Skip to main content

2 NFT Projects Plan to Transition From Solana to Alternative Blockchains

2 NFT Projects Plan to Transition From Solana to Alternative Blockchains

Two prominent Solana projects have announced they are transitioning over to new blockchains. The non-fungible token (NFT) venture Degods detailed it will be moving to the Ethereum chain and the Y00ts NFT team detailed it is moving to Polygon. Both teams said the transitions will take place in 2023.

Degods Says NFT Project Will Move to Ethereum, Y00ts Details NFT Venture Is Transitioning to Polygon

The crypto community has been discussing two crypto projects that have said the teams plan to transition their ventures from the Solana blockchain network to an alternative blockchain. Degods is one NFT project that revealed on Twitter it was moving from Solana to the Ethereum network. Launched in October 2021, Degods is an NFT venture that created 10,000 deflationary PFP (profile picture) NFTs. On Twitter the Degods team said:

Degods will officially bridge to Ethereum in Q1 of 2023. The bridge is not the destination. It is on the path to get there.

Interestingly, the team behind the Y00ts NFT collection said it plans to transition over to the Polygon network. “Y00ts will officially bridge to [Polygon] in Q1 2023,” the official Twitter account tweeted on Dec. 25, 2022. The decisions to transition the two NFT projects from one chain to another come at a time where the Solana project itself has been hurt by its former relationships with FTX.

2 NFT Projects Plan to Transition From Solana to Alternative Blockchains

Solana’s native crypto asset solana (SOL) is down 94.2% year-to-date and over the last 30 days SOL has lost 19.7% against the U.S. dollar. Last year, SOL was a top ten crypto asset but the digital currency has been struggling to hold the 18th largest market cap position in more recent times. Seven-day stats show that Solana’s NFT sales are still the second largest out of 19 different blockchain networks, according to cryptoslam.io data.

While Ethereum dominated the last seven days of sales with $129.12 million out of the $154 million in sales, Solana took the second position with its $14.65 million in NFT sales recorded this past week. Meanwhile, Polygon holds the fourth-largest position in terms of NFT sales with $2.38 million.

Defillama metrics shows that there’s $39.42 billion total value locked (TVL) in decentralized finance (defi) today and Solana commands the 12th largest TVL in defi. Solana’s TVL on Dec. 26, 2022 is $216.39 million which equates to 0.55% of the entire TVL locked in defi. Interestingly, the tweets from Degods and Y00ts say the same thing as both teams mention transitioning “has never been done before at this scale.”

What do you think about the two NFT projects transitioning from Solana to different blockchain networks? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/LJNnRF5
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more