Frank Degods, the founder of DeLabs and owner of Yoots NFT, received a $3 million funding from Polygon to transition to their blockchain. He emphasized that this grant does not transfer ownership of the Yoots NFT to the Polygon network.
Yoots NFT Migration To Polygon
Frank Degods, the owner of Yoots NFT, received a $3 million funding from the Polygon network to migrate its NFT project to its blockchain. Frank Degods is the mastermind behind Solana’s two largest NFTs in terms of trading volume and floor price, Degods and Yoots.
Frank indicated that the Polygon network funding will be utilized to support the NFT project by employing and building an incubation system that will help back up the NFT project.
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He did, however, admit that his team had been understaffed for some time.
Frank’s first NFT collection was the Degods NFT collection, which took the market by storm with high trading volume and floor price. Soon after, he launched another project called Yoots NFT. The selection process involved filling out a form and holding the project’s native token. The names of those who were chosen were announced on the Discord platform.
With a huge floor price, the YootsNFT launch alone rattled the Solana market and resulted in the biggest trading volume that week.
The Solana market, however, started to trend down after the FTX catastrophe, and projects fell along with it. The Degods founder revealed during this time that he would be migrating to the Polygon network. Frank, however, claimed that this grant carries no risk and designated it as a non-equity grant.
Grant Does Not Demand Ownership
According to Frank, DeLabs’ ownership of the network is not connected to this Polygon grant in any way However, no official statement regarding the Yoots donation has been issued. Polygon, on the other hand, is quite supportive of Frank’s decisions.
Degods’ creator migrated to the Polygon network within a month of the Solana incident. The Solana crisis was catastrophic, and the FTX crash had a significant impact on the blockchain.
Solana was closely associated with Alameda Research, and SBF was one of the major investors in Solana, who also constructed a decentralized exchange on the network that anchored Solana’s activities. This exchange was shut down immediately after FTX was liquidated, which in turn affected Solana.