In this article, you will get all information regarding 2 NFT Projects Plan To Move From Solana To Alternative… Cryptocurrency
Two important Solana projects have announced their transition to new blockchains. Non-fungible token (NFT) firm Degods detailed that it will be moving to the Ethereum chain and the Y00ts NFT team has detailed that it will be moving to Polygon. Both teams have said the transitions will take place in 2023.
Degods Says NFT Project Will Move To Ethereum, Y00ts Details Transition From NFT Venture To Polygon
The crypto community discussed two crypto projects that said teams plan to transition their businesses from the Solana blockchain network to an alternative blockchain. Degods is an NFT project that revealed on Twitter that it is moving from Solana to the Ethereum network. Launched in October 2021, Degods is an NFT company that has created 10,000 deflationary PFPs (profile picture) NFTs. On Twitter, the Degods team said:
Degods will officially bridge to Ethereum in the first quarter of 2023. The bridge is not the destination. It’s on the way to getting there.
Interestingly, the team behind the Y00ts NFT collection has said that they plan to move to the Polygon network. “Y00ts will officially bridge to [Polygon] in the first quarter of 2023,” the official Twitter account tweeted on December 25, 2022. The decisions to move the two NFT projects from one channel to another come at a time when the Solana project itself has been hurt by its former relationship with FTX.
Solana’s native crypto asset, solana (SOL), is down 94.2% year-to-date and over the past 30 days, SOL has lost 19.7% against the US dollar. Last year, SOL was one of the top ten crypto assets, but the digital currency has struggled to hold the 18th-largest position by market capitalization lately. Seven-day stats show Solana’s NFT sales are still the second-largest across 19 different blockchain networks, according to data from cryptoslam.io.
While Ethereum topped the last seven days of sales with $129.12 million out of $154 million in sales, Solana took second place with its $14.65 million in NFT sales recorded last week. Meanwhile, Polygon ranks fourth in terms of NFT sales with $2.38 million.
Defillama metrics show that there is $39.42 billion in total value locked (TVL) in decentralized finance (defi) today and Solana commands the 12th largest TVL in defi. Solana’s TVL on December 26, 2022 is $216.39 million, which equates to 0.55% of the entire challenge-locked TVL. Interestingly, tweets from Degods and Y00ts say the same thing as both teams mention that the transition “has never been done before on this scale”.
What do you think of the two NFT projects moving from Solana to different blockchain networks? Let us know what you think about this topic in the comments section below.
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