MATIC/USD: Top Solana NFT Project ‘DeGods’ Set to Migrate to Polygon Today
- Solana’s top NFT collection, DeGods, is migrating to Ethereum scaling solution Polygon today.
- 77% ($37m) of another popular Solana collection, y00ts, have already migrated.
- The migration has at least partly been caused by growing mainstream interest in Polygon.
Solana was once one the main contenders in the NFT space to take the crown from Ethereum. It even got an OpenSea integration last year, allowing users of one of the most popular NFT marketplaces to explore SOL NFTs more easily. But due to Solana’s unfortunate links to Alameda Research (the sister company of failed exchange FTX), SOL saw one of the biggest sell offs in the space over the course of 2022. And its NFT projects are beginning to think Polygon is a more appealing home.
The mass migration
Some of the most popular NFT projects on Solana, are moving en masse from the Solana blockchain over to the Ethereum scaling solution Polygon. At the time of writing, 77% of the NFTs in Solana’s ‘y00ts’ collection have made the translation – representing roughly $37m worth of tokens. What’s more significant however, is the migration of DeGods – currently the most highly valued NFT collection based on Solana. The collection is valued at around $160m (even with SOL’s currently depressed valuation) and is due to begin the migration process to Polygon today.
What’s causing the move?
These collections are taking notice of the increased mainstream adoption of Polygon, with partnerships already existing between the chain and major brands like Starbucks and Disney. They’re also trying to mitigate concerns surrounding SOL’s major price drop over the course of 2022. It wasn’t only organic interest that caused the desire to migrate however. DeLabs, the creators of y00ts, (who also happen to be the creators of DeGods) were in fact paid $3m by Polygon in January before the migration began. However, management at DeGods have denied that this is what caused the y00ts migration.