Solana’s fight continues. The fallout from FTX, which included a lot of talk about how much Alameda Research was exposed (thought to be in the hundreds of millions of dollars), seems to be happening on the blockchain’s NFT scene as well.
Now, two big projects in the Solana ecosystem have said they will move to the new chain. This change is expected to happen early next year.
When it rains for Solana, it rains
Solana may have been the best coin to bet on during the FTX drop. The token’s market capitalization is dropping out of the top 25. A year ago, this would have been shocking news, since SOL has been in the top 10 for a long time.
No matter what the token price is, the NFT community is losing interest in Solana. For several months, DeGods and y00ts creator Frank has been teasing what will happen in the new series. NFT marketplace Magic Eden, which just started on Solana, announced a partnership with Polygon just last month.
Even though Solana’s growth has slowed down in recent months, it is still considered the “#2 player” in the NFT space, behind Ethereum. But a new announcement made on Christmas Day says that DeGods and y00ts, two of the largest NFT projects on the chain, are moving to the new blockchain.
New year, new look blockchain
Here’s another NFT win in the middle of all the chaos. The chain will welcome Y00 with open arms and add the community-first NFT collection to a growing list of more “corporate” partners and hosts, such as Reddit, Starbucks, and yes, even Donald Trump’s recent NFT collection. After a string of institutional wins, an NFT collection that focuses more on the community gets a win, and it’s a big one.
Meanwhile, DeGods is moving to Ethereum to compete with Blue Chips, which has the most volume in the NFT space and is known as the “Big Dog.” Frank, who made DeGods and the games that came after it, like y00ts, tweeted a lot about it, but none were more positive than this:
Nike, Adidas, Starbucks, Disney, Shopify, NFL, TicketMaster, Reddit, Instagram, Facebook, Prada, Dolce & Gabana, FlipKart, Coca-Cola, Adobe, Bentley, Stripe, Draft Kings, 100 Thieves, and that's just a few.
— Frank III (@frankdegods) December 26, 2022
I think that the @y00tsNFT brand just got stronger.
But let's see
No matter what happens with Frank’s related projects in his new businesses, the Solana NFT community will lose out on this. According to CryptoSlam’s NFT collection data, both dgods and y00ts have been in the top 20 for that metric all-time, not including all-time (24h, 7d, 30d). They are the only projects in Solana to do this.
Both DeGods and y00ts are expected to move to the new series in the first three months of 2023.
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