SNEAK PEEK
- NFT project y00ts has executed its much awaited shift from Solana blockchain to Polygon network.
- Holders must migrate their NFTs by April 3 to avoid “Paper Hands Bridge Tax.”
- Speeding up transaction times and curbing network fees are the reasons behind the move.
y00ts, a popular NFT project, has begun its migration from the Solana blockchain to the Polygon network to speed up transaction times and decrease network fees.
The migration, which started on March 28, was officially announced in December. DeLabs, the startup backing y00ts as well as its sister project DeGods, has gotten a grant worth $3 million from Polygon to ease the migration. Moreover, DeGods will also shift from Solana and are looking forward to bridging over to Ethereum.
y00ts was introduced in September 2022 and will be using a cross-chain bridge to move a 15,000-edition generative art collection to Polygon. Existing holders can start the migration process by visiting the website of y00ts and connecting their wallets.
You can now migrate your y00ts to Polygon.https://t.co/pORyvNw3S7 pic.twitter.com/iYSpBF68hp
— y00ts (@y00tsNFT) March 28, 2023
DeLabs is dismissing its network fees for the initial 24 hours to incentivize holders to shift their non-fungible tokens to Polygon. Also, the team is giving y00ts holders an opportunity to win an Ordinals-inspired DeGods NFT inscribed on the Bitcoin network. Staking will be free, and holders will get $5 USDC for each Y00t listed on Magic Eden.
Those who will not shift their non-fungible tokens by April 3 will be liable for a 33.3% “Paper Hands Bridge Tax,” which will lead to increased royalty fees.
Rohun Vora, also known as Frank, who is also the project leader, tweeted that the migration does not come without risk.
He shared about being aware of the risk and having no idea what will happen, though he believes the decision will work. Despite the short-term being out of their control, the long-term is under the control of the community, he added.
According to OpenSea, over 10,000 y00ts have been shifted over to Polygon. The collection’s floor price is hovering over 1.8 ETH, or $3,200.
