Ethereum

Solana

Polygon

Quick take: 
<ul> 
 <li>Y00ts said it wants to unite its community on Ethereum.</li> 
 <li>The company initially migrated from Solana to Polygon, receiving $3 million in grant money.</li> 
 <li>It said it will be returning 100% of the amount to Polygon.</li> 
</ul> 
It is nearly a year now since Polygon NFTs shot up to a <a href="https://www.nftgators.com/polygon-have-seen-over-97m-in-nft-volume-in-the-past-30-days/" target="_blank" rel="noopener noreferrer nofollow">$97 million transaction volume</a> in a month in August 2022. Last month, we published a report showing Polygon NFT volume dropped to <a href="https://www.nftgators.com/polygon-nft-marketplace-thrives-12-9m-volume-in-30-days/" target="_blank" rel="noopener noreferrer nofollow">$12.9 million</a> in the preceding 30-day period, which on face value is a massive decline from last year’s figures. 
That is not down to Polygon alone, as the industry continues to struggle to reach the highs of 2022. However, according to Cryptoslam data Polygon is now ranked third behind Solana in second and Ethereum which is streets ahead of everyone. 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh3.googleusercontent.com/q__m0yhESMA1J7L8F337LGUSx4sQj-lBDneErXPZS32EG2cuEGrYnB9HcOYnea-H1SEe0aUPdk6r9LmMquMCClxKAbu6njWgd1SEKm_Y1YhEzyJ0ude-NP-2S8QNr6qTIYf9mUtE3sc6CvbFnn9dD6c" alt=""> 
 <figcaption class="wp-element-caption">
 Source: cryptoslam.io 
 </figcaption> 
</figure> 
The Polygon-based <a href="https://www.nftgators.com/what-is-an-nft/" rel="noopener noreferrer nofollow">NFTs</a> generated about $30.9 million in sales over the past 30 days, compared to Solana, which accounted for more than $33.4 million in transaction volume. On the other hand, Ethereum, y00ts new home had $254.4 million over the same period. 
Whether that data has anything to do with the call for migration remains to be seen. According to the DeGods project leader, Rohun Vora, who goes by the name Frank on socials, the two projects tried their best to make it work on separate blockchains, but now needed to bring the two communities together. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 1. We tried our best to make it work but we just need to bring our 2 communities together. I would appreciate it if everyone remains respectful of all parties involved. It’s all love. <a href="https://t.co/6AT4SMUT76" rel="noopener noreferrer nofollow">https://t.co/6AT4SMUT76</a>— Frank (@frankdegods) <a href="https://twitter.com/frankdegods/status/1689404792505040897?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 9, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
By the time <a href="https://www.nftgators.com/solana-nft-projects-y00ts-and-degods-are-migrating-to-polygon-and-ethereum/" rel="noopener noreferrer nofollow">the two projects left Solana</a>, they were accounting for about 70% of all NFT transaction volume on the layer 1 blockchain according to Magic Eden, the <a href="https://www.nftgators.com/best-nft-marketplaces/" rel="noopener noreferrer nofollow">leading NFT marketplace</a> on Solana. 
At the time, “Frank” stated on Twitter spaces that the decision to move y00ts and DeGods to Polygon and Ethereum, respectively had been arrived at because they felt they had “capped out on Solana” CoinDesk <a href="https://www.coindesk.com/web3/2023/08/10/y00ts-nft-collection-is-migrating-to-ethereum-after-accepting-3m-grant-from-polygon/" target="_blank" rel="noopener noreferrer nofollow">reported</a>. 
Currently, just as y00ts prepares to move to Ethereum, it accounted for the highest transaction volume on the layer 2 blockchain platform with 193.91 ETH (~$358,450), The second-placed collection ZeptoLabsOmNom managed just 1.81 ETH in sales (~$3,345) over the same period.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/HR_c-44K9aDCM6lkSqRli38rwXdpXiFV0eW9sp_tzXV_bETj3kJMoIorPQ1UaQPeziOxm2ngG10sr87fjZGWr2Dq_zCfGVsvHTgBFPRk3Q0bwm_CNBlNHTucLru9LTnoQ0P4WExE6lOZOH0yu15rlRc" alt=""> 
 <figcaption class="wp-element-caption">
 Source: coingecko.com 
 </figcaption> 
</figure> 
On the other hand, DeGods dominated NFT sales on the Ethereum blockchain with a 24-hour volume of 1,538 ETH, which is equivalent to about $2.84 million as of this writing.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh6.googleusercontent.com/DCVHBLW4BL7X0-h2qAWna6EOvKq2nEw3Eeg8CP9LfRXmGI-qmy0W3I-ZM1lJ1LOm9GPSeaXTSUI-Cr7w4wMh_WpiBB3Y51Hzp5ZUfiGOFfwLzVcAfGTrFFPznmH2HIDorFs2RYYwqXZ2I84ScvnB5zw" alt=""> 
 <figcaption class="wp-element-caption">
 Source: coingecko.com 
 </figcaption> 
</figure> 
Although DeGods is the bigger collection of the two with a market cap of 75,523 ETH versus y00ts’ 19,907 ETH, the difference in the transaction volume is several times bigger. 
Having received a $3 million grant from Polygon earlier this year, y00ts said it will be giving it back in totality amid its impending move to Ethereum. 
Polygon plans to re-deploy $1 million from the refunded amount by allocating it to developers and creators in its network. 
**** 
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The post <a rel="noopener noreferrer nofollow" href="https://www.nftgators.com/y00ts-not-feeling-at-home-on-polygon-anymore-as-it-joins-degods-on-ethereum/">Y00ts Not Feeling at Home on Polygon Anymore as it Joins DeGods on Ethereum</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.nftgators.com">NFTgators </a>.

Y00ts Not Feeling at Home on Polygon Anymore as it Joins DeGods on Ethereum

NFTgators

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