Web3 startup DeLabs is the creator of y00ts and DeGods, two of the most popular project on Solana. The company announced late last year that both collections would migrate to new blockchains this year, with DeGod moving to Ethereum and y00ts to Polygon.
DeGods will be living on a blockchain that hosts some prominent NFT collections, including CryptoPunks and Bored Ape Yacht Club. Meanwhile, y00ts’ new home has recently grabbed the attention of big brands like Nike, Meta, and Starbucks, which are all building projects on Polygon.
Understanding the y00ts Migration
The y00ts migration to Polygon was launched on Monday evening by DeLabs in partnership with tech firm Dust Labs. Basically, it is a burn-and-mint process that involves holders destroying their Solana-based NFT to receive a newly-minted NFT on Polygon.
As of Thursday, 11,303 of the 15,000 y00ts NFTs have migrated to Polygon. Based on the current floor price ($3,273) on OpenSea, the NFTs which have moved chains have a collective value of $37 million or more.
DeLabs had initially encouraged y00ts holders to migrate their NFTs, promising $5 in USDC and fully paid gas fees if they moved their digital arts within 24 hours after the migration launch. DeLabs also promised 30 days of zero-fee trading for y00ts.
Along with that, DeLabs revealed it would airdrop a Bitcoin-based DeGods NFT randomly to a y00ts holder who moved their NFT to Polygon within the first 24 hours.
Meanwhile, holders who fail to migrate to the new blockchain by Monday next week will have to pay 33% in creator royalty fees instead of the regular 3.3%.
Why is y00ts Migrating to Polygon?
When asked why it decided to move its NFT collection to Polygon, DeLabs said it was attracted by the corporate giants developing projects on the network and not because of the $3.2 million grant issued by Polygon Labs, as many people claim.
The Web3 company says the move will make forging partnerships with those big brands easier.