The widely-acclaimed venture, which debuted in September 2022, is bringing its collection of 15,000 limited-edition works of generative art to Polygon via a cross-chain connection.
The popular y00ts non-fungible token (NFT) initiative has begun the transition from its original Solana blockchain to Polygon.
After months of conjecture, the move started on Tuesday and was revealed in December. The Los Angeles-based company DeLabs, which created y00ts and its sibling project DeGods, was awarded $3 million by Polygon to help fund the transition. DeGods, meanwhile, is leaving Solana and building a gateway to Ethereum.
Y00ts, which began operations in September 2022, is connecting its 15,000-edition library of generative art to Polygon via a cross-chain connection. Existing users can start the transition by going to the y00ts website and linking their accounts.
DeLabs will not charge users any network costs for the first 24 hours as an incentive to move their NFTs to Polygon. The group also gives away a DeGods NFT written in Ordinals on the Bitcoin network to y00ts users. In addition to the free staking, users of Y00t posted on the NFT platform Magic Eden will receive $5 USDC per Y00t staked.
If holders don’t move their NFTs by April 3rd, they’ll have to pay a 33.3% “Paper Hands Bridge Tax” in the form of higher licensing fees.
Rohun Vora, also known as “Frank,” the project’s head, wrote that it is risky. He was confident they would succeed despite the first few weeks uncertainties. “I know that this is a risk. I don’t know what will happen today, tomorrow, or throughout the first few weeks,” he wrote. While we may be unable to influence the immediate future, our entire society can shape its long-term destiny.
According to OpenSea, nearly 10,000 y00ts have switched to Polygon. There is a minimum price for the collection of around 1.8 ETH, or about $3,200.
Top NFT initiatives like y00ts and DeGods are unusual because they migrated their entire community to a new network. In December, Vora warned investors in a Twitter Space that the most challenging obstacle would be an attempt to abuse the bridge contract.
Polygon, which already boasts collaborations with Starbucks (SBUX), Nike (NKE), Reddit, Instagram, and DraftKings, can count this as another victory.
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