Solana is being bridged off by DeGods and Y00ts NFTs.
In an effort to increase the acceptance of its nonfungible token (NFT) projects, Dust Labs is moving its two best-performing Solana NFT projects, DeGods, and Y00ts, onto Ethereum and Polygon.
On December 25, it was revealed that both DeGods and y00ts would be formally bridged onto Ethereum and Polygon, respectively, in the first quarter of 2023.
The choice was taken to “explore new prospects” and to support the collections’ ongoing expansion, according to DeGods and y00ts inventor Rohun Vora, also known by the nickname Frank III. The DUST token, which is used to purchase, trade, and mint NFTs on the DeGods network, will also be bridged onto Ethereum and Polygon as a result of the move.
Two NFT projects will still be on Solana for the time being, according to Vora, who also confirmed that the bridge migration will be owner “opt-in” in a separate post in response to a Twitter user.
It was just a matter of getting the NFT projects on the platforms, according to Vora, who told 66,000 listeners during a Dec. 26 Twitter space, that he believes would lead to the next wave of NFT adoption.
He drew comparisons to the fierce competition for intellectual property (IP) among streaming services like Netflix, Disney Plus, and HBO Max in his justification, contending that the service with the finest IP will ultimately win the majority of subscribers, which in turn draws better projects. People want to be on Netflix because it is the brand and the place to be once you have enough IP on the platform, he continued.
He noted that as NFTs are attention-driven, there is potential for “virtuous cycles” that would generate a network effect for NFT initiatives. He said that a comparable competition is taking place amongst various blockchains as they compete to construct the finest NFT platforms.
Vora claimed that the fact that Disney, Adidas, Nike, and Reddit all selected Polygon as their preferred NFT platform had a positive impact on his optimistic opinion of Polygon for NFTs.
Vora said that despite the fact that the majority of the funding offers he had received was far greater than those made by Polygon, Polygon still presented the finest chances for the future for y00ts.
As FTX instability rattles the ecosystem, Solana TVL declines by approximately one-third: Finance Redefined
On December 26, Solana co-founder Anatoly Yakovenko tweeted to his 223,600 followers that he had come to terms with the “reality” that the two NFT projects would no longer “100% focus on Solana” but had a “bittersweet” sentiment about it.
nevertheless, contentious person Ben “Bitboy” Armstrong and a good portion of his 1 million Twitter followers weren’t so sure about the future of Solana, with 70% of 11,881 respondents to a poll answering “Yes” to the question, “Is Solana dead?”
According to decentralized financial data aggregator DefiLlama, the revelation has only contributed to the increasing list of worries for Solana, which has seen the entire value locked on the network decreased 97.88%, from a height of $10.17 billion to $215 million at the time of writing.