The DeLabs team, which launched y00ts and DeGods NFT collections, received a $3 million grant from Polygon Blockchain to migrate from Solana.
DeGods & y00ts NFT Founder Rohun Vora aka Frank III announced the deal initially on the collection’s official Discord channel and later posted the statement on his Twitter account.
Frank III said in a statement that the team was approached with offers for even greater amounts than Polygon, but chose to work with Polygon because it would be the ideal platform for the NFT collections.
“We didn’t take this deal for the money. That’s just a nice bonus and we will use it effectively. We did this because it’s the most exciting direction for y00ts as a project. Also, if you are really upset — all I ask is to just channel that energy into genuine questions before just automatically assuming the worst,” Frank III noted.
Polygon awarded DeLabs the non-equity grant to initiate and expand the incubator they are developing, which will allow users to spend y00tpoints and DePoints to mint the incubator’s NFT collections.
Also Read: Top Solana NFT project DeGods will Move to Ethereum in 2023
Frank III stated that the funds would be utilized to expand the DeLabs team in areas including business development, graphic design, content creation, and event planning.
He noted that with more funding, DeLabs would be able to launch higher-quality projects and provide very exciting collaborations, deals, discounts, and perks with real businesses.
Solana is significantly affected by the migration of y00ts and DeGods, while also dealing with the fallout from the FTX collapse. The Solana ecosystem plummeted almost 98% to $210 million, from its peak of $10.17 billion in November 2021, and is yet to recover.
