Solana’s struggle continues. His FTX fallout, which includes much speculation about the extent of Alameda Research’s exposure, which is believed to be in the hundreds of millions of dollars, seems to have had an impact on her NFT scene on the blockchain as well.
Two major projects in the Solana ecosystem have now announced their departure to new chains. It is expected to come into force early next year.
For Solana, when it rains, it pours
Solana was definitely the top token of speculation around FTX Fallout. The token is breaking out of the top 25 by top token market cap. This was a shocking fact just a year ago, as SOL has been a top 10 token for a long time.
Aside from the token price, sentiment for Solana in the NFT community is waning. For months, DeGods and y00ts creator Frank have long been teasing the move to a new chain. Just last month, his NFT marketplace Magic Eden, which launched exclusively on Solana, announced its integration with Polygon.
Solana’s momentum has waned in recent months, but it is still considered the ‘number two player’ in the NFT space, behind Ethereum. however, new announcement On Christmas Day, two of the chain’s biggest NFT projects, DeGods and y00ts, are heading to the new blockchain.
Solana's market cap dominance (CRYPTOCAP:SOL.D) has taken a major hit in recent months. The NFT sector has been no exception. | Source: CRYPTOCAP:SOL.D on TradingView.com
new year, new look blockchain
In the midst of the madness, Polygon secures yet another NFT victory here. The chain has approached y00ts with open arms, adding his NFT collection, a community first, to a growing list of “corporate” partners and hosts, including Reddit, Starbucks and even Donald Trump’s recent NFT collection of his. To do. After a string of organizational victories, Polygon secured victory for his more community-focused NFT collection.
Meanwhile, DeGods is moving to Ethereum, aiming to compete with the “big dog” blue chip, which has the largest volume in the NFT space. DeGods and later his y00ts creator Frank released quite a few tweets on the subject, but none more optimistic.
Nike, Adidas, Starbucks, Disney, Shopify, NFL, TicketMaster, Reddit, Instagram, Facebook, Prada, Dolce & Gabana, FlipKart, Coca-Cola, Adobe, Bentley, Stripe, Draft Kings, 100 Thieves and more.
I @y00tsNFT The brand has become stronger.
But let’s see 🤷♂️
— Frank III (@frankdegods) December 26, 2022
Regardless of how Frank’s respective project in the new venture rocks, there is no doubt that this is a loss for the Solana NFT community. According to CryptoSlam’s NFT collection data, both DeGods and y00ts are in the top 20 volumes for each hour metric that does not include all hours (24 hours, 7 days, 30 days). These are the only Solana-based projects to do so.
Both DeGods and y00ts are scheduled to move to their respective new chains in Q1 2023.