Nonfungible token (NFT) agency Mud Labs is migrating its two top-performing Solana NFT initiatives — DeGods and y00ts — onto Ethereum and Polygon in a bid to increase their adoption.
DeGods and y00ts creator Rohun Vora, recognized by the alias Frank III, mentioned the choice was made to “discover new alternatives” and to permit for the continued progress of the collections. The transfer may even see the DUST token — used to purchase, promote and mint NFTs on the DeGods ecosystem — even be bridged onto Ethereum and Polygon.
It is just the start. pic.twitter.com/F3vxzXQAOy
— Frank III (@frankdegods) December 25, 2022
Vora confirmed that two NFT initiatives will nonetheless stay on Solana in the intervening time, and in a separate submit responding to a Twitter consumer confirmed that the bridge migration shall be proprietor “opt-in.”
Throughout a Dec. 26 Twitter areas, Vora explained to 66,000 listeners that it was merely a matter of getting the NFT initiatives on the platforms that he sees will drive the following wave of NFT adoption.
In his reasoning, he made parallels to the extraordinary battle for mental property (IP) between streaming providers reminiscent of Netflix, Disney Plus and HBO Max — suggesting that the streaming service that secures one of the best IP will in the end win the lion’s share of viewers, which then attracts higher initiatives.
“They’re attempting to get one of the best IP on their streaming providers as a result of that IP is in the end going to drive the expansion on that platform.”
“When you get sufficient IP on the platform it turns into a virtuous cycle, folks wish to be on Netflix as a result of that’s simply the model and the place to be,” he added.
He mentioned an identical battle is taking part in out between totally different blockchains which are attempting to construct one of the best NFT platforms, noting that as NFTs are pushed by consideration, there is a chance for “virtuous cycles” that might create a community impact for NFT initiatives.
From there, “the metrics, the amount and the liquidity will comply with that,” he added.
Vora additionally mentioned that he had obtained grant affords from many different platforms, most of which have been a lot bigger than what was supplied by Polygon, however Polygon offered y00ts with one of the best alternatives shifting ahead.
“Polygon by far was one of many lowest, if not the bottom when it comes to greenback worth, however we went with Polygon as a result of we see a variety of alternative on a strategic degree and that’s what excites me and may excite you holders greater than something.”
The information has solely added to the rising checklist of issues for Solana, which has seen the overall worth lockedon the ecosystem fall 97.88%, going from a peak of $10.17 billion to $215 million on the time of writing, according to decentralized finance knowledge aggregator DefiLlama.
Solana co-founder Anatoly Yakovenko shared his “bittersweet” feeling that the pair of NFT initiatives would now not “100% deal with Solana” to his 223,600 Twitter followers on Dec. 26, however accepted the “actuality” that these initiatives wish to increase their attain.
However controversial determine Ben “Bitboy” Armstrong and a fair proportion of his 1 million Twitter followers weren’t so optimistic on Solana’s future, with 70% of 11,881 voters in a ballot voting “Sure” to “Is Solana lifeless.”
Is Solana lifeless?
— Ben Armstrong (@Bitboy_Crypto) December 26, 2022
According to DappRadar, each the y00ts and DeGods NFT collections are ranked first and second when it comes to fiat transaction quantity on Solana over the past 30 days.