The favored y00ts non-fungible token (NFT) venture is shifting from the Solana blockchain to the Polygon community. This transformation goals to make transactions faster and lower down on community charges.
Y00ts made the official announcement in December, ending months of guesswork. DeLabs, the Los Angeles startup liable for y00ts and its sibling venture DeGods, obtained a $3 million grant from Polygon to assist with the transfer. DeGods can also be leaving Solana and plans to attach with Ethereum.
Launched in September 2022, y00ts is utilizing a cross-chain bridge to convey its 15,000-edition generative artwork assortment to Polygon. To start out the migration course of, present holders can go to the y00ts web site and hyperlink their wallets.
To encourage holders to maneuver their NFTs to Polygon, DeLabs isn’t charging community charges for the primary day. The group can also be giving y00ts holders an opportunity to win a DeGods NFT based mostly on Ordinals and recorded on the Bitcoin community. Staking shall be free, and holders will get $5 USDC for every Y00t listed on the Magic Eden NFT market. If holders don’t transfer their NFTs by April 3, they’ll face a 33.3% “Paper Hands Bridge Tax” as a penalty, which can lead to greater royalty charges.
Rohun Vora, the venture’s chief referred to as Frank, shared on Twitter that the transfer isn’t with out danger. “I know that this is a risk. I don’t know what’s going to happen today, tomorrow, or throughout the first few weeks. But I know we’re going to make it work,” he wrote. “The short-term might be out of our control, but the long-term is completely in our entire community’s control.”
OpenSea experiences that just about 10,000 y00ts have already moved to Polygon. The gathering’s flooring worth is about 1.8 ETH, or round $3,200.
This transfer marks one other success for Polygon, which retains rising its partnerships with large names like Starbucks, Nike, Reddit, Instagram, and DraftKings.
Continuously Requested Questions
What’s the Y00ts NFT venture?
Y00ts is a well-liked non-fungible token (NFT) venture that includes a 15,000-edition generative artwork assortment. It was initially launched on the Solana blockchain and just lately migrated to the Polygon community.
Why did Y00ts migrate from Solana to Polygon?
The Y00ts NFT venture migrated to Polygon to allow quicker transactions and scale back community charges, providing a extra environment friendly and cost-effective expertise for its customers and collectors.
How can I migrate my Y00ts NFTs to Polygon?
Emigrate your Y00ts NFTs to Polygon, go to the official y00ts web site and join your pockets. The platform will information you thru the migration course of utilizing a cross-chain bridge.
What incentives have been supplied to Y00ts holders for migrating to Polygon?
Y00ts holders have been supplied waived community charges for the primary 24 hours, an opportunity to win an Ordinals-based DeGods NFT inscribed on the Bitcoin community, free staking, and $5 USDC per Y00t listed on Magic Eden.
What occurs if a Y00ts holder doesn’t migrate their NFTs to Polygon?
Holders who didn’t migrate their NFTs to Polygon by the desired deadline have been topic to a 33.3% “Paper Hands Bridge Tax,” leading to a fantastic payable by means of elevated royalty charges.
