Solana Downfall Ahead? DeGods, y00ts Daily Vol Spikes Over Bridging Update

The global crypto market is looking clueless at this point as the investors’ interest has dropped to a new low. Non-fungible token (NFT) market has already taken a huge blow this year. However, Solana Ecosystem is the latest in the list which became the target of this toppling market.

Will NFTs migration impact Solana?

Two of the most important NFT projects based on Solana announced that they will be migrating to other chains.

DeGods announced that it will be bridging to Ethereum (ETH) most probably in the first quarter of 2023. It mentioned that bridge is not the destination but it is on the path to get there. However, the details will be released when it’s ready and tested. It will be releasing the Season III roadmap by January.

However, since the announcement DeGods’ daily volume spiked by more than 187%. As per Nansen, its average price went up from 426 Solana to 566 Solana which is a surge of 33%. It added that many holders have sold all of their DeGods while others are adding more.

While y00ts will be officially migrating to Polygon in the first quarter of 2023. The details will be released after the testing. The formal roadmap for y00ts Season 2 will be out in January.

As per the data, after opting to switch to Polygon, y00ts daily volume surged by 442%. Its average price dropped from 167 Solana to 155 Solana. However, it jumped back again to 171 Solana.

Nansen mentioned that a total of $23.7 billion worth of NFTs have been minted and traded just o Ethereum in 2022. While its weekly volume reached $1.6 billion back in May.