Ethereum (ETH) rival blockchain Solana (SOL) is taking another bear market hit as its two biggest non-fungible token (NFT) projects announce a migration to other chains.
On Christmas day at nearly the same time, Solana-based NFT projects y00ts and DeGods III announced on Twitter that they are bridging to Ethereum and Polygon (MATIC) next year.
Both projects are created by Los Angeles-based NFT creator DeLabs. First, y00ts announced they are bridging to Ethereum scaling solution Polygon.
“y00ts will officially bridge to Polygon in Q1 2023.”
One minute later, DeGods III, the self-described number-one community on Solana, made a similar announcement.
“DeGods will officially bridge to Ethereum in Q1 of 2023.
The bridge is not the destination.
It is on the path to get there.
The details of the bridge will be released when it’s ready & tested. This has never been done before at this scale.
We want to make sure that it’s airtight.
In the meantime, we will be releasing the Season III roadmap in January (for real this time).”
According to crypto data from DappRadar, DeGods III is the top Solana NFT collection with $1.5 million in 24-hour sales volume. y00ts is the second largest collection with about half of DeGods’ sales volumes at $786,000. Both collections are created by the same NFT artist, Rohun Vora, who goes by “Frank DeGods.”
SOL is currently trading for $11.99, down approximately 96% from its all-time high.
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Featured Image: Shutterstock/Alberto Andrei Rosu/WhiteBarbie
Source: https://dailyhodl.com/2022/12/26/solanas-two-biggest-nft-projects-moving-to-ethereum-eth-and-polygon-matic-as-sol-approaches-yearly-low/