Hit hard by the FTX collapse, Solana’s woes continue as two of its top NFT collections have decided to move to rival chains. Solana has been the second choice after the natural Ethereum for NFT projects, but things are taking a turn. DeGods (created by y00ts founder) and Magic Eden will soon bridge their way to Ethereum and Polygon respectively. Magic Eden is a marketplace for NFTs.
The departure of DeGods will be a major event, for this is the #1 NFT collection community on Solana.
y00ts will officially bridge to @0xPolygon in Q1 2023. pic.twitter.com/Mnz25dJko1
— y00ts (@y00tsNFT) December 25, 2022
What is y00ts?
As per its official website: “y00ts is a generative art project of 15,000 NFTs. it is our love letter to the Web3 community. designed to be aesthetic.”
For Polygon, this will be another win in a series, after fetching the Donald Trump NFT collection and big names like Reddit and Starbucks.
Solana, which has always been in the top 10 ranks of cryptocurrencies, has been in troubled waters after the FTX collapse began unfolding in November. The two platforms had deep ties – holding each other’s tokens in millions. FTX built its Serum token and software on Solana. As if expected, a crypto exchange backed by Solana, Raydium, was hit with a hacking exploit.
After its all-time high reached in the first week of November, the Solana coin has lost over 90% of its value. By market cap, as of today it occupies the #16 rank, in the company of Shiba Inu, Tron, and Uniswap.
Solana has been among the favoriites and an alternative to Ethereum for building decentralized apps or dApps. As of now, it is fast losing that status, and the NFT sale decline adds to its ongoing woes.
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