DeGods, the largest Solana-based non-fungible token (NFT) collection by all-time sales volume, started its migration to the Ethereum blockchain on Saturday morning in Hong Kong.
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Fast facts
- Despite the migration, activity on the Solana network has been increasing, with the Forkast Solana Composite, a measure of the Solana NFT market, rising by 2.9% over the past 24 hours.
- On Wednesday, DeGods’ sister project y00ts began its move to Polygon. Around 80% of y00ts had already completed the move, according to data from Dune Analytics.
- DeGods owners completed over US$2.19 million in sales on Friday alone, marking the highest amount since the NFTs were initially minted in October 2021, according to CryptoSlam, the data arm of Forkast Labs.
- The rising activity may indicate traders anticipating DeGods’ price to rise on Ethereum, just as it has with y00ts, whose floor price is up by more than 50% since the NFTs began to land on Polygon, CoinGecko data shows.
- The deflationary collection, which began with a 10,000 NFT mint, had a floor price of 939 SOL (US$19,940), experiencing a 29.6% surge in the 24 hours leading up to 1 p.m in Hong Kong, according to CoinGecko data. DeGods on Ethereum had a floor price of 10.4 ETH (US$19,000).
- DeLabs, the Los Angeles-based NFT firm behind DeGods and y00ts, announced the projects’ moves to their designated blockchains in December 2021, which was the same month that Solana’s native coin, SOL, dipped below US$10 for the first time since early 2021. The startup received a US$3 million grant from Polygon to migrate blockchains.
- The migration of DeGods from Solana is expected to drain around US$200 million, the estimated market capitalization of the NFT collection, from the blockchain.
See related article: Top Solana NFT projects find new homes on Ethereum, Polygon