Y00ts NFTs Bid Farewell To Polygon, Embarking On Ethereum Migration

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.

CoinMarketcap

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.

Related Reading | SEC Moves To Challenge Ripple Ruling, Seeks Appeal On XRP’s Security Status

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