One of the crucial profitable Solana NFT tasks, y00ts, simply moved its 15K collectibles to Polygon. Accordingly, the mission founders at DeLabs obtained a whopping $3 million from Polygon for his or her determination. Now, the crew is making an attempt to persuade y00ts holders to maneuver their NFTs to Polygon with contests, free staking, and extra. Be careful: you should pay a 33.3% additional “Paper Hands Bridge Tax” in the event you don’t transfer your belongings earlier than April third!
From Solana to Polygon: Why Did y00ts Make The Move?
The previous 48 hours have been intense for the y00ts crew and their group. On March twenty eighth, the mission founders formally introduced their migration from Solana to Polygon. Their different profitable Solana mission, DeGods, will transfer to Ethereum quickly.
In essence, this is likely one of the greatest modifications for the mission since its launch in September 2022 – one which brings each rewards and drawbacks. The reward, on this case, is a $3 million grant from Polygon for the transfer.
In response to y00ts founder Rohun “Frank” Vora, the crew will use these funds to scale their newest options, together with the utility of y00tpoints.
It was additionally Frank the one to open up concerning the dangers of yoots’ Polygon migration:
“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. The short-term might be out of our control, but the long-term is completely in our entire community’s control,” he stated in an announcement.
Though this shift was introduced final December, many group members had been nonetheless shocked – however why?
What Does The Shift Imply for y00ts Holders?
Now that y00ts migrated to Polygon, their NFT holders group should do the identical – a method or one other. Surprisingly, the founding crew is placing in plenty of effort into convincing holders to make a transfer. For instance, every holder can win an Ordinals-based DeGods NFT from the Bitcoin community. As well as, each person to have their y00t listed on the NFT market Magic Eden will get $5 USDC.
Don’t wish to transfer your y00ts NFT? There shall be penalties. Accordingly, each holder who is not going to transfer their collectible by April 3 will face a 33.33 tax known as “Paper Hands Bridge Tax.” This additional tremendous shall be accessible by way of increased royalty charges.
Thus far, these incentives appear to work, although. Current knowledge from OpenSea reveals that about 10k y00ts NFTs have already been migrated to Polygon. All in all, collectors and traders ought to undoubtedly hold a watch out for y00ts and DeGods this month!
All funding/monetary opinions expressed by NFTevening.com aren’t suggestions.
This text is instructional materials.
As all the time, make your personal analysis prior to creating any form of funding.
