{"id":1448,"date":"2023-01-07T08:26:32","date_gmt":"2023-01-07T08:26:32","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/01\/07\/polygon-paid-y00ts-nft-collection-3-million-to-leave-solana-2\/"},"modified":"2023-01-07T08:26:32","modified_gmt":"2023-01-07T08:26:32","slug":"polygon-paid-y00ts-nft-collection-3-million-to-leave-solana-2","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/01\/07\/polygon-paid-y00ts-nft-collection-3-million-to-leave-solana-2\/","title":{"rendered":"Polygon Paid y00ts NFT Collection $3 Million to Leave Solana"},"content":{"rendered":"
\n

DeLabs, the startup behind top Solana NFT collections DeGods and y00ts, has revealed that it received a $3 million grant to move y00ts to the Ethereum sidechain<\/span> <\/span>Polygon<\/span><\/a>.<\/span><\/p>\n

According to a statement published on Discord by founder Frank, aka Rohun Vora, DeLabs will put the funds toward hiring efforts and launch a crypto incubator to support its NFT ecosystem. <\/span><\/p>\n

Y00ts are a spinoff profile picture NFT collection from the DeLabs team, which first found success with its <\/span>DeGods PFP collection<\/span><\/a> on Solana. <\/span><\/p>\n

The money seems to come with no strings attached besides the promised move to the new blockchain. Frank said the funds are coming in as a \u201cnon-equity grant,\u201d meaning Polygon is not receiving a stake in DeLabs in exchange.<\/span><\/p>\n

\u201cDeLabs as a company has been understaffed for a while,\u201d said the DeLabs founder. \u201cSecuring extended runway with non-dilutive capital is huge for us, because it means we can be a <\/span>little<\/span><\/i> less conservative in our monthly burn.\u201d<\/span><\/p>\n

While <\/span>Polygon<\/span><\/a> has not yet publicized the y00ts grant sum on its own social channels, the firm is supportive of Frank\u2019s decision.<\/span><\/p>\n

\u201cPolygon fully supports Frank and the y00ts team\u2019s dedication to transparency and we look forward to all of the projects that will build on Polygon via their launchpad,\u201d a Polygon spokesperson told <\/span>Decrypt<\/span><\/i> via email.<\/span><\/p>\n

DeLabs\u2019 move away from Solana to Polygon and Ethereum comes just a month after the collapse of FTX. The company\u2019s former CEO, Sam Bankman-Fried, was a major investor in Solana and various projects building on the network, including the now-defunct <\/span>decentralized exchange Serum<\/span><\/a>. Bankman-Fried and FTX built Serum, which at its height was the backbone of all DeFi activity on Solana.<\/span><\/p>\n

The Biggest NFT Moments of 2022<\/a><\/p>\n

SOL is down 6.5% in the past month and down 91% in the past year, per CoinGecko <\/span>data<\/span><\/a>. <\/span><\/p>\n

But Polygon wasn\u2019t DeLabs\u2019 only option for y00ts. Frank said that \u201cmuch larger offers\u201d had been under consideration but that DeLabs chose Polygon for y00ts because \u201cit\u2019s the most exciting direction for y00ts as a project.\u201d<\/span><\/p>\n

Polygon has secured deals with major brands such as Starbucks, Coca-Cola, and Disney. Frank has teased that y00ts will play a role in those big-brand partnerships on Polygon in the future.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

DeLabs, the startup behind top Solana NFT collections DeGods and y00ts, has revealed that it received a $3 million grant to move y00ts to the Ethereum sidechain Polygon. According to a statement published on Discord by founder Frank, aka Rohun Vora, DeLabs will put the funds toward hiring efforts and launch a crypto incubator to […]<\/p>\n","protected":false},"author":1,"featured_media":1449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=1448"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/1449"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=1448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=1448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=1448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}