NFT collection Y00ts plans Ethereum migration prompting 350% trade volume boom NFT collection Y00ts plans Ethereum migration prompting 350% trade volume boom
Y00ts said it would return the $3 million grant it received from Polygon.
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Updated: Aug. 10, 2023 at 10:26 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polygon-based (MATIC) NFT collection y00ts said it would migrate to Ethereum (ETH) and return the $3 million grant it previously received from the layer2 network, according to an Aug. 10 tweet.
y00ts did not provide additional information on when the migration would occur. It said:
“The migration date will be announced shortly.”
Meanwhile, the NFT collection explained that it was migrating to the layer1 blockchain network because it was “time to unite the DeGods & y00ts communities.”
The founder of the projects, Rohun Vora, aka Frank DeGods, further stated that the move was necessary to unite the communities on one network. He said:
“We tried our best to make it work but we just need to bring our 2 communities together. I would appreciate it if everyone remains respectful of all parties involved.”
DeGods and y00ts NFT collections were launched by DeLabs originally on Solana (SOL). The NFT collections became widely popular on Solana and cemented its status as a blue-chip digital asset.
However, DeLabs migrated the two projects in April—moving DeGods to Ethereum, while y00ts went to Polygon.
Trading volume soars
News of the planned migration has helped y00ts trading volume and floor price to increase in the last 24 hours.
According to CoinGecko data, y00ts floor price jumped 7.6% to 1.83 ETH, around $3,365 as of press time, while its trading volume soared by more than 350% to 171.15 ETH, roughly $316,604.
However, Cryptoslam data shows that volume might be much higher, with the NFT data aggregator reporting $432,023 from 124 transactions.
Meanwhile, its sister collection, DeGods, saw its trading volume and floor price drop during the same period, according to CoinGecko data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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