NFT
The DeGods NFT community has caused quite a stir in the NFT realm. After Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club, and Moonbirds, the collection has risen to the top six most valued NFT collections across all chains. The collection has almost 950 distinct owners and is one of the most popular Solana projects on both OpenSea and Magic Eden.
The effect on Ethereum NFT trade volume was meticulously tracked in order to determine how DeGods NFT performed in its new home.
Its companion initiative, y00ts, which debuted in September 2022, had comparable success and drew the attention of various celebrities, including Allen Iverson, Wayne Rooney, and Howie Mandel. Polygon, an Ethereum scaling network that has lately garnered popularity with companies including Starbucks, Meta, and Nike, will get y00ts. The DUST ecosystem coin, which is linked to both projects, will also be linked to Ethereum and Polygon.
The migration procedure is straightforward: the user deletes the original NFT on Solana and recreates it on the new chain.
While the NFT market is now weak, these two collections, worth hundreds of millions of dollars, were both developed by DeLabs which opted to quit Solana in December. Yet, there are many superior alternatives to Solana. Not always Polygon or Ethereum. Let’s find out why with Coincu.
Background
DeLabs founder Rohun “Frank” Vora launched his next social experiment on December 25, saying that DeGods NFTs will be bridged over to Ethereum, the biggest and most valuable NFT market, featuring initiatives such as the Bored Ape Yacht Club and CryptoPunks.
In the meanwhile, y00ts will be transferred to Polygon, an Ethereum scaling network that has lately garnered momentum with companies such as Starbucks, Meta, and Nike. The DUST ecosystem coin, which is linked to both projects, will also be linked to Ethereum and Polygon.
Meanwhile, a Reddit post alleges that DeGods and y00ts asked the Solana Foundation for millions to remain on the blockchain. The user u/real_mooshi also claimed that Polygon reportedly paid $5 million to bridge y00ts. The user also stated the amount Ethereum paid is unknown.
Meanwhile, according to a Reddit thread, DeGods and y00ts petitioned the Solana Foundation for millions of dollars to stay on the blockchain. Polygon apparently paid $5 million to bridge y00ts, according to user u/real_mooshi. The individual further mentioned that the amount paid via Ethereum is unclear.
Solana is increasingly gloomy
Anatoly Yakovenko, the co-founder of Solana, addressed the subject of Solana outages. Although Yakovenko said that the network’s stagnation is the main problem and focus for engineers, the industry is anxious about how 2023 will unfold.
Outages that cause transaction delays struck the network more than once in 2022. Solana has crashed eight times since its launch in March 2020, either to memory overflow, malfunctions, or power outages. Solana was brought down for many hours in May. In June, another outage was observed. In October, the network was brought down by another validator problem. So yet, Ethereum and Polygon have not reported any such issues with their chains.
While Its supporters see numerous technical advancements, no one can argue that it compromises the most fundamental attribute of the blockchain, decentralization. Combined with the FTX storm behind Solana, the money and aspirations were not met, and the ecological development was ultimately inappropriate.
Running certain practical items on Solana may be a little competitive, but NFT collectibles are entirely supported by consensus. This results in low competition and a difficult ecosystem to move up.
The team behind Solana, on the other hand, had claimed that their new validator will boost network dependability in the following year. Something that would place Solana on the same level as Ethereum. As concerns about network reliability linger, Solana has announced its 2023 strategy.
Price activity in the market has remained moderate in the wake of the FTX crash. The market capitalizations of Ethereum, Polygon, and Solana position them second, ninth, and eighteenth, respectively.
Polygon is proving more and more powerful
Solana and Polygon’s scalability has piqued the interest of not just blockchain app developers but also retail investors. Both blockchain platform tokens have grown significantly in the last year, making their way into the top 15 currencies by market valuation.
Polygon is a blockchain platform that is scalable and runs on the Ethereum virtual computer. The popular blockchain platform caters to developers’ demands by giving them tools for creating scalable decentralized apps with improved speed and user experience.
The blockchain platform’s speed and dependability have aided its rapid growth in the gaming industry. One of the reasons y00ts shifted to Polygon might be this. Moreover, Polygon has attracted 3 million dollars in funding, but the deeper reason is that Polygon has drawn several conventional industry giants such as Starbucks, Disney, Nike, Reddit, and so on.
Successive y00ts may form cooperative relationships with them, making it easier to participate in joint naming, and this is a very substantial market.
As investors saw congestion problems on Ethereum, Polygon, and Solana made waves in the NFT industry. Although each blockchain network is attempting to improve the NFT ecosystem, there are a few significant distinctions that distinguish them.
Polygon is like a city where more and more foreign corporations have come in, and these companies have also drawn elites from the supporting industrial chain, so this city is virtually a foregone conclusion.
Ethereum has been a solid home for NFT projects for a long time
While there are various Ethereum assassins, they all aim to undermine Ethereum’s performance. Ethereum’s consensus is second only to Bitcoin’s for the foreseeable future. Ethereum’s community culture continues to attract the greatest developers.
Among other blockchain networks, Ethereum is the frontrunner, and NFTs were born on the Ethereum blockchain. As a consequence, NFTs sell for a much higher average price, and artists prefer them over other platforms.
The Ethereum blockchain dominates the decentralized finance (DeFi) sector because to its extremely secure network and data design, with the majority of NFT applications operating on it as ERC-721 tokens. Moreover, the blockchain gives NFTs significant exposure to a huge and developing industry. Moreover, NFT systems should remain Ethereum virtual machine compatible in order for Ethereum wallets such as Metamask to support them.
Polygon is more suited for fashionable NFT collectibles, whereas NFT collectibles with genuine value must still be on Ethereum. Only the Ethereum consensus can garner enough support to establish ownership of original digital creations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
