DeGods NFT Bridges to Ethereum

Breaking News: DeGods, Solana's Largest NFT Collection Migrates to Ethereum

We see a top NFT switch to another blockchain for the first time. What does this mean for the Solana NFT sector?

DeGods is currently the most extensive NFT collection in the Solana blockchain. The team recently announced the migration to Ethereum in Early 2023.

This is the first time we see a top collection making a move like this. As a result, we have seen the floor price of the collection increase from 360 SOL to 465 SOL in 7 days. At the moment of this article, the price for a DeGods NFT is now approximately $5,350. Y00ts is the secondary collection by the same team behind DeGods. Y00ts will be bridging to Pylogon.

Why is DeGods increasing in price lately?

The team behind the project is very good at building social media attention. As the end of the year approaches, the team has focused on releasing a series of news to promote the project, which has caused the prices to increase since the second part of December. In short, here's why the price has increased lately:

  • The recent announcement on bridging to Ethereum in late Q1, 2023.
  • Announcement of the updated art of the NFT referred to as Season III.
  • It's the most traded collection in Solana in total volume.
  • Frank, the founder, was recently doxxed (meaning he revealed his identity), which increased credibility to the community.
  • The new roadmap will be announced in Q1, 2023.
DeGods NFT
DeGods NFT Price Chart

The Controversy
The move to Ethereum means traders must pay gas fees every time they sell/buy a DeGods NFT. Many DeGods community members (and investors) are loyal to the Solana ecosystem. Switching to Ethereum might cause some original holders to move out of the collection. They feel like they have reached a limit in the Solana Blockchain. Frank, the founder, shared during a Twitter space the reasoning behind switching to Ethereum. He believes that migrating to Ethereum will allow them to continue growing rapidly, compared to the Solana Ecosystem. He clarified that he still feels bullish about Solana (including Solana NFTs). But when it comes to DeGods, he believes this is the right path to take.

What is the reaction of the community?
The DeGods community is used for trading without gas fees, and some people are unhappy about the recent announcement. This could be bullish or bearish for the project. Others believe a better decision would have been to switch to the polygon for its low transaction fees.

What impact will this have on the Solana NFTs?
DeGods & y00ts represent a large portion of the total trading volume in Solana NFTs. Now that two top collections will be bridging to Ethereum and Polygon, some people might be worried that the rest of the NFT collections on Solana will be affected by the reduced number of traders. On the other hand, some people argue that the departure of these collections will open the doors for other collections to lead the Solana NFT space. One of the most attractive features of Solana NFTs is the zero transition fees. If Solana recover's from the recent market crash, NFTs will continue to grow. We have seen other collections that keep building despite the markets being down, and the departure of DeGods, will not affect the rest of the collections. The truth is, only time will tell, and we are eager to find out how this turns out in the long term.

To buy or not to buy...
*This is NOT financial advice, and please do your research before investing.

If you are considering purchasing one DeGods NFT, it is wise to wait until the hype of these recent announcements cools down.

You can use tools like Hyperspace, Hellomoon, or Solana Floor to analyze the statistics and activity of the collection. The collection can be purchased at the Magic Eden.

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