Will Polygon be the best migration option for NFT projects like y00ts?

Recently, DeGods, the Solana ecological NFT project, tweeted that it will be bridged to Ethereum in the first quarter of next year, and its second-generation project y00ts will also be bridged to Polygon in the first quarter of next year, and will release a more formal y00ts: Season 2 next month route map. Affected by this news, DeGods and y00ts saw their 24-hour trading volumes increase by 207.74% and 303.67%, respectively.

DeGods is a blue-chip project of Solana NFT. Its innovative mechanism of gameplay has brought it more than ten times the increase, and it has also made DeGods one of the strongest communities in the entire Solana NFT ecosystem. However, due to the close relationship between the Solana ecology and FTX, the entire Solana ecology is now affected, and DeGods is not immune. Since the FTX incident, its floor price has fallen by more than 70%, and "escape" from Solana to other public chains has become an important step in its planning.

Regardless of the number of users, transaction volume or liquidity, Ethereum has always occupied a dominant advantage, and it is also the first choice for NFT developers. Therefore, it is not surprising that DeGods migrated to Ethereum.

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Polygon's approach to NFT layout

In terms of laying out NFT, Polygon is quite far-sighted.

First, it became one of the first integrated public chains of Opensea besides Ethereum. With its cheap cost and fast transaction experience, it attracted many NFT users. The transaction volume once approached or even surpassed Ethereum, and gradually became the second largest number of NFT users. ecology.

Later, Polygon Studios was established, determined to expand the blockchain game and NFT territory. So far, more than 36 projects have been invested. Almost all of these projects are deployed on the Polygon chain.

Although in the bear market, Polygon's data in all aspects fell, and the NFT market was not so active.But Polygon also sees a new breakthrough, accelerating the establishment of partnerships with Web 2 and traditional enterprises.In the past few months, Polygon has attracted a large number of well-known brands, and has already cooperated with top brands such as Coca-Cola, Starbucks, Draftkings, Meta and so on.

Among them, the NFT series Reddit Collectible Avatar issued by Reddit on Polygon ushered in a peak transaction volume in a short period of time, and once reached 25% of the entire mainstream market transaction volume. At present, the total number of Reddit Collectible Avatars has exceeded 7 million, and the total number of holding addresses exceeds 5 million.

As a major Web 2 online site, Reddit has more than 1.5 billion registered users, 430 million monthly active users, and 52 million daily active users. Although the number of addresses held by Reddit NFTs is small compared to its daily active users, theThis attempt will not only allow many Web 2 companies with a wait-and-see attitude towards NFT to follow suit and create a new narrative about NFT, but also expand the user base and improve liquidity for Polygon.Vora, the founder of DeGods, also said that Polygon's active cooperation with well-known brands is one of the reasons for their choice.

besides,Polygon also captures star power.

In the last round of NFT bull market, we witnessed the power of the star effect-not only brought real traffic to NFT, but also profoundly affected the price of NFT. Since NFT has its own cultural and entertainment attributes, star effects are mostly concentrated in celebrities in entertainment media and other fields. This time, Polygon launched an NFT collection of former US President Trump. It is not without precedent to cooperate with political and business celebrities to deploy NFT, such as Twitter founder Jack Dorsey's tweet NFT, Musk's ELONGATE, etc. Although the sales of these NFTs are not entirely ideal. However, the Trump NFT was sold out within 6 hours of its launch, and once topped Opensea's 24-hour trading list. According to Nansen's data, more than 332,000 users minted NFT on Polygon during the week of NFT's release. Perhaps driven by this, Polygon's average daily transaction volume has surpassed that of BNB Chain.

Polygon took advantage of exactly these advantages, gaining traction in the early few hype cycles. Data shows that the number of transactions on the Polygon chain has exceeded 960 million, and 234,000 contract creators have deployed 778,000 smart contracts. As of December 26,secondary title。

Major Project on Solana Announces Support for Polygon

Before y00ts, major projects in the Solana ecosystem had already announced support for Polygon. For example, Phantom, a single-chain wallet originally dedicated to Solana, announced support for Ethereum and Polygon to expand its service scope, and officially upgraded from a single-chain wallet to a multi-chain wallet.

And Magic Eden, the largest NFT market in the Solana ecosystem, also announced that it will integrate with Polygon, and will first launch Launchpad and Marketplace on Polygon to provide support for the ecosystem of game developers and creators on the Polygon chain.

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Is Polygon the best choice?

Although Polygon has performed well recently, y00ts still faces many doubts about migrating to Polygon.

First of all, Polygon is facing technical problems, such as the 11-hour network interruption due to node failure in March and the loss of user funds due to loopholes in the Polygon PoS creation contract. Whether it is an ideal bottom layer in terms of security. However, the final stage of the Polygon zkEVM public test network launched by Polygon in October this year has also been launched. According to the official statement, this technology can significantly increase the transaction volume per second of Polygon. The main network will be launched soon, which can be regarded as a technical breakthrough for Polygon. .

Second, there are rumors that y 00 ts decided to move to Polygon because they asked the Solana Foundation for $5 million, which was rejected, and therefore accepted funding from Polygon. Polygon is paying with a grant from its Partners Fund, which is expected to last for a year. But Degod founder Frank III has denied claims of asking for funds.

According to Frank III, “this decision was made to “explore new opportunities” and allow for continued growth of the series, another experiment in putting NFT projects on platforms that he believes will drive the next wave of NFT adoption.” problem. He will do what is best for the survival of his company. So when the time comes and the opportunity aligns, they may make a change again."

Of course, although there are various signs that Polygon is attracting everyone's attention, this does not mean that NFT will not explode on other chains in the future. Sometimes all it takes to kickstart an ecological explosion is a project or product that is special enough to trigger traffic growth. Judging from the recent wind direction, Polygon is actively undertaking projects, funds and traffic.