The blue-chip NFT collection y00ts, DeGods’ sister project, finally initiated its transition from Polygon to Ethereum less than 24 hours ago.
Following generating significant excitement since the bridge’s initial announcement in August, the chain switch rapidly garnered humungous attention. An astonishing 4,600 y00ts holders migrated their assets from Polygon to Ethereum within the first seven hours of being feasible via http://bridge.y00ts.com.
4600 y00ts have already migrated in the first 7 hours.
y00ts show up. pic.twitter.com/nLhjDD4Iej
— Frank (@frankdegods) October 16, 2023
Incentivizing Early Adopters to Evolve
Onboarding y00ts collectors to quickly switch from Polygon to Ethereum, the NFT project is generously covering all gas fees for first movers within the first 24 hours of viability.
Further incentivizing early adoption, 10 y00ts NFTs will randomly be distributed to wallets that switch chains within the first day. Notably, such assets have a floor price of approximately $1225 (0.775 ETH), as per OpenSea.
Additionally — boosting y00ts holders to act promptly in the next week — the NFT project is imposing a royalty fee of 33.3% starting October 22.
Tech Boosts and Imminent Upgrades
y00ts partnered with Wormhole Crypto’s cross-chain NFT standard to ease this transition, offering a safe and effective process for holders. Moreover, users can access all verified y00ts links with ease through Phantom shortcuts, including the popular bridge link.
However, it’s important to note that Ethereum validation can take up to an hour before minting, with a 30 y00ts migration limit per user. The waiting room advises users to “just chill”, stating the “y00ts are in transit. You can leave this page and come back later.” In comparison, minting on Polygon is much swifter, validating such transactions within just seconds. System enhancements regarding this setback are in the works.
Another critical differentiation to be aware of is that y00tpoints will operate exclusively on the Ethereum network. Staking y00ts on ETH is not necessary; just holding them in a wallet is sufficient enough.
y00ts’ dedication to becoming the leading cross-chain NFT community is becoming a reality, with the goal of scaling up through Bitcoin after the Polygon and Ethereum transfer fulfillment. The overarching target of y00ts’ creators, Dust Labs, is to cultivate a diverse and thriving NFT ecosystem — one of which is readily available across a multitude of blockchain networks.
Want more? Connect with NFT Plazas
Join the Weekly Newsletter
Follow us on Twitter
Like us on Facebook
Follow us on Instagram
*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Digital art fanatic who brings a unique perspective to NFT news.
Credit: Source link