Huge NFT collections abandon Solana and move to Ethereum and Polygon
- DeGods and Y00ts NFTs to bridge from Solana to Ethereum and Polygon collectively.
- NFT community members say that the move is as risky as it is promising for the NFT market.
In a shocking announcement on Twitter, DeGods NFT art collection has revealed that it is cutting ties with Solana. Going forward, DeGods explains that the new year will see it exiting the platform, and moving into the Ethereum NFT marketplace.
Taking to its official Twitter account, DeGods explains that the bridge to Ethereum is not a final destination.
DeGods will officially bridge to Ethereum in Q1 of 2023.
The bridge is not the destination.
It is on the path to get there. pic.twitter.com/Wy8CbGx5VZ
— DeGods III (@DeGodsNFT) December 25, 2022
Once the bridge has fully been tested, an in-depth breakdown of the transition process will be made available to the public, it added.
As seen in the follow-up tweet ;
“The details of the bridge will be released when it’s ready & tested. This has never been done before at this scale.
We want to make sure that it’s airtight.
In the meantime, we will be releasing the Season III roadmap in January (for real this time).”
DeGods is a digital art collection and global community of creators, developers, entrepreneurs, athletes, artists, experimenters, and innovators.
Similarly, Y00ts NFTs have also followed DeGods steps. In a tweet posted around the same time as DeGods, Y00ts reveals it is bridging to Polygon.
y00ts will officially bridge to @0xPolygon in Q1 2023. pic.twitter.com/Mnz25dJko1
— y00ts (@y00tsNFT) December 25, 2022
In a follow-up tweet, Y00ts also makes it clear that their top priority, for now, is to test, verify and scale before finalizing. In the meantime, their 2023 roadmap will be made available in January of next year.
NFT community members display dissatisfaction following the announcement
The reception of the new development, from the NFT Twitter community, has reflected mixed sentiments.
While some community members are excited about the future, and what could precede the decision to migrate, others are worried that Solana’s credibility might suffer in the long run.
While one user maintains that Polygon doesn’t have a promising NFT ecosystem, others have their eyes peeled for the advantage that Polygon will have over Solana’s NFT ecosystem.
One Twitter user is quoted saying ;
“I’m very intrigued- this could honestly be bullish for many reasons (partnerships, big brand collabs, gaming, 1st mover advantage, etc). But will be an uphill battle getting peeps to trade on poly. If anyone can do it it would be dust labs tho”
On the other hand, concerns are being raised by NFT collectors and creators, who highlight the ongoing bear trend in the market. According to these collectors, the announcement being made by both platforms during this time may trigger FOMO from market participants.
However, expectations for NFTs are largely bullish for 2023. As such, it remains left to be seen, whether the bullish expectations will be attained or surpassed.
