The favored y00ts non-fungible token (NFT) mission is shifting from the Solana blockchain to the Polygon community. This transformation goals to make transactions faster and lower down on community charges.
Y00ts made the official announcement in December, ending months of guesswork. DeLabs, the Los Angeles startup chargeable for y00ts and its sibling mission DeGods, bought a $3 million grant from Polygon to assist with the transfer. DeGods can be leaving Solana and plans to attach with Ethereum.
Launched in September 2022, y00ts is utilizing a cross-chain bridge to deliver its 15,000-edition generative artwork assortment to Polygon. To start out the migration course of, present holders can go to the y00ts website and hyperlink their wallets.
To encourage holders to maneuver their NFTs to Polygon, DeLabs will not be charging community charges for the primary day. The staff can be giving y00ts holders an opportunity to win a DeGods NFT primarily based on Ordinals and recorded on the Bitcoin community. Staking shall be free, and holders will get $5 USDC for every Y00t listed on the Magic Eden NFT marketplace. If holders don’t transfer their NFTs by April 3, they’ll face a 33.3% “Paper Palms Bridge Tax” as a penalty, which can end in larger royalty charges.
Rohun Vora, the mission’s chief referred to as Frank, shared on Twitter that the transfer will not be with out threat. “I do know that it is a threat. I don’t know what’s going to occur at this time, tomorrow, or all through the primary few weeks. However I do know we’re going to make it work,” he wrote. “The short-term is likely to be out of our management, however the long-term is totally in our total community’s management.”
OpenSea reviews that just about 10,000 y00ts have already moved to Polygon. The gathering’s ground value is about 1.8 ETH, or round $3,200.
This transfer marks one other success for Polygon, which retains rising its partnerships with massive names like Starbucks, Nike, Reddit, Instagram, and DraftKings.
Incessantly Requested Questions
What’s the Y00ts NFT mission?
Y00ts is a well-liked non-fungible token (NFT) mission that includes a 15,000-edition generative artwork assortment. It was initially launched on the Solana blockchain and not too long ago migrated to the Polygon community.
Why did Y00ts migrate from Solana to Polygon?
The Y00ts NFT mission migrated to Polygon to allow sooner transactions and scale back community charges, providing a extra environment friendly and cost-effective expertise for its customers and collectors.
How can I migrate my Y00ts NFTs to Polygon?
Emigrate your Y00ts NFTs to Polygon, go to the official y00ts web site and join your pockets. The platform will information you thru the migration course of utilizing a cross-chain bridge.
What incentives had been supplied to Y00ts holders for migrating to Polygon?
Y00ts holders had been supplied waived community charges for the primary 24 hours, an opportunity to win an Ordinals-based DeGods NFT inscribed on the Bitcoin community, free staking, and $5 USDC per Y00t listed on Magic Eden.
What occurs if a Y00ts holder doesn’t migrate their NFTs to Polygon?
Holders who didn’t migrate their NFTs to Polygon by the desired deadline had been topic to a 33.3% “Paper Palms Bridge Tax,” leading to a positive payable by elevated royalty charges.
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