Nonfungible token (NFT) agency Dust Labs is migrating its two top-performing Solana NFT tasks — DeGods and y00ts — onto Ethereum and Polygon in a bid to develop their adoption.
The information was introduced on DeGods and y00ts Twitter web page on Dec. 25, with each anticipated to be formally bridged onto Ethereum and Polygon respectively within the first quarter of 2023.
DeGods and y00ts creator Rohun Vora, identified by the alias Frank III, stated the choice was made to “explore new opportunities” and to permit for the continued progress of the collections. The transfer may also see the DUST token — used to purchase, promote and mint NFTs on the DeGods ecosystem — even be bridged onto Ethereum and Polygon.
It’s only the start. pic.twitter.com/F3vxzXQAOy
— Frank III (@frankdegods) December 25, 2022
Vora confirmed that two NFT tasks will nonetheless stay on Solana in the intervening time, and in a separate submit responding to a Twitter person confirmed that the bridge migration will probably be proprietor “opt-in.”
During a Dec. 26 Twitter areas, Vora defined to 66,000 listeners that it was merely a matter of getting the NFT tasks on the platforms that he sees will drive the subsequent wave of NFT adoption.
In his reasoning, he made parallels to the extreme battle for mental property (IP) between streaming companies resembling Netflix, Disney Plus and HBO Max — suggesting that the streaming service that secures the very best IP will finally win the lion’s share of viewers, which then attracts higher tasks.
“They’re trying to get the best IP on their streaming services because that IP is ultimately going to drive the growth on that platform.”
“Once you get enough IP on the platform it becomes a virtuous cycle, people want to be on Netflix because that’s just the brand and the place to be,” he added.
He stated an identical battle is taking part in out between totally different blockchains that are attempting to construct the very best NFT platforms, noting that as NFTs are pushed by consideration, there is a chance for “virtuous cycles” that will create a community impact for NFT tasks.
From there, “the metrics, the volume and the liquidity will follow that,” he added.
Vora stated his bullish view on Polygon for NFTs was influenced by the truth that Disney, Adidas, Nike and Reddit selected Polygon as their NFT platform of alternative.
Vora additionally stated that he had obtained grant presents from many different platforms, most of which have been a lot bigger than what was supplied by Polygon, however Polygon offered y00ts with the very best alternatives transferring ahead.
“Polygon 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’s what excites me and should excite you holders more than anything.”
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The information has solely added to the rising listing of considerations for Solana, which has seen the entire worth lockedon the ecosystem fall 97.88%, going from a peak of $10.17 billion to $215 million on the time of writing, in response to decentralized finance knowledge aggregator DefiLlama.
Solana co-founder Anatoly Yakovenko shared his “bittersweet” feeling that the pair of NFT tasks would not “100% focus on Solana” to his 223,600 Twitter followers on Dec. 26, however accepted the “reality” that these tasks need to develop their attain.
But controversial determine Ben “Bitboy” Armstrong and a justifiable share of his 1 million Twitter followers weren’t so optimistic on Solana’s future, with 70% of 11,881 voters in a ballot voting “Yes” to “Is Solana dead.”
Let’s examine the temperature on #solana now that the highest 2 NFT tasks are leaving $SOL.
Is Solana lifeless?
— Ben Armstrong (@Bitboy_Crypto) December 26, 2022
According to DappRadar, each the y00ts and DeGods NFT collections are ranked first and second when it comes to fiat transaction quantity on Solana over the past 30 days.