In order to move y00ts to the Ethereum sidechain Polygon, DeLabs, the company behind the well-known Solana NFT collections DeGods and y00ts, has revealed that it has obtained a $3 million grant.
The company’s creator, Frank, also known by the nickname Rohan Vora, said in a message on Discord that DeLabs will use the money to employ staff and start a cryptocurrency incubator to support its NFT ecosystem.
The DeLabs team developed a new profile photo collection called Y00ts after finding popularity with their DeGods PFP collection on Solana.
Hackers were airdropping NFTs to the Solana network to keep!
The money appears to be handed without restrictions, except for the promise to switch to the new network. According to Frank, the money is a “non-equity grant,” which means Polygon won’t get a share in DeLabs in return.
The creator of the business claimed that “DeLabs as a firm has been understaffed for a long.” For us, getting non-dilutive income is important since it gives us a longer runway and greater spending freedom each month.
Although Polygon has not yet made the y00ts grant’s sum public on its social media pages, the company applauds Frank’s choice.
A Polygon representative said, “Polygon fully supports Frank and the y00ts team’s commitment to transparency and we look forward to all the projects that will build on Polygon via their launchpad.”
The transfer by DeLabs from Solana to Polygon and Ethereum only takes place one month after FTX’s demise. A significant investor in Solana and other projects that sprang out of the network, such as the now-defunct decentralized exchange Serum, was the former CEO Sam Bankman-Fried. Serum, which was built by Bankman-Fried and FTX, was the focus of Defi activity on Solana at its height.
Data from CoinGecko show that SOL has fallen 6.5% in the last month and 91% in the last year.
DeLabs was not obligated to utilize Polygon for y00ts, though. DeLabs had looked at “much higher proposals,” according to Frank, but Polygon was selected instead because “it represents the most exciting potential for y00ts as a project.”
Major firms including Starbucks, Coca-Cola, and Disney have partnerships with Polygon. Frank has made hints that y00ts may participate in these significant brand alliances on Polygon in the future.
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