DeGods and y00ts, two of the top NFT Projects out there, will migrate out of Solana. This blockchain struggle never ends. First, the price of its token $SOL declined, and now, top NFT projects are leaving the Solana ecosystem, which is in free fall.
FTX’s bankruptcy keeps bringing chaos to the crypto ecosystem. This is true, especially for the Solana Blockchain. Its token went from the top 10 to the top 25 in market cap. This is a surprise for the whole crypto community since $SOL has been a top 10 token for a LONG time.
Now, two top NFT projects are leaving Solana, DeGods, and y00ts. This is a great loss for Solana. To get an idea about how big these projects are, DeGods has a total trading volume in Magic Eden of 2.8 million USD. y00ts stays a bit behind with a total volume of 2.1 million USD.
But Solana’s suffering does not end here. The NFT marketplace Magic Eden, which has been for a long time solely a Solana project, announced a few weeks ago integration with Polygon.
DeGods and y00ts
When someone loses, on the other side, there is always a winner. And that is the case now for Polygon which will receive y00ts. This blockchain will benefit from all the transactions and users that this NFT collection will bring. This is definitely a major win for Polygon. y00ts will now be sharing the same ecosystem as other legendary titles like Reddit, Starbucks, and even Donald Trumps NFT collection.
When it comes to DeGods, they are taking a different direction. They will be moving to Ethereum! Here they will be able to compete with the giant mythical collections that are part of the ecosystem like CryptoPunks.
Frank, the creator of DeGods and subsequent y00ts, mentioned on his tweeter: “Nike, Adidas, Starbucks, Disney, Shopify, NFL, TicketMaster, Reddit, Instagram, Facebook, Prada, Dolce & Gabana, FlipKart, Coca-Cola, Adobe, Bentley, Stripe, Draft Kings, 100 Thieves, and that’s just a few. I think that the y00ts brand just got stronger.”
Both collections will make their migrations to the new chains around Q1 of 2023.
Solana is still considered to 2nd player right behind Ethereum. But a lot of negative news has been affecting this blockchain’s reputation. This is, consequently, having a negative impact on its token price and user base. Besides this, Solana was probably the most affected player in the space when FTX collapsed. This was due to the financial links between Solana, FTX, and Alameda Research. Also, Solana has around 1 million USD in assets locked on FTX, which does not help their situation.
Obviously, with all this misfortune, Solana’s native projects started to think about other alternatives. That was the case for DeGods and y00ts. Their departure is a major loss for the whole ecosystem. But now, here lies the question. Can Solana rise from the ashes like the phoenix? Can it get back on its feet? Personally, I think if it solves its chain problems and recovers financially it might recover its previous position. But, only time will tell.