Solana’s top two NFT projects will be migrated to Polygon and Ethereum on an opt-in basis in the first quarter of 2023.
Dust Labs is migrating its two top-performing Solana NFT projects, DeGods and y00ts, to Ethereum and Polygon in order to broaden their adoption.
The announcement was made on the DeGods and y00ts Twitter pages on December 25, with both expected to be officially bridged onto Ethereum and Polygon in the first quarter of 2023, respectively.
DeGods and y00ts creator Rohun Vora, also known as Frank III, stated that the decision was made to “explore new opportunities” and allow for the collections’ continued growth. The DUST token, which is used to buy, sell, and mint NFTs on the DeGods ecosystem, will also be bridged onto Ethereum and Polygon.
Vora confirmed that two NFT projects will remain on Solana for the time being, and confirmed that the bridge migration will be owner “opt-in” in a separate post in response to a Twitter user.
Vora explained to 66,000 Twitter followers on December 26 that it was simply a matter of getting the NFT projects on the platforms that he believes will drive the next wave of NFT adoption.
In his reasoning, he drew parallels to the intense battle for intellectual property (IP) between streaming services such as Netflix, Disney Plus, and HBO Max, implying that the streaming service with the best IP will eventually win the lion’s share of viewers, attracting better projects.
“They’re trying to get the best IP for their streaming services because that IP will ultimately drive the platform’s growth.”
“Once you get enough IP on the platform, it becomes a virtuous cycle; people want to be on Netflix just because it’s the brand and the place to be,” he added.
He stated that a similar battle is taking place between different blockchains in order to build the best NFT platforms, noting that because NFTs are driven by attention, there is an opportunity for “virtuous cycles” to create a network effect for NFT projects.
“From there, the metrics, volume, and liquidity will follow,” he says.
Vora attributed his positive outlook on Polygon for NFTs to the fact that Disney, Adidas, Nike, and Reddit all chose Polygon as their NFT platform of choice.
Vora also stated that he had received grant offers from numerous other platforms, the majority of which were significantly larger than what Polygon was offering, but Polygon provided y00ts with the best opportunities moving forward.
“Polygon was by far the lowest in terms of dollar value, if not the lowest, 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.”