFT series, which also underwent a transition across blockchain networks. In its initial stages, y00ts disclosed its intent to shift its presence from Solana to Polygon in December. The official migration process commenced on March 28, with Polygon reporting by March 30 that 11,633 out of 15,000 y00ts NFTs had been seamlessly transferred.

DeLabs, seeking to provide transparency into their motivations, expounded on the rationale that prompted this strategic move. The endeavor aimed at fostering unity between the y00ts and DeGods communities. Notably, the DeGods initiative had itself shifted its base from Solana to Ethereum in April, thus further intertwining the trajectories of these two prominent projects. y00ts affirmed its commitment to Polygon while underlining community consolidation as the driving factor behind this transition of blockchain networks.

This maneuver added a layer of intrigue to the unfolding scenario. DeLabs, in a noteworthy step, disclosed their resolution to return a substantial grant of $3 million that had been initially received from Polygon Labs in January. This grant had been intended to facilitate the seamless transition between networks. However, DeLabs has now opted to redirect the entire grant to nurture the NFT ecosystem, supporting builders and creators within the space.

As predicted, this sudden shift in direction prompted a diverse array of reactions within the dynamic NFT sphere. While some steadfastly stood by FrankDeGods, the visionary behind the NFT project, others voiced concerns regarding the potential ripple effects on Polygon’s NFT ecosystem. Data sourced from NFT Price Floor underlines the current favorable positioning of DeGods and y00ts in terms of price floors. DeGods ranks 6th, while y00ts holds the 22nd position, with their respective price floors standing at 8.66 ETH and 1.35 ETH.

This unexpected transition underscores the dynamic nature of the NFT landscape and its ongoing evolution. As y00ts shifts its focus to Ethereum, it signals not only a calculated strategic choice but also amplifies the intricate interplay between NFT projects, blockchain networks, and their respective communities. The repercussions of this move, both within the NFT space and for the broader blockchain industry, remain subjects of speculation, engagement, and observation.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.