2 years ago
Nonfungible token (NFT) steadfast Dust Labs is migrating its 2 top-performing Solana NFT projects — DeGods and y00ts — onto Ethereum and Polygon successful a bid to grow their adoption.
The quality was announced connected DeGods and y00ts Twitter leafage connected Dec. 25, with some NFT projects expected to beryllium officially bridged onto Ethereum and Polygon respectively successful the archetypal 4th of 2023.
Rohun Vora — the creator of DeGods and y00ts who is known by the alias Frank III — said the determination was made to “explore caller opportunities” and to let for the continued maturation of the collection. The determination volition besides spot the DUST token — utilized to buy, merchantability and mint NFTs connected the DeGods ecosystem — besides beryllium bridged onto Ethereum and Polygon.
It's conscionable the beginning. pic.twitter.com/F3vxzXQAOy
— Frank III (@frankdegods) December 25, 2022Vora confirmed that 2 NFT projects volition inactive stay connected Solana for the clip being, and successful a abstracted station responding to a Twitter user, confirmed that the bridge/migration volition beryllium proprietor "opt-in."
During a Dec. 26 Twitter spaces, Vora explained to 66,000 listeners that it was simply a substance of getting the NFT projects connected the platforms that helium sees volition thrust the adjacent question of NFT adoption.
In his reasoning, helium made parallels to the aggravated conflict for intelligence spot (IP) betwixt streaming services specified arsenic Netflix, Disney Plus and HBO Max — suggesting that the streaming work that secures the champion IP volition yet triumph the lion’s stock of viewers, which past attracts amended projects.
“They’re trying to get the champion IP connected their streaming services due to the fact that that IP is yet going to thrust the maturation connected that platform.”“Once you get capable IP connected the level it becomes a virtuous cycle, radical privation to beryllium connected Netflix due to the fact that that’s conscionable the marque and the spot to be,” helium added.
He said a akin conflict is playing retired betwixt antithetic blockchains that are trying to physique the champion NFT platforms, noting that arsenic NFTs are driven by attention, determination is an accidental for “virtuous cycles” that would make a web effect for NFT projects.
From there, “the metrics, the measurement and the liquidity volition travel that,” helium added.
Vora said his bullish presumption connected Polygon for NFTs was influenced by the information that Disney, Adidas, Nike and Reddit chose Polygon arsenic their NFT level of choice.
Vora besides said that helium had received assistance offers from galore different platforms, astir of which were overmuch larger than what was offered by Polygon, but Polygon provided y00ts with the champion opportunities moving forward.
“Polygon by acold was 1 of the lowest, if not the lowest successful presumption of dollar value, but we went with Polygon due to the fact that we spot a batch of accidental connected a strategical level and that’s what excites maine and should excite you holders much than anything.”Related: Solana TVL drops by astir one-third arsenic FTX turmoil rocks ecosystem: Finance Redefined
The quality has lone added to the increasing database of concerns for Solana, which has seen the full worth locked (TVL) connected the ecosystem autumn 97.88% from a highest of $10.17 cardinal to $215M astatine the clip of writing, according to decentralized concern information aggregator DefiLlama.
Solana co-founder Anatoly Yakovenko shared his “bittersweet” feeling connected the quality that the NFT projects would nary longer “100% absorption connected Solana” to his 223,600 Twitter followers connected Dec. 26, but accepted the “reality” that these projects privation to grow their reach.
But arguable fig Ben “Bitboy” Armstrong and a just stock of his 1 cardinal Twitter followers weren’t truthful optimistic connected Solana’s future, with 70% of 11,881 voters successful a canvass voting “Yes” to “Is Solana dead.”
Let’s cheque the somesthesia connected #solana present that the apical 2 NFT projects are leaving $SOL.
Is Solana dead?
According to DappRadar, some the y00ts and DeGods NFT collections are ranked archetypal and 2nd in presumption of fiat transaction measurement connected Solana implicit the past 30 days.
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