The Y00ts project, known for its non-fungible token (NFT) initiatives, recently announced a significant change in their blockchain network. They have transitioned from Polygon to Ethereum, just four months after migrating the majority of their NFTs from Solana to Polygon.
Y00ts made an official statement on August 9th via their Twitter account. They announced their plan to migrate to Ethereum, coinciding with the launch of their DeGods NFT collection. The project’s announcement emphasized their intention to redirect the entire $3 million grant they received from Polygon to invigorate the NFT ecosystem. This redirection aims to provide crucial support to developers and creators within the NFT domain.
2. We're returning 100% of the grant provided by Polygon.
The funds will be re-deployed for NFT ecosystem growth to empower builders and creators.
We still love Polygon. It's just time to unite the DeGods & y00ts communities.
— y00ts (@y00tsNFT) August 9, 2023
However, the project expressed its appreciation for the Polygon network. While doing so, it clarified that its decision to move to Ethereum aims to foster unity between the DeGods and y00ts communities. The specific date for the migration will be announced soon.
Therefore, the y00ts NFT collection has made its second significant move within a short time frame by migrating to Ethereum. In April, the majority of their NFTs transitioned from Solana to Polygon, following the project’s announcement of blockchain transition plans in December. In addition, the official migration process commenced on March 28, and by March 30, Polygon successfully bridged 11,633 out of the total 15,000 y00ts NFTs.
Moreover, the decision of the y00ts project to transition to Ethereum emphasizes the dynamic nature of the NFT landscape. It demonstrates how projects consistently strive to enhance their capabilities and engage their communities within the ever-evolving blockchain ecosystem.
Impact on Polygon’s Price
The market has exhibited a noticeable yet moderate reaction to the news of the y00ts NFT project’s move to Ethereum. As per the latest data from CoinMarketCap, the current price of Polygon (MATIC) stands at $0.688328.
In the last 24 hours, the value of the cryptocurrency experienced a slight decrease of 0.33%. Currently, Polygon holds the 11th position in CoinMarketCap’s cryptocurrency rankings.
The current ranking of the cryptocurrency is determined by its market capitalization, which stands at $6 billion. As for its MATIC coins, the circulating supply amounts to 9,319,469,069 out of a total maximum supply of 10,000,000,000 coins.
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