The Solana-based non-fungible token (NFT) collection DeGods has begun its migration to Ethereum. Nevertheless, activity on the Solana network continues to increase and traders are anticipating a price increase on Ethereum, just like with the Y00ts collection.
DeGods move for Ethereum blockchain
DeGods, the largest collection of non-fungible tokens (NFTs) based on the Solana blockchain, has begun its migration to the Ethereum blockchain on Saturday morning in Hong Kong. While one might think that this transition would affect trading, nope, activity on the network shows an increase in activity of nearly 2.9% over the past 24 hours.
Since Friday, DeGods NFT owners have made more than $2.19 million in sales, marking the highest amount since NFTs were originally issued in October 2021, according to data from CryptoSlam.
This increasing activity suggests that traders are anticipating a rise in the price of DeGods on Ethereum, just as has been the case with Y00ts, whose base price has risen by more than 50% since NFTs began landing on Polygon, according to CoinGecko data.
NFT collectors looking for alternatives to Solana?
DeGods is a deflationary collection that started with an issue of 10,000 NFTs and had a base price of SOL 939 (US$19,940), registering a 29.6% increase in the 24 hours to 13 hours in Hong Kong, according to CoinGecko data. With this transition to Ethereum, the base price is around 10.4 ETH (US$19,000).
An announcement that is not new though, as Los Angeles-based NFT DeLabs, the company behind DeGods and Y00ts, announced the migration of projects to their designated blockchains in December 2021.
This decision to migrate to Ethereum could indicate a growing trend of NFT collectors looking for alternatives to Solana. DeGods' migration comes after Y00ts, DeGods' sister project, began its migration to Polygon, with around 80% of the project already moved, according to data from Dune Analytics. In addition, DeLabs has received a $3 million grant from Polygon to facilitate the migration, which is bound to make a difference.
Moreover, this migration could also be seen as a signal of confidence in the Ethereum ecosystem for its security and resilience, which has been particularly appreciated lately due to its ability to handle high transaction volumes. Ultimately, NFT collectors will be the main beneficiaries of this migration, as it will allow them to access larger and more diversified markets to buy and sell NFTs.
