The well-liked y00ts non-fungible token (NFT) project is shifting from the Solana blockchain to the Polygon network. This change aims to make transactions quicker and cut down on network fees.
Y00ts made the official announcement in December, ending months of guesswork. DeLabs, the Los Angeles startup responsible for y00ts and its sibling project DeGods, got a $3 million grant from Polygon to help with the move. DeGods is also leaving Solana and plans to connect with Ethereum.
Launched in September 2022, y00ts is using a cross-chain bridge to bring its 15,000-edition generative art collection to Polygon. To start the migration process, current holders can go to the y00ts website and link their wallets.
To encourage holders to move their NFTs to Polygon, DeLabs is not charging network fees for the first day. The team is also giving y00ts holders a chance to win a DeGods NFT based on Ordinals and recorded on the Bitcoin network. Staking will be free, and holders will get $5 USDC for each Y00t listed on the Magic Eden NFT marketplace. If holders don’t move their NFTs by April 3, they’ll face a 33.3% “Paper Hands Bridge Tax” as a penalty, which will result in higher royalty fees.
Rohun Vora, the project’s leader known as Frank, shared on Twitter that the move is not without risk. “I know that this is a risk. I don’t know what’s going to happen today, tomorrow, or throughout the first few weeks. But I know we’re going to make it work,” he wrote. “The short-term might be out of our control, but the long-term is completely in our entire community’s control.”
OpenSea reports that nearly 10,000 y00ts have already moved to Polygon. The collection’s floor price is about 1.8 ETH, or around $3,200.
Frequently Asked Questions
What is the Y00ts NFT project?
Y00ts is a popular non-fungible token (NFT) project featuring a 15,000-edition generative art collection. It was initially launched on the Solana blockchain and recently migrated to the Polygon network.
Why did Y00ts migrate from Solana to Polygon?
The Y00ts NFT project migrated to Polygon to enable faster transactions and reduce network fees, offering a more efficient and cost-effective experience for its users and collectors.
How can I migrate my Y00ts NFTs to Polygon?
To migrate your Y00ts NFTs to Polygon, visit the official y00ts website and connect your wallet. The platform will guide you through the migration process using a cross-chain bridge.
What incentives were offered to Y00ts holders for migrating to Polygon?
Y00ts holders were offered waived network fees for the first 24 hours, a chance to win an Ordinals-based DeGods NFT inscribed on the Bitcoin network, free staking, and $5 USDC per Y00t listed on Magic Eden.
What happens if a Y00ts holder doesn’t migrate their NFTs to Polygon?
Holders who didn’t migrate their NFTs to Polygon by the specified deadline were subject to a 33.3% “Paper Hands Bridge Tax,” resulting in a fine payable through increased royalty fees.