NFT project y00ts to return $3M grant as it ditches Polygon for Ethereum

Non-fungible token project y00ts is again switching blockchain networks, only four months after bridging the majority of its NFTs from Solana to Polygon.

DeLabs, the NFT firm behind y00ts,

“We still love Polygon. It’s just time to unite the DeGods & y00ts communities,” y00ts wrote in a statement.

The team has also disclosed it will be returning a $3 million grant from Polygon Labs, which it had received in January from the blockchain firm to support its migration.

“We’re returning 100% of the grant provided by Polygon. The funds will be re-deployed for NFT ecosystem growth to empower builders and creators,” it said.

1. We tried our best to make it work but we just need to bring our 2 communities together.

I would appreciate it if everyone remains respectful of all parties involved.

It’s all love. https://t.co/6AT4SMUT76

— Frank (@frankdegods) August 9, 2023

The news was met with mixed reactions by members of the NFT community.

Some industry pundits offered their support and backing behind NFT project founder FrankDeGods, while others expressed concern about the seemingly diminishing state of Polygon’s NFT ecosystem.

Huge blow to the Polygon NFT ecosystem

but organic NFT demand on Polygon seems nonexistent

I support this choice, feels like it was a no brainer tbh

Happy for y00t holders, this is an easy dub https://t.co/TwWtLTpq26

— Iced (@IcedKnife) August 10, 2023

According to NFT Price Floor, DeGods and y00ts currently boast the 6th and 22nd highest floor prices at 8.66 ETH ($16,065) and 1.35 ETH ($2,465) respectively.

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