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    Top NFT Projects Y00ts and DeGods Will Leave Solana In 2023

    As 2022 comes to an end, the NFT drama is moving to 2023. Big creators are taking groundbreaking decisions that will have a massive impact on the NFT market. The creator of Y00ts and DeGods recently announced that the leading projects will leave Solana in 2023. Why are they leaving and does that imply Solana’s dead?

    Are Y00ts and DeGods Actually Leaving Solana?

    The straightforward answer is yes. Rohun Vora, the creator behind Y00ts and DeGods, known as Frank III, announced the news on December 26, 2022, via his Twitter account. He posted a video stating that while he’s incredibly grateful for the support and community of Solana, it’s time to go bigger.

    Frank said: “in order to grow we need to explore new opportunities. And, we believe now is the time to take a calculated risk and embark on a new journey. After all, the biggest risk is not taking one.”

    He continued to say that they’re excited to announce that Y00ts, DeGods, and $DUST are all merging to new blockchains. What will move to where:

    • Y00ts is moving to Polygon
    • DeGods is moving to Ethereum
    • $DUST is moving to both Polygon and Ethereum

    Frank also noted that the bridge will take pace in the first quarter of 2023.

    Why Are Y00ts and DeGods Bridging Away From Solana?

    Ever since the FTX fallout and endless drama with FTX CEO SBF, Solana has been struggling to stay afloat. And the struggle is real as the Solana price dropped under $10 for the first time in over two years.

    So, the community’s saying that the top 2 Solana projects simply capped out on the blockchain. In a Twitter Spaces, Frank clarified this by saying that “It’s hard to accept, but it’s been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it’s what we have to do.”

    He further explained the situation by drawing a parallel between blockchain competition and streaming services. Netflix, Disney Plus, and HBO Max all battle over intellectual property (IP). Therefore, the streaming service that will secure the best IP will win the most customers.

    Frank noted, “they’re trying to get the best IP on their streaming services because that IP is ultimately going to drive growth on the platform”. Accordingly, “NFTs are driven by attention” so the blockchain with the most attention and suitable and consistent structure will lead. 

    Basically, the top reason why Y00ts and DeGods will leave Solana in 2023: is MONEY.

    Why Polygon Though?

    We get it, the Ethereum blockchain is the leading one in this space. When we’re talking money, with 1 ETH being $1,200 (during the time of writing), we obviously think of Ethereum. But, 1 Polygon Matic is worth $0.7818 (during the time of writing). So, why?

    The creator Frank said that he received a lot of offers from different blockchains. “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.”, he noted. 

    But, is it that simple?

    Okay, Y00ts and DeGods will leave Solana in 2023. Got it. But, is it actually that simple for projects to move from a blockchain to another? Well, not really. Such a massive transfer of high-volume data obviously isn’t the easiest thing to do.

    When projects usually decide to go from one blockchain to another they do so by way of a layer two blockchain. Meaning they maintain the collection on the original blockchain. Y00ts’ move to Polygon will be handled via the Polygon partnership fund.

    However, DeGods plan on completely moving the project to Ethereum. This will surely cause issues along the way. And, so far there isn’t much information on the bridge mechanism. 

    What Did Solana Say About This Departure?

    Two of its top projects are leaving, what did Solana have to say? Aeya Kovenko, co-founder of Solana Labs, said via a Twitter thread that “It’s bittersweet” to see all of this unfolding. But, Kovenko noted that these two projects were initially built on Solana because it’s where “the best products can be built”. 

    And, that “there will be users of other chains that for the first time try solana because of ME, phantom and degods, and they will be blown away by the experience and they will tell all their friends.”

    Clearly, they’re trying to salvage whatever trust the community has in them. It’s a tough hit on Solana so they have to do double the efforts moving forward to bag some profits.

    How Did The News Affect Y00ts and DeGods?

    We know it by now, the minute a project makes a new announcement, prices either go up or down. So what happened after Frank said Y00ts and DeGods will leave Solana?

    Y00ts Floor Price Shot Down

    As we can see in the chart by MagicEden below, there is an obvious dip in floor price on December 26th, the day of announcement. However, the trade volume is more significant than prior days. The current floor price is 174.75 Polygon ( approx $136.92 during the time of writing).

    Y00ts Graph

    DeGods Floor Price Increased

    However, DeGods’ floor price significantly increased post-announcement so did the trading volume. The current floor price stands at 495 Polygon (approx $387.83 during the time of writing).

    DeGods Graph

    What Does the Community Think About DeGods and Y00ts Leaving Solana?

    There is one key thing in the NFT space that can literally make or break a project: the community. So, what’s the reason behind the above numbers? What does the community think?

    The most circulated “opinion” is that this shift is going to tumble Solana down. Ben Armstrong, creator of BitBoy Crypto, tweeted a “is Solana Dead” poll and 69.5% voted yes. 

    Some investors noted they’ll be selling their Y00ts because they’re not interested in Polygon. Stating that Polygon doesn’t even have a community.

    Famous NFT influencer and founder of Rug Radio, Farokh said that this is a “big brain play” from the Polygon team.

    Conclusion

    Y00ts and DeGods will leave Solana in the first quarter of 2023. This will obviously affect Solana drastically. Can the already-struggling blockchain even handle another hit? It already is fighting for a breath since the FTX drama and NFT market crash. You can read all about it here

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