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Polygon Labs
March 30, 2023
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Y00ts, one of the biggest NFT projects on Solana, has successfully completed 77% of its migration to a new home on the Polygon network.
The number of bridged y00ts NFTs stood at 11,633 as of March 30, according to Dune analytics. The project allows users to stake their y00ts to collect rewards and 9,456 have already been staked on the Polygon network. More than $766,000 of secondary sales volume has been generated since the migration began.
The team is using a stick and carrot approach to encourage a speedy migration for all 15,000 NFTs. Holders who made the move in the first 24 hours were eligible to win a BTC DeGod, an NFT from a sister project. Starting April 3, the holdouts will be subject to a 33.3% “Paper Hands Bridge Tax,” a fine payable by increased royalty fees.
10,000 y00ts have been migrated to Polygon within the first 17 hours.
— Frank (@frankdegods) March 28, 2023
Y00ts are leaving Solana to tap into a deeper pool of collectors in the broader Ethereum ecosystem. On the Polygon network, the project will share a home with tens of thousands of dApps and some of the biggest Web3 projects, such as Aave, Uniswap, and OpenSea and well-known enterprises, including Robinhood, Stripe and Adobe.
“For an NFT project, being associated with a lot of cool brands, a lot of really smart builders, that just excited us,” y00ts founder Rohun Vora, known as Frank, said on the Bankless podcast. “It’s kind of a no-brainer in 2023 to be launching on Polygon.”
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 15, according to data compiled by Polygon Labs. Much of the increase in the activity is happening on Magic Eden, a cross-chain NFT marketplace that late last year joined the Polygon ecosystem. NFT sales on Magic Eden more than tripled from the previous month to about $492,000, with projects like RektDogs leading the way.
For more data-driven insights on the Polygon ecosystem, tune into the Polygon Blog and our social channels.
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