The y00ts non-fungible token (NFT) project recently decided to transition its blockchain network once again. This time, they have moved from Polygon to Ethereum. Interestingly, this shift comes only after four months of migrating the majority of their NFTs from Solana to the Polygon network.
In an announcement posted on its official Twitter account on August 9, y00ts disclosed its forthcoming migration to Ethereum, coinciding with the launch of its DeGods NFT collection. The project’s statement emphasized that while the move is underway, they will be taking the step of returning the entire $3 million grant they had received from Polygon.
The grant will be reallocated to stimulate the growth of the NFT ecosystem, providing vital support to builders and creators within this domain. The project emphasized its strong affinity for the Polygon network, clarifying that the decision to migrate to Ethereum aims to foster unity between the DeGods and y00ts communities. The specific date for the migration is expected to be announced in the near future.
The y00ts NFT collection has recently undergone its second significant migration within a relatively short period. In April, the majority of the NFTs transitioned from Solana to Polygon, following the project’s initial announcement of its blockchain transition plans in December. The official migration process began on March 28, and by March 30, Polygon reported successfully bridging 11,633 out of a total of 15,000 y00ts NFTs.
The y00ts project’s decision to transition to Ethereum highlights the dynamic nature of the NFT landscape. It exemplifies how projects continually strive to optimize their offerings and communities within the evolving blockchain ecosystem.
Polygon Price Analysis
The market has shown a visible but modest response as news breaks about the y00ts NFT project’s migration to Ethereum. According to the latest data from CoinMarketCap, the price of Polygon (MATIC) is currently at $0.688328.
During the past 24 hours, the value of the cryptocurrency decreased by 0.33%. Polygon currently holds the #11 position in CoinMarketCap’s ranking among other cryptocurrencies.
This standing is determined by its market capitalization, which currently amounts to $6 billion. The circulating supply of MATIC coins is reported to be 9,319,469,069 out of a maximum supply of 10,000,000,000 MATIC coins.
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