Y00ts NFT project, one of the biggest on the Solana blockchain, has migrated to Polygon, one of the fastest-growing blockchain ecosystems for NFTs and DeFi. Y00ts announced the successful completion of 77% of its migration, where it shares a home with well-known projects such as Aave, Uniswap, and OpenSea.
Y00ts allows users to stake their tokens and collect rewards. Since the migration, over $766,000 of secondary sales volume has been generated, and 9,456 NFTs have already been staked on Polygon. According to Dune Analytics, the number of bridged Y00ts NFTs stood at 11,633 as of March 30th, 2023.
The NFT project is moving from Solana to Polygon to tap into a broader Ethereum ecosystem of collectors. The team is using a carrot-and-stick approach to encourage a speedy migration for all 15,000 NFTs.
According to the announcement, holders who moved in the first 24 hours were eligible to win a BTC DeGod, an NFT from a sister project. Starting April 3rd, holdouts will be subject to a 33.3% “Paper Hands Bridge Tax,” a fine payable by increased royalty fees.
Polygon’s Attraction For Web2 & Web3 Players
According to a January report, in 2022, Polygon became a popular destination for big Web2 and Web3 players, including Meta, Instagram, Reddit, Disney, Coca-Cola, Nike, and more.
In the same year, the blockchain network onboarded nearly 500 Web2 companies to the Web3 space, including popular projects like Coinbase, Robinhood, Phantom Wallet, and Magic Eden.
The migration of Y00ts is another indication of Polygon’s rising influence in the NFT and DeFi space. The migration of NFT projects has increased unique wallets, transactions, and secondary sales volume.
For example, Profile picture NFTs like y00ts saw unique wallets more than triple month-on-month, over 70% gain in transactions, and more than 30% increase in secondary sales volumes in the period to March 15th, according to data compiled by Polygon Labs.
NFT sales on Magic Eden more than tripled from the previous month to about $492,000, with projects like RektDogs leading the way. The y00ts project’s migration provides a perfect opportunity for the project to tap into a new ecosystem and for Polygon to showcase its capabilities in the NFT space.
Nevertheless, as Polygon continues to attract big players in the Web2 and Web3 spaces, it is poised to become a major player in the blockchain world.
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