The NFT Degods Project Switches To The Ethereum Network, Y00ts To Polygon

NFT DeGods switched to the Ethereum network. (Photo; Doc. DeGods)

JAKARTA Two NFT projects are reported to be using other networks. Both are Degods and y00ts. Degods, which originally used the Solana blockchain network and will soon enter the Ethereum network. While y00ts switched to Ethereum's second layer network, Polygon.

The NFT Degods project was first launched in October 2021. Degods launched a collection of 10,000 items of NFT. This is a leading NFT project on the Solana network. Developers have announced network transfers via their official Twitter posts.

"Degods will officially bridge to Ethereum in Q1 in 2023. Bridges are not the destination. It's on the road to get there," wrote Degods, December 26, 2022.

In addition, the team behind the NFT's Y00ts collection said it plans to switch to the Polygon network. "Y00ts will officially bridge to [Polygon] in Q1 2023," tweeted the Twitter account on December 25, 2022.

Launching Bitcoin.com News, the decision to transition two NFT projects from one chain to another comes at a time when Solana's own project has been harmed by previous ties with FTX.

Solana's original crypto asset, Solana (SOL) is down 94.2 percent year-to-date and over the past 30 days SOL has lost 19.7% against the US dollar. Last year, SOL was a big ten crypto asset but digital currencies have struggled to maintain its 18th largest market cap position in recent days. Seven-day statistics show that Solana's NFT sales are still the second largest of 19 different blockchain networks, according to cryptoslam.io data.

While Ethereum dominated the last seven days of sales with 129.12 million US dollars from 154 million dollars in sales, Solana took second place with 14.65 million US dollars in recorded NFT sales last week. Meanwhile, Polygon holds the fourth largest position in terms of NFT sales with 2.38 million US dollars.

The Defillama metric shows that there are 39.42 billion total value locked (TVL) in decentralized finance today and Solana ordered the 12th largest TVL in defi. TVL Solana on December 26, 2022 is 216.39 million which is equivalent to 0.55 percent of the entire TVL locked up in defi. Interestingly, tweets from Degods and Y00ts said the same thing because both teams said the transition "has never been done before on this scale."