Solana NFT “y00ts” receives 400 million yen subsidy from Polygon

1 year ago 105

Polygon’s Attraction Strategy

It was revealed that the popular Solana-based NFT collection “y00ts” had received a subsidy of about 400 million yen ($3 million) in a strategy to expand to Polygon (MATIC).

US startup DeLabs has revealed plans to expand its PFP (profile picture) NFT collection “DeGods” to Ethereum (ETH) and its 15,000 NFT generative art project “y00ts” to polygons in December 2022. rice field.

Relation:DeGods et al to expand to ETH and polygons

Here is a screenshot of our latest @y00tsNFT Discord announcements. pic.twitter.com/qWxjBsexv6

—Frank III (@frankdegods) January 6, 2023

A statement released by DeLabs founder Frank on Discord on Wednesday said:

DeLabs received a $3 million non-equity grant from Polygon. This funding will be used to expand the DeLabs team and augment the incubators we work with.

The launchpad of the new NFT collection, which will be held at the DeLabs incubator, will be able to use the tokens “y00tpoints” and “DePoints” granted by staking DeGods and y00ts.

Frank also said he had received larger offers, but chose Polygon because he thought it was the best destination for y00ts.

We didn’t choose this deal for the money. It’s just a nice bonus, use it in a way that works for your team. The offer was accepted because it is the most exciting direction for y00ts as a project.

Ethereum (ETH) scaling solution Polygon (MATIC) has won partnerships with major brands such as Starbucks, Coca-Cola, Disney, Nike and Instagram.

With more funding, Frank said, “we can offer cool partnerships/deals/discounts/perks with real businesses.”

Polygon has not made an official announcement, but they have stated the following to the overseas media Decrypt.

Polygon fully supports Frank and the y00ts team’s commitment to transparency. We look forward to all the projects that will be built on Polygon through their launchpad.

DeGods and y00ts ranked top 2 in the weekly ranking of Magic Eden, a major Solana-based NFT electronic marketplace. At the time of writing, the floor prices (bottom prices) of the two NFT collections have each risen by around 10% from the previous day.

Source: Magic Eden

Separately, Dust Labs, a development company derived from the NFT collection “DeGods” project, announced in September 2010 that it had raised 1 billion yen ($7 million) in a seed round through equity and DUST tokens.

association:1 billion yen raised from y00ts-related Dust Labs, Magic Eden, etc.

Solana after the FTX bankruptcy

Solana (SOL), a high-speed L1 blockchain, and the projects built on it are one of the ecosystems that were severely damaged by the bankruptcy of FTX. Cryptocurrency Solana (SOL) is down 90% over the past year.

There is a strong impression that former CEO Sam Bankman Freed (SBF) contributed to the early development of Solana’s DeFi (decentralized finance) use case, such as leading SerumDEX. However, in recent years, not only Solana, but a wide range of ecosystem projects have received funding from FTX.

Solana has developed a separate ecosystem from FTX, with Dog Meme Coin (BONK) soaring 1269.4% in the past week, with over $100 million in trading volume in the last 24 hours at the time of writing. Solana (SOL) was credited with helping the cryptocurrency to recover to $13 from a December 30 low of about $8.

According to the official website, 50% of the BONK token supply is designed to be distributed to NFT holders, Openbook (Serum fork) users, Solana creators and developers. It has gained support from the community, and it has been revealed that it will be integrated as a payment currency for Magic Eden.

The latest data also shows that Solana has surpassed Ethereum and Polygon in daily active addresses among the major L1 chains.

BREAKING: SOLANA CO-FOUNDER @rajgokal CELEBRATES SOLANA DAILY ACTIVE ADDRESSES BEATING OTHER CHAINS pic.twitter.com/FHPJae2wnT

— DEGEN NEWS (@DegenerateNews) January 6, 2023