Solana NFT projects DeGods and y00ts announce migration to Ethereum, leading to a significant increase in trading volume

After the announcement of DeGods and y00ts migration, both the average price and trading volume have significantly increased. However, it was also revealed that they demanded 5 million USD from the Solana Foundation in order to stay.

The top NFT projects DeGods and y00ts announced their migration to Ethereum and Polygon on 12/26. The official tweet stated that the migration will take place in the first quarter of 2023, with detailed technical details to be released after testing. They will also release the roadmap for the third quarter at the same time, promising that this time it will be delivered.

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).

— DeGods III (@DeGodsNFT) December 25, 2022

Trading Volume and Average Price Surge

These two projects are spearheaded by NFT creator Rohun Vora, known under the pseudonym Frank DeGods, with their floor prices ranking high on the Solana blockchain. After announcing the migration, prices have surged once again.

Blockchain data analytics firm Nansen pointed out that DeGods' daily trading volume has grown by 187%, with the average price increasing from 426 SOL to 566 SOL, a 33% rise.

y00ts also saw a 442% increase in daily trading volume, with the average price rising from 155 SOL to 171 SOL.

Nansen mentioned that despite the price increase, on-chain data indicates that more "Smart Money" is taking advantage of the increased liquidity to offload their holdings of DeGods and y00ts.

Following the announcement that DeGods would be switching to Ethereum, its daily volume increased by 187% 📈

The average price went up from 426 SOL to 566 SOL (+33%) pic.twitter.com/5UZZfiD5zP

— Nansen 🧭 (@nansen_ai) December 27, 2022

Previously Requested $5 Million from Solana Foundation

Earlier rumors circulated that the DeGods team had requested $5 million from the Solana Foundation to stay on Solana. A CoinDesk report confirmed that representatives from the Solana Foundation verified this, although the DeGods team declined to comment.

Project lead Rohun Vora mentioned that the migration costs were covered by a donation from a collaborative fund on Polygon, and transaction details will be disclosed later, emphasizing that the sponsorship amount is not as significant as speculated.