The NFT Blockchain Battle Heats Up
Article source, here.
TL;DR
Since Monday, over 70% of the y00ts NFT collection has moved from Solana to Polygon.
y00ts co-founder said it’s easier to forge partnerships when your project is on the same blockchain as the companies you're partnering with and Starbucks, Nike, Disney and Reddit had all built on Polygon.
The DeGods CEO said: "If we're gonna be the biggest, most popular NFT collection in the world, you're gonna have to be on Ethereum."
It seems like blockchains are sort of 'branding' themselves - becoming known for something.
Full Story
Since Monday, over 70% of the y00ts NFT collection has moved from Solana to Polygon.
Tomorrow (Friday) the DeGods NFT project is moving from Solana to Ethereum.
Why would any NFT project move from one blockchain to another?
y00ts co-founder, Frank, said in an interview with Decrypt that the number of companies that had chosen to build NFT projects on Polygon was the driving factor.
Companies like Reddit, Disney, Nike, and Starbucks.
It's easier to forge partnerships when your project is on the same blockchain as the companies you're partnering with.
Smart, strategic play.
(And the $3M grant from Polygon Labs probably didn't hurt either).
For DeGods, their CEO said: "If we're gonna be the biggest, most popular NFT collection in the world, you're gonna have to be on Ethereum."
Bold words given that, while Ethereum is the original smart contract platform, it has also been criticized for having much higher transaction fees than networks like Polygon and Solana.
Here's our take:
Taking a step back, it seems like there's something larger going on.
It seems like blockchains are sort of 'branding' themselves - becoming known for something.
Polygon: the platform for corporate NFT projects.
Ethereum: the platform for luxury NFT projects.
So where does that leave Solana?
While they've created some valuable technology, that's only one part of the equation.
Let's see how things shake out from a business perspective.