Y00ts with DeGods got a $3M for a move from SOL to MATIC chain

Key points: 

• DeLabs, the Los Angeles-based startup behind popular NFT projects DeGods and Y00ts, received a $3 million blockchain migration grant from Polygon.
• Y00ts, a generative art project with a circulation of 15,000 NFTs, and DeGods, a digital art collectible with a circulation of 10,000, are top projects built on the Solana blockchain.
• DeGods would be moving to the Ethereum blockchain, and Y00ts would be moving to Polygon.
• This money will be used to expand the DeLabs team across departments such as business development, graphic design, content creation, and event coordination. 
• According to NFT marketplace Magic Eden, sales of DeGods and Y00ts accounted for nearly 70% of Solana’s total NFT sales in the days leading up to the announcement.

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DeLabs, the Los Angeles-based startup behind popular non-fungible token (NFT) projects DeGods and Y00ts, received a $3 million blockchain migration grant from Polygon.

Y00ts, a generative art project with a circulation of 15,000 NFTs, and DeGods, a digital art collectible with a circulation of 10,000, are top projects built on the Solana blockchain. Last week, the team behind the collection announced they would be leaving the Solana network, DeGods would be moving to the Ethereum blockchain, and Y00ts would be moving to Polygon.

A DeGods representative previously told that Polygon paid for the relocation through a grant from its Partnership Fund. On Friday, project leader Rohun Vora, also known as Frank, confirmed the $3 million grant.

"DeLabs received a $3M non-equity grant from Polygon to fund the expansion of the DeLabs team and to launch and initially scale the incubator we are building so you can spend y00tpoints and DePoints to shape our incubator's NFT collection, "He's on the Y00ts discord channel. Y00tpoints and DePoints are tokens offered to NFT holders.

Vora further explained that the money will be used to expand the DeLabs team across departments such as business development, graphic design, content creation, and event coordination. He added that with the increased capital, the startup can "launch higher value projects" and "offer really cool partnerships/deals/discounts/perks with real companies."

The move has dealt a blow to Solana, whose native cryptocurrency SOL has fallen since peaking at $258 in November 2021. On Friday, SOL was hovering around $13.

“There is a narrative that [DeGods] quit Solana,” Vora said in a Twitter Space announcing the move last week. According to NFT marketplace Magic Eden, sales of DeGods and Y00ts accounted for nearly 70% of Solana’s total NFT sales in the days leading up to the announcement.

The announcement also marks a victory for Polygon, which has successfully integrated several major brands and projects over the past few months. Starbucks (SBUX), Nike (NKE), Reddit, Instagram, and DraftKings have all launched projects on Polygon in the past year.