y00ts’ migration: Off to a flying start on Ethereum
The y00ts’ NFT collection began its transition from the Polygon to the Ethereum blockchain. With a strong start in the initial 24 hours, this migration is drawing considerable attention.
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Bridging the two worlds
In the wake of the anticipated move, y00ts astutely erected a bridge connecting the Polygon and Ethereum realms. This digital conduit, accessible via Phantom Shortcuts, heralded the start of the migration, though the nuts and bolts of the feature remain enshrouded in a bit of mystery.
To sweeten the pot for early adopters, the y00ts administration bore the gas fees on day one, pushing the excitement further into overdrive. The clock, however, is ticking; users have until October 22, 2023, to hop onto the Ethereum bandwagon or face a hefty 33.3% royalty fee. And, as a cherry on top, some lucky users stood a chance to bag more y00ts if they made the move within the opening day.
The move in numbers and mechanics
On the heels of October 16, 2023, a staggering 4,600 y00ts holders made the leap to Ethereum within just the first day. The temptation of sidestepping gas fees, coupled with the prospect of securing ten additional y00ts, became a compelling draw for many. As indicated by the renowned NFT marketplace OpenSea, these assets have a base price of roughly $1225 (or 0.775 ETH).
In a bid to smooth out the transition, y00ts collaborated with Wormhole Crypto’s cross-chain NFT standard. However, prospective migrants are advised to be patient; Ethereum’s validation process can take up to an hour, with a transfer cap set at 30 y00ts per individual.
Backstory and $3 million decision
Before the Polygon-Ethereum transition, y00ts resided on the Solana blockchain. The driving force behind this shift to Ethereum was the aspiration to merge the vast DeGods and y00ts communities Given DeGods’ significant presence on Ethereum, this move strategically aimed to unite these two digital titans.
Beyond the technical aspects, y00ts showcased its commitment to integrity by returning a substantial $3 million grant to Polygon, a decision that resonated in the crypto community.
y00ts post-migration
y00ts, under the guidance of Dust Labs, is both making transitions and setting a precedent. Their vision of crafting a diverse, vibrant NFT ecosystem that transcends multiple blockchains is taking shape. This migration, technical in nature, showcases the dynamic realm of digital assets and the continuous drive for innovation.
