January 10, 2023
By Sharan Kaur Phillora
Top non-fungible tokens developer DeLabs got a $3 million grant from Polygon to migrate its NFT projects -DeGods and y00ts- to the layer-2 network from Solana
Here’s what we know:
In a discord post, the project leader Frank revealed y00ts got $3 million in a non-equity grant from Polygon for the migration.
When the announcement was made in December, Frank said the migration was because the projects had capped out on Solana. He added that It’s hard to accept, but it’s been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it’s what we have to do.”
In the 30 days prior to the announcement, Y00ts were the top performing collection in terms of volume on the Solana blockchain. Their counterpart, DeGods, sat at #2 on this front.
Frank DeGods shared a screenshot from the Y00ts Discord community. It announced what the team plans to be doing with the money. Noting that he wouldn’t be “purchasing a lambo”, he confirmed that the money was provided to them via a grant to grow the DeLabs team, with a focus on the scaling of Y00ts’ incubator to allow for users to spend ‘Y00tpoints’ on collections within the incubator.
According to the statement, the funding will be spent on expanding the DeLabs team. It would also be used “to kickstart and initially help scale the incubator” the project was building for its NFT collections. According to Frank, the incubator will allow users to “spend y00tpoints, and DePoints to mint [its] incubator’s NFT collections.”
Besides that, the expansion will allow DeLabs to create higher quality projects and “provide actually cool partnerships/deals/discounts/perks with real businesses.”
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.