Solana’s struggles continue. The fallout from FTX, which included heaps of speculation about Alameda Research’s degree of exposure – believed to be in the hundreds of millions of dollars – has apparently also bled into the blockchain NFT scene.
Now two of the main projects in the Solana ecosystem have announced their departures to new channels – which should be effective early next year.
For Solana, when it rains, it rains
Solana was arguably the biggest sign of FTX spinoff speculation. The token is on its way out of the top 25 of major token market caps, which would have been a shocking revelation just a year ago – as SOL has long been in the top 10 tokens.
Aside from the token price, sentiment for Solana in the NFT community has diminished; For many months, DeGods and y00ts creator Frank has long teased the move to new channels. Last month, NFT Marketplace Magic Eden – which started on Solana only – announced the integration with Polygon.
While Solana’s momentum has waned in recent months, he remains the widely regarded “player #2” behind Ethereum in the NFT space. However, according to a new ad On Christmas Day, two of the chain’s biggest NFT projects, DeGods and y00ts, are heading to new blockchains.
Solana's market cap dominance (CRYPTOCAP:SOL.D) has taken a major hit in recent months. The NFT sector has been no exception. | Source: CRYPTOCAP:SOL.D on TradingView.com
New year, new blockchains
Amidst the madness, Polygon scores another NFT win here. The channel will approach y00ts with open arms, adding the community’s first NFT collection to an ever-growing list of “corporate” partners and hosts, including Reddit, Starbucks, and yes – even Donald Trump’s recent NFT collection. . After a string of institutional wins, Polygon now gets a more community-focused NFT collection win — and a substantial win at that.
Meanwhile, DeGods will move to Ethereum, looking to compete with the “big dog” blue chips that command the most volume in the NFT space. Frank, creator of DeGods and subsequent y00ts, has posted quite a few tweets about it, but none are more optimistic 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 some.
I think the @y00tsNFT the brand has just been strengthened.
But let’s see 🤷♂️
— Franck III (@frankdegods) December 26, 2022
Regardless of how it goes for Frank’s respective projects in their new ventures, there’s no doubt that it’s a loss for the Solana NFT community. According to CryptoSlam’s NFT collection data, DeGods and y00ts were in the top 20 volumes on every time metric, not counting all time (24 hours, 7 days, 30 days). They are the only Solana-based projects to do so.
DeGods and y00ts are expected to make their respective migrations to new channels in the first quarter of 2023.