Nonfungible token (NFT) firm Dust Labs is migrating its two top-performing Solana NFT projects \u2014 DeGods and y00ts \u2014 onto Ethereum and Polygon in a bid to expand their adoption.\u00a0<\/p>\n
The news was announced on DeGods and y00ts Twitter page on Dec. 25, with both expected to be officially bridged onto Ethereum and Polygon respectively in the first quarter of 2023. <\/p>\n
DeGods and y00ts creator Rohun Vora, known by the alias Frank III, said the decision was made to \u201cexplore new opportunities\u201d and to allow for the continued growth of the collections. The move will also see the DUST token \u2014 used to buy, sell and mint NFTs on the DeGods ecosystem \u2014 also be bridged onto Ethereum and Polygon.<\/p>\n
Vora confirmed that two NFT projects will still remain on Solana for the time being, and in a separate post responding to a Twitter user confirmed that the bridge migration will be owner “opt-in.”<\/p>\n
During a Dec. 26 Twitter spaces, Vora explained to 66,000 listeners that it was simply a matter of getting the NFT projects on the platforms that he sees will drive the next wave of NFT adoption.<\/p>\n
In his reasoning, he made parallels to the intense battle for intellectual property (IP) between streaming services such as Netflix, Disney Plus and HBO Max \u2014 suggesting that the streaming service that secures the best IP will ultimately win the lion\u2019s share of viewers, which then attracts better projects. <\/p>\n
\u201cThey\u2019re trying to get the best IP on their streaming services because that IP is ultimately going to drive the growth on that platform.\u201d <\/p><\/blockquote>\n
\u201cOnce you get enough IP on the platform it becomes a virtuous cycle, people want to be on Netflix because that\u2019s just the brand and the place to be,\u201d he added. <\/p>\n
He said a similar battle is playing out between different blockchains that are trying to build the best NFT platforms, noting that as NFTs are driven by attention, there is an opportunity for \u201cvirtuous cycles\u201d that would create a network effect for NFT projects. <\/p>\n
From there, \u201cthe metrics, the volume and the liquidity will follow that,\u201d he added.<\/p>\n
Vora said his bullish view on Polygon for NFTs was influenced by the fact that Disney, Adidas, Nike and Reddit chose Polygon as their NFT platform of choice. <\/p>\n
Vora also said that he had received grant offers from many other platforms, most of which were much larger than what was offered by Polygon, but Polygon provided y00ts with the best opportunities moving forward. <\/p>\n
\u201cPolygon by far was one of the lowest, if not the lowest in terms of dollar value, but we went with Polygon because we see a lot of opportunity on a strategic level and that\u2019s what excites me and should excite you holders more than anything.\u201d<\/p><\/blockquote>\n
Related: <\/em><\/strong>Solana TVL drops by almost one-third as FTX turmoil rocks ecosystem: Finance Redefined<\/em><\/strong> <\/em><\/strong><\/p>\nThe news has only added to the growing list of concerns for Solana, which has seen the total value lockedon the ecosystem fall 97.88%, going from a peak of $10.17 billion to $215 million at the time of writing, according to decentralized finance data aggregator DefiLlama.<\/p>\n
Solana co-founder Anatoly Yakovenko shared his \u201cbittersweet\u201d feeling that the pair of NFT projects would no longer \u201c100% focus on Solana\u201d to his 223,600 Twitter followers on Dec. 26, but accepted the \u201creality\u201d that these projects want to expand their reach.<\/p>\n
But controversial figure Ben \u201cBitboy\u201d Armstrong and a fair share of his 1 million Twitter followers weren\u2019t so optimistic on Solana\u2019s future, with 70% of 11,881 voters in a poll voting \u201cYes\u201d to \u201cIs Solana dead.\u201d<\/p>\n
According to DappRadar, both the y00ts and DeGods NFT collections are ranked first and second in terms of fiat transaction volume on Solana over the last 30 days.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Nonfungible token (NFT) firm Dust Labs is<\/p>\n","protected":false},"author":3,"featured_media":168866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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