Polygon Paid $3 Million to y00ts NFT Collection to Leave Solana

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Last Updated on January 7, 2023 by Bitfinsider

DeLabs, the company behind for the top Solana NFT collections DeGods and y00ts, has disclosed that it has won a $3 million grant to migrate y00ts to the Ethereum sidechain Polygon.

According to a statement made on Discord by DeLabs’s founder Frank, nicknamed Rohun Vora, the cash will be used for employment and the development of a cryptocurrency incubator to promote the company’s NFT ecosystem.

Y00ts is a spinoff collection of profile picture NFTs created by the DeLabs team, which originally achieved popularity with their DeGods PFP collection on Solana.

Aside from the planned transition to the new blockchain, the funds appear to arrive with no restrictions. Frank stated that the monies are a “non-equity donation,” which means that Polygon would not receive an interest in DeLabs in exchange.

DeLabs has been understaffed for some time, according to the company’s founder. “Securing a prolonged runway with non-dilutive capital is enormous for us because it allows us to be a little less cautious with our monthly burn rate.”

While Polygon has not yet made the y00ts grant amount public through its own social platforms, the company supports Frank’s choice.

“Polygon completely supports Frank and the y00ts team’s commitment to transparency, and we look forward to all of the projects that will utilize their launchpad to build upon Polygon.”

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