On Christmas Day, an announcement by two Solana NFT projects, DeGods and y00ts, sent shockwaves through the community, as the projects announced that they would be migrating on the Ethereum and Polygon blockchains, respectively. The move will occur in Q1 of 2023, with the two being leaps above any other NFT collection on Solana – DeGods has the highest volume on the chain with 2.8 Million SOL, and y00ts follows with 1.3 Million.
DeGods’s project leader stated that “There’s an argument to be made that DeGods has capped out on Solana. If Ethereum is where we have to go to keep growing, it’s what we have to do.” The announcements were met with mixed emotions online, as Solana diehards criticized the move as an ungrateful one, even as the heads of the two projects thanked the community for their support while on the blockchain. After the announcement, most other NFT projects on the chain reiterated their withstanding support and continued faith in Solana, hoping to grow alongside each other and competing for those top slots that are now vacant, therefore making sure that capital will flow throughout other relevant projects such as Cets on Crek.
Following the news, sales of DeGods rose, with the collection’s floor price increasing by 12%, while those of y00ts remained relatively stable. This is unsurprising, especially considering that y00ts’s move to Polygon does not appear to add much more to the project than what their presence on Solana could have guaranteed them, while DeGod’s migration to Ethereum will likely be a more fruitful one. The question now remains: who will take the top spot in Solana’s NFT ecosystem?
