Solana’s NFTs are disappearing as major projects leave

Since yOOTs and DeGods are about to leave, Solana has lost its top two NFT projects to other networks.

Solana’s Non-Fungible Token (NFT) section, which has been its most successful this year, has lost two of its major projects, causing the community to be branded “Eth killer.”

Over the weekend, yOOts and DEGods confirmed months of rumours by announcing that they will both be leaving the Solana network. In the first quarter of 2022, yOOTs will move to Polygon, while sibling project DeGods will move to Ethereum.

The announcement has generated diverse responses from the community and the teams so far. Some members of the Solana community are saddened by the departure of the projects; however, others believe that the network’s frequent hacks and outages, among other problems, are to blame.

Rohan Vora, the project’s head, said that the move was for the project’s expansion in 2023.

It may be said that “[DeGods] has reached his limit with Solana. We find that difficult to accept, yet it has been challenging to expand at the pace we would want. We need to adopt Ethereum if that’s the path to further success.”

After receiving a grant from Polygon’s collaboration fund, yOOts opted to relocate to the media company for financial reasons. The duration of the award is said to be one or two years, although more information is concealed from the public.

This year, Solana’s NFT initiatives competed head-to-head with Ethereum and, despite overall network difficulties, achieved higher transaction volumes in some months. Solana’s loss of yOOts and DeGods will be very costly. Since yOOts and DeGods together represent 70% of the network’s NFT revenues, this is a major blow to the network’s financial stability.

The price of DeGods, which is now the highest on the network at 515 SOL, increased by 12 percent on the announcement that it would be on Ethereum in 2019. Additionally, yOOts has a 5% increase as a result of its anticipated cooperation with Polygon.

Polygon, a Layer 2 blockchain, had a successful partnership year in 2022, securing massive collaborations with Instagram, Reddit, Nike, and Starbucks, and it hopes to begin 2023 on a high note with yOOts. 

Also Read: Bitcoin And Ethereum Open The New Year On A Flat Note, But Analysts Remain Bullish

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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