DeGods, the Largest NFT Collection on Solana, Moves to Ethereum
DeGods, the largest NFT collection based on sales volume on Solana, has started migrating to the Ethereum blockchain in Hong Kong on Saturday, according to recent reports. Despite this move, activity on the Solana network has increased by 2.9% over the past 24 hours.
On Wednesday, DeGods’ sister project, y00ts, began moving to Polygon. According to data from Dune Analytics, about 80% of Y00ts have completed the move. On Ethereum, DeGods’ floor price is 10.4 ETH (USD 19,000).
DeGods’ owners completed sales of over $2.19 million on Friday alone, marking the highest amount since NFTs were first minted in October 2021, according to CryptoSlam. The increasing activity may indicate that traders are predicting that DeGods’ prices will rise, much like with y00ts. The floor price of Y00ts has increased by over 50% since NFTs began appearing on Polygon, according to CoinGecko data.
DeLabs, the Los Angeles-based NFT company behind DeGods and y00ts, announced in December 2021 that their projects would be migrating to other blockchains. This was also the same month that the SOL token dropped below $10 for the first time since the beginning of 2021. The company received a $3 million grant from Polygon to facilitate the blockchain migration.
The move by DeGods to Ethereum, and y00ts to Polygon, demonstrates the importance of interoperability in the NFT market. As NFTs gain mainstream adoption, the ability to move between different blockchains will become increasingly essential. It will be interesting to see how these projects perform on their new blockchains and whether their prices will continue to rise.
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