"DeGods" and "Y00ts," two of the top non-fungible token (NFT) projects on the Solana SOL/USD platform, have announced that they will be leaving the SOL ecosystem.
The DeGods team will be switching to Ethereum ETH/USD, while Y00ts will migrate to Polygon MATIC/USD, both in the first quarter of the year.
DeGods will officially bridge to Ethereum in Q1 of 2023.— DeGods III (@DeGodsNFT) December 25, 2022
The bridge is not the destination.
It is on the path to get there. pic.twitter.com/Wy8CbGx5VZ
According to the project's leader, Rohun Vora, also known as Frank, the decision to leave Solana was driven by the desire to achieve higher growth rates.
DeGods and Y00ts are two of the most popular collections in the Solana NFT market, with DeGods commanding the highest floor price (around $5,750) at the time of writing, and Y00ts (DeGods' sibling PFP line) having a floor price of around $1,660.
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Sales of DeGods increased after the announcement, causing the floor price of the collection to rise by 12% as of Monday. Sales of Y00ts have remained relatively steady, with the floor price only rising by 5 SOL (around $55).
According to data from Magic Eden, in the week prior to the announcement, DeGods and Y00ts accounted for over 70% of total Solana NFT sales.
There was significant discourse and disagreement on Twitter leading up to the transfer, with some members of the Solana NFT community expressing opposition to the exit, while the collection's owners mostly supported the move.
There were speculations on Twitter that the DeGods team approached the Solana Foundation for $5 million to remain on SOL at the Miami Art Basel fair in early December.
“What is the worst-case scenario here? An exploit on the bridge contract,” Vora said of the move's technical challenges.
"We want to do [the migration] as soon as possible, shooting for Q1, but we have to make sure it’s airtight. Bridges are notorious for issues around stuff like this," he said in a Twitter Space on Monday.
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