At the time of writing, over 11,000 NFTs were moved to Polygon network.
y00ts, a non-fungible token (NFT) collection created by DeLabs and consisting of 15,000 generative art pieces, has started migration from the Solana blockchain to the Polygon network.
The migration began on March 28th and is set to complete on April 3rd.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is an NFT? (Explained with Animations)
The move was initially announced in December 2022, with Polygon giving DeLabs a $3 million grant to facilitate the migration. It is anticipated that the move to Polygon will reduce network fees and speed up transaction times.
y00ts will use a cross-chain bridge to facilitate the transfer of the 15,000 generative art collection. Holders of the NFTs can visit the y00ts website and connect their wallets to begin the migration.
To encourage y00ts holders to migrate, DeLabs has disabled network fees for the first 24 hours. The team will also give y00ts holders a chance to win Ordinals-based DeGods NFTs.
On top of that, DeLabs activated the free staking function and will give holders $5 in USDC for each y00t they list on Magic Eden. Those that miss the deadline of April 3rd to move their NFTs to Polygon will have to pay 33.3% "Paper Hands Bridge Tax."
y00ts projects leader, Rohun Vora, took to Twitter to comment on the migration. In his tweet, Rohun Vora noted that the transition to Polygon comes with risks.
I know that this is a risk. I don’t know what’s going to happen today, tomorrow or throughout the first few weeks. But I know we’re going to make it work. The short-term might be out of our control, but the long-term is completely in our entire community’s control.
Data from NFT marketplace OpenSea shows that over 11,000 y00ts have moved to Polygon. The floor price for the collection is around 1.8 ETH (approximately $3,200).
