DeLabs Received $3M to take Y00ts Collection to Polygon

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It was recently announced that popular Solana NFT project, Y00ts, had moved to Polygon. Now, with the latest news and details, it was announced that Y00ts’ owners, DeLabs, received $3 million to do so from Polygon directly.

Quick Take:

  • Popular Solana NFT project, Y00ts, recently made the move to Polygon.
  • The project received $3 million from the blockchain, according to a recent announcement.
  • The money was given in order to support the growth of the team, and their switch of blockchains.

The Initial Move to Polygon for Y00ts

A couple of weeks ago, it was announced that Y00ts, owned by DeLabs, would be moving to the Polygon blockchain. At first, it was assumed that they just did this after looking at the various benefits of Polygon, and took a risk to grow their project further.

Also, at the same time, DeGods, who are also owned by DeLabs, announced that they would be migrating to the Ethereum blockchain.

On Christmas day, Frank, the founder of DeLabs, released a video on Twitter thanking the Solana community. The video said: “In order to grow, we need to explore new opportunities.” It also announced that the changes will be made in late Q1 of the new year.

In the 30 days prior to the announcement, Y00ts were the top performing collection in terms of volume on the Solana blockchain. Their counterpart, DeGods, sat at #2 on this front.

About the $3 Million Deal

Yesterday, Frank DeGods shared a screenshot from the Y00ts Discord community. It said announced what the team plans to be doing with the money. Noting that he wouldn’t be “purchasing a lambo”, he confirmed that the money was provided to them via grant to grow the DeLabs team, with a focus on the scaling of Y00ts’ incubator to allow for users to spend ‘Y00tpoints’ on collections within the incubator.

He also confirmed that they would be “putting out a job board shortly”, noting that the company had been understaffed for a while and the money would help out significantly.

Frank added: “I’m sure there will be tons of slander on Twitter about the reasoning behind this decision. There were much larger offers on the table from other blockchains. We didn’t take the deal for the money. That’s just a nice bonus and we will use it effectively. We did this because it’s the most exciting direction for y00ts.”

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