Dust Labs announced the change of scenery over the weekend
DeGods and y00ts, two leading NFT collections from Dust Labs, will move from the Solana blockchain to Ethereum and Polygon. The Web3 studio wants to bridge all assets around March 2023, while also introducing a launchpad.
In a surprise move, Dust Labs has announced the migration of DeGods and y00ts from Solana to Ethereum and Polygon. Project leader FrankDeGods sees it as a way to ‘explore new opportunities’ and labels the transition as ‘a calculated risk’.
But the step away from the Solana blockchain likely also has something to do with the issues the blockchain has had to deal with this calendar year. It had various outages, and was affected by the aftermath of the FTX downfall.
Dust Labs will move DeGods to Ethereum, while they will bridge y00ts to Polygon. The DUST token will still bind the two communities, and will move to both blockchains. FrankDeGods also revealed that collected points from holding NFTs can be used on an upcoming launchpad platform.
Trading volume shows the hype
Look around on Twitter, and one will get a mixed bag of signals. Some community members are excited, while others see the move as a betrayal to Solana. However, trading volume doesn’t lie.
In the past 24 hours trading volume for DeGods has seen a 203% boost, reaching more than $1 million during this time alone. This puts DeGods in second place, just behind Yuga Labs’ Otherdeed for Otherside metaverse collection.
Over the same time frame y00ts grew its trading volume a whopping 240%, but with less value. With $568,000 in trading volume the y00ts collection outperforms established, blue-chip collections like Meebits, Azuki, CryptoPunks, Pudgy Penguin, CloneX and Doodles.
When looking at trading volume over the past 7 days, DeGods sits on 9th place. The project doubled its total trading volume to $2.37 million this week. At the same time y00ts takes 16th place with a small 32% increase in trading volume.
The challenge of bridging
It’s not without reason that Dust Labs takes 3 months between this announcement and the actual move. They will have quite some work to do, to bridge assets from Solana to Ethereum and Polygon, because they require bridging technology to properly move tokens between blockchains.
As we’ve seen in 2023, bridges are the most favorite target for hackers at the moment. Leading token bridge Wormhole experienced a $325 million hack back in February, caused by an exploit on the bridge between Ethereum and Solana. This year alone DappRadar registered 312 hacks and exploits, resulting in $48.74 billion in stolen funds.
Noteworthy NFT sales from the past week
While the announcement from Dust Labs certainly is the biggest story in the NFT space this week, we’ve also seen plenty of interesting sales.
Utopia – $393,170 / 325 ETH
Acquired 4 years ago for 0.75 ETH, and now sold for 325 ETH. Utopia is an artwork made by XCOPY, one of the leading digital artists in the NFT space. Take a look at the buyer’s wallet.
Wolf #6294 – $128,120 / 105 ETH
Wolf Game is an NFT-powered game on the Ethereum blockchain, allowing players to earn WOOL tokens. Wolves are among the most valuable assets, and just before Christmas one of them sold for 105 ETH on the Blur marketplace. The buyer owns various Pudgy Penguins, Wolf Game items and some RADAR tokens.
Politics is bullshit #61 – $85,620 / 70 ETH
Two years ago digital artist Beeple almost broke the internet by dropping a bunch of NFTs. Politics is Bullshit initially sold for $1 on Nifty Gateway, and now changed hands for $85,620. However, this has not been the biggest sale for an edition of this collection. Two years ago someone paid 333 ETH
Carry your Web3 journey with you
With the DappRadar mobile app, never miss out on Web3 again. See the performance of the most popular dapps, and keep an eye on the NFTs in your portfolio. Your account on DappRadar syncs with our mobile app, giving you soon the option to receive alerts live as they happen.