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Solana’s struggles proceed. The FTX fallout, which included heaps of hypothesis across the diploma of Alameda Analysis publicity – which is believed to be within the tons of of hundreds of thousands of {dollars} – has seemingly bled into the blockchain’s NFT scene, too.
Now, two of the main tasks within the Solana ecosystem have introduced their departures to new chains – anticipated to be efficient early subsequent yr.
For Solana, When It Rains, It Pours
Solana has been arguably the highest token of hypothesis surrounding FTX fallout. The token is creeping it’s means out of the highest 25 in prime token market caps, which might’ve been a surprising revelation only a yr in the past – as SOL has lengthy been a prime 10 token.
Token value apart, Solana’s sentiment within the NFT group has been waning; for a lot of months, DeGods and y00ts creator Frank has lengthy teased shifting to new chains. Simply final month, NFT market Magic Eden – which began on Solana solely – introduced integration with Polygon.
Whereas Solana’s momentum has waned in latest months, it’s nonetheless been the largely thought-about ‘#2 participant’ behind Ethereum within the NFT house. Nevertheless, in accordance a brand new announcement on Christmas Day, two of the chain’s greatest NFT tasks, DeGods and y00ts, are headed to new blockchains.
Solana’s market cap dominance (CRYPTOCAP:SOL.D) has taken a serious hit in latest months. The NFT sector has been no exception. | Supply: CRYPTOCAP:SOL.D on TradingView.com
New 12 months, New Look Blockchains
Within the midst of the insanity, Polygon secures yet one more NFT win right here. The chain shall be approaching y00ts with open arms, including the community-first NFT assortment to an ever-growing listing of extra ‘company’ companions and hosts, together with Reddit, Starbucks, and sure – even Donald Trumps latest NFT assortment. After a collection of institutional wins, Polygon now secures a extra community-focused NFT assortment win – and a considerable one at that.
In the meantime, DeGods shall be shifting as much as Ethereum, seeking to compete with ‘large canine’ blue chips that command essentially the most quantity within the NFT house. Frank, creator of DeGods and subsequent y00ts, launched fairly a couple of tweets on the matter, however none the extra optimistic than this one:
Nike, Adidas, Starbucks, Disney, Shopify, NFL, TicketMaster, Reddit, Instagram, Fb, Prada, Dolce & Gabana, FlipKart, Coca-Cola, Adobe, Bentley, Stripe, Draft Kings, 100 Thieves, and that is only a few.
I feel that the @y00tsNFT model simply bought stronger.
However let’s examine 🤷♂️
— Frank III (@frankdegods) December 26, 2022
Regardless for the way it shakes out for Frank’s respective tasks of their new ventures, there’s little doubt that it is a loss for the Solana NFT group. In line with NFT assortment information from CryptoSlam, each DeGods and y00ts have been in prime 20 volumes over every time metric, not together with all-time (24 hours, 7 days, 30 days). They’re the one Solana-based tasks to take action.
Each DeGods and y00ts are anticipated to make their respective migrations to new chains within the first quarter of 2023.
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