Top NFT projects are quit, Solana. Is Solana dead?
The migration of Solana's top two NFT projects to Polygon and Ethereum is set for the first quarter of 2023 on an opt-in basis.
NFT firm Dust Labs is migrating its two top-performing Solana NFT projects DeGods and Y00ts one Polygon and Ethereum in a bid to expand their adoption.
The official News was published on the DeGods and y00ts Twitter page on Dec 25 with both NFT projects expected to be bridged onto Ethereum and Polygon respectively in the first phase of 2023.
Rohun Vora is the creator of DeGods and y00ts who is known by the alias Frank expresses the decision was made to explore new opportunities and allow for the continued growth of the collection. the move will also see the DUST token used to buy, sell and mint NFT on the DeGods ecosystem as well bridged into Polygon and Ethereum.
It's just the beginning. pic.twitter.com/F3vxzXQAOy— Frank III (@frankdegods) December 25, 2022
Vora confirmed that two NFT projects will remain on Solana for the time being and in a separate post responding to a Twitter user confirmed that the bridge/migration will be owner opt-in.
According to Vora 66,000 listeners was simply a matter of getting the NFT projects on the platforms that he sees will drive the next wave of NFT adoption.
The intense battle for intellectual property (IP) between streaming services like Netflix, Disney Plus, and HBO Max suggests that the streaming service that secures the best IP will ultimately win the lion's share of viewers which attracts better projects.
"They're trying to get the best IP on their streaming services because that IP is ultimately going to drive the growth on that platform"
Once you get enough IP on the platform it becomes virtuous cycle users want to be on Netflix because that's just the brand and the place to be.
He said a similar battle is playing out between various blockchains that are trying to build the best NFT platforms that as NFTs are driven by attention there is an opportunity for virtuous cycles that would create a network effect for NFT projects.
Vora expressed his bullish view on Polygon for NFTs was influenced by the fact that Disney, Adidas, Nike, and Reddit chose Polygon as their NFT platform choice.
Also, Vora said that he had received grant offers from many other platforms which were much larger than what was offered by Polygon providing y00ts with the best opportunities moving forward.
“Polygon by far was one of the lowest, if not the lowest in terms of dollar value, but we went with Polygon because we see a lot of opportunity on a strategic level and that’s what excites me and should excite you holders more than anything.”
The news has only added to the growing list of concerns for Solana, which has been the total locked (TVL) on the ecosystem fail 97.88% from a peak of $10.17 billion to $215M currently.
Anatoly Yakovenko a Solana co-founder shared his bittersweet feeling on this news that the NFT projects would no longer 100% focus on Solana his 223,600 Twitter followers on Dec 26,
But, controversial figure Ben 'Bitboy' Armstrong and a fair share of his 1 million Twitter followers weren't so optimistic about Solana's future with 70% of 11,881 voters in a poll voting 'yes' is Solana dead.
Let’s check the temperature on #solana now that the top 2 NFT projects are leaving $SOL.— Ben Armstrong (@Bitboy_Crypto) December 26, 2022
Is Solana dead?
According to DappRadar the y00ts and DeGods NFT collections are ranked first and second in terms of fiat transaction volume on Solana over the last 30 days.
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