In a move to speed up transaction times and reduce network fees, NFT project y00ts has announced its migration from Solana to Polygon. The migration began on Tuesday and incentivizes holders to migrate their NFTs over to Polygon by waiving network fees for the first 24 hours.
Additionally, staking will be free, and holders will receive $5 USDC per Y00t listed on NFT marketplace Magic Eden. Polygon provided DeLabs, the Los Angeles-based startup behind y00ts and its sister project DeGods, with a $3 million grant to facilitate the move. Meanwhile, DeGods will migrate away from Solana and bridge over to Ethereum.
Holders rush to migrate y00ts NFT Collection to Polygon via Cross-Chain Bridge
The migration is being done through a cross-chain bridge, which will bring y00ts’ 15,000-edition generative art collection to Polygon. Existing holders can begin the migration process by visiting the y00ts website and connecting their wallets.
Nearly 10,000 y00ts have already been moved over to Polygon, according to OpenSea. The floor price of the collection is currently hovering around 1.8 ETH, or about $3,200.
However, holders who do not migrate their NFTs by April 3 will be subject to a 33.3% “Paper Hands Bridge Tax,” which will result in a fine payable by increased royalty fees.
Rohun Vora, known as Frank, the project’s leader, acknowledged that the move does not come without risk. “I would deeply appreciate your support today, more than anything. Whether that’s buying a y00t on Polygon, migrating & staking, or even just showing some love on Twitter,” he said. “The short-term might be out of our control, but the long-term is completely in our entire community’s control.”
Polygon emerges as a top contender in the competitive NFT Market
The NFT market has seen many projects migrate to Polygon from other blockchains, seeking a fast and cost-effective alternative to Ethereum.
With its grant to DeLabs and support for the y00ts migration, Polygon is positioning itself as a top choice for NFT creators and collectors.
As the NFT market continues to grow, it is likely that more projects will follow suit and migrate to alternative networks.