Polygon No More: DeGods transfers y00ts back to Ethereum, refunds $3 million grant

Polygon No More: DeGods transfers y00ts back to Ethereum, refunds $3 million grant

DeLabs, the driving force behind the innovative NFT profile picture project y00ts, is charting a journey that traverses blockchain landscapes. After migrating from Solana to the Polygon scaling network earlier this year, y00ts is now preparing for another migration, this time to the Ethereum mainnet. This strategic shift aligns y00ts with its esteemed companion, the illustrious DeGods collection.

The announcement rippled through the digital realm on a late Wednesday afternoon, setting the stage for the grand unveiling of DeGods’ eagerly anticipated “Season 3” content. DeGods, a cherished PFP (Profile Picture) collection that also voyaged from Solana to Ethereum, found a kinship with DeLabs’ y00ts, and the decision was made to coexist on the same chain.

This unexpected move adds another layer to the narrative surrounding DeLabs’ NFT endeavors. Polygon Labs, the architect behind the Polygon blockchain and its nurturing ecosystem, granted DeLabs a substantial $3 million endowment during the initial transition from Solana. However, as y00ts embarks on its Ethereum odyssey, the entirety of this grant will be gracefully returned to Polygon Labs. Out of this sum, $1 million will be earmarked to empower “Polygon-native builders and creators,” with precise details unveiled at a later juncture.

Rohun “Frank” Vora, the visionary founder of DeLabs, expressed gratitude towards Polygon Labs, characterizing them as remarkable partners for y00ts. In a press release, he highlighted the logic behind the move, emphasizing the cohesive power of having y00ts and DeGods on the same blockchain canvas.

Sandeep Nailwal, the co-founder of Polygon, praised DeLabs for catalyzing substantial growth within the Polygon PFP ecosystem. He emphasized the company’s commitment to nurturing this burgeoning community, channeling the y00ts funds to support native creators and projects that embody the vision to shape NFTs into a dynamic art form and an inexhaustible utility.

In response to this dynamic development, the market responded with a surge of enthusiasm. The OpenSea marketplace witnessed the floor price of y00ts NFTs, the cheapest listings within the project, ascend from 1.7 ETH to approximately 2.09 ETH shortly after the news broke. This surge, although subsequently stabilizing around 2 ETH, underscored the market’s approval of DeLabs’ strategic pivot.

Notably, DeGods stands tall as one of the NFT realm’s prized jewels. According to NFT Price Floor data, this collection ranks as the third-most valuable PFP project with at least 10,000 pieces. With an entry price of 8.75 ETH, DeGods asserts its prominence with an unmistakable value that mirrors the ingenuity and aspirations of the NFT domain.

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