One of the most successful Solana NFT projects, y00ts, just moved its 15K collectibles to Polygon. Accordingly, the project founders at DeLabs received a whopping $3 million from Polygon for their decision. Now, the team is trying to convince y00ts holders to move their NFTs to Polygon with contests, free staking, and more. Watch out: you must pay a 33.3% extra “Paper Hands Bridge Tax” if you don’t move your assets before April 3rd!
From Solana to Polygon: Why Did y00ts Make the Move?
The past 48 hours have been intense for the y00ts team and their community. On March 28th, the project founders officially announced their migration from Solana to Polygon. Their other successful Solana project, DeGods, will move to Ethereum soon.
In essence, this is one of the biggest changes for the project since its launch in September 2022 – one that brings both rewards and downsides. The reward, in this case, is a $3 million grant from Polygon for the move.
According to y00ts founder Rohun “Frank” Vora, the team will use these funds to scale their latest features, including the utility of y00tpoints.
It was also Frank the one to open up about the risks of yoots’ Polygon migration:
“I know that this is a risk. I don’t know what’s going to happen today, tomorrow or throughout the first few weeks. But I know we’re going to make it work. The short-term might be out of our control, but the long-term is completely in our entire community’s control,” he said in a statement.
Although this shift was announced last December, many community members were still surprised – but why?
What Does the Shift Mean for y00ts Holders?
Now that y00ts migrated to Polygon, their NFT holders community must do the same – one way or another. Surprisingly, the founding team is putting in lots of effort into convincing holders to make a move. For example, each holder can win an Ordinals-based DeGods NFT from the Bitcoin network. In addition, every user to have their y00t listed on the NFT marketplace Magic Eden gets $5 USDC.
Don’t want to move your y00ts NFT? There will be consequences. Accordingly, every holder who will not move their collectible by April 3 will face a 33.33 tax called “Paper Hands Bridge Tax.” This extra fine will be available through higher royalty fees.
So far, these incentives seem to work, though. Recent data from OpenSea shows that about 10k y00ts NFTs have already been migrated to Polygon. All in all, collectors and investors should definitely keep an eye out for y00ts and DeGods this month!
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
