Y00ts NFT Collection Makes Anticipated Move From Solana to Polygon

image credit - metaroids.com

Popular Non-Fungible Token (NFT) project y00ts has started migrating Solana's native blockchain to Polygon's network. This is intended to reduce transaction time and reduce network costs.

The transfer, which began on Tuesday, was officially announced in December after months of speculation. Los Angeles-based startup DeLabs, the company behind y00ts and its sister project DeGods, has secured $3 million in funding from Polygon to help facilitate the move. Meanwhile, DeGods has also migrated from Solana and is planning a bridge to Ethereum.

Introduced in September 2022, Y00ts uses a chain bridge to bring its 15,000-copy generator art collection to Polygon. Existing owners can start the migration process by visiting the y00ts website and connecting their wallet.

You can now migrate your y00ts to Polygon.https://t.co/pORyvNw3S7 pic.twitter.com/iYSpBF68hp

— y00ts (@y00tsNFT) March 28, 2023

To encourage holders to port their NFTs to Polygon, DeLabs is waiving network fees for the first 24 hours. The team is also giving y00ts holders a chance to win a DeGods NFT based on an order registered on the Bitcoin network. Wagering is also free and holders will receive 5 USDC for every 00 tons listed on the NFT Magic Eden market.

Holders who fail to migrate their NFTs by April 3 will be subject to a 33.3% “paper bridging tax” and an increased royalty penalty.

Project leader Rohun Vola, known as Frank, tweeted that the move was dangerous.

"I know it's a risk. I don't know what will happen today, tomorrow or in the first few weeks. But I know it will work," he wrote. It may not be in our hands in the short term, but in the long term we have complete control over our entire society."

According to OpenSea, almost 10,000 y00ts have already been converted to Polygon. The minimum price for the collection is currently 1.8 ETH, which is about $3,200.

Top NFT projects like y00ts and DeGods rarely move their entire ecosystem from one blockchain to another. In December, Vora tweeted to Holders that the biggest issue would be the potential use of the bridge contract.

The move is another win for Polygon as it expands partnerships with major brands like Starbucks ( SBUX ), Nike ( NKE ), Reddit, Instagram and DraftKings.