DeGods NFT Migration to Ethereum: Impact on NFT Trading Volume
DeGods NFT, a popular NFT project, has officially migrated from Solana to Ethereum on April 1, 2023. This migration has not been without controversy, as it faced challenges from Dust Labs. In the last 24 hours since the migration, the impact on Ethereum NFT trading volume has been closely monitored to assess how DeGods NFT has fared in its new home.
DeGods Makes a Move to Ethereum
DeGods had previously announced its migration from Solana to Ethereum, and it has now followed through with the move. The project had pledged to cover gas fees for the first 24 hours of the migration to smoothen the transition. Users also had the option to prioritize their migration by covering the gas fees themselves, to make the process as seamless as possible.
Last year, Dust Labs made a surprising announcement regarding the migration of DeGods and y00ts from Solana to Ethereum and Polygon, respectively. This move was motivated by a desire to explore new opportunities, according to project leader Frank DeGods. The decision to shift away from Solana’s blockchain may have been influenced by the challenges faced by the platform over the past year.
How DeGods Fared So Far
According to CoinMarketCap, sales for DeGods on the Ethereum network have been relatively slow. As of this writing, the project has only achieved a trading volume of around 0.5%, with 17 sales representing roughly 6%. However, there is a silver lining, as the number of owners has already exceeded 700. It’s important to note that DeGods has only just migrated to the Ethereum network, so these figures may not be as impressive as some other NFT projects.
An analysis of Unique Active Wallets (UAW), transactions, and volume data on DappRadar revealed that DeGods experienced a decline in activity. According to the graph, the most recent recorded activity was on March 26. The decline could be due to various factors, such as the migration to Ethereum or changes in market sentiment. In contrast, the y00ts NFT collection enjoyed a successful start on the Polygon network.
According to CoinMarketCap’s latest data, the y00ts project achieved impressive results within a 24-hour timeframe on the Polygon network. The volume increased by over 190%, while sales more than doubled. Additionally, the project has already attracted over 1,300 owners.
Impact on Solana and Ethereum NFT Trades
Data from Santiment indicated that there has been a notable increase in NFT trade volume in USD on both Solana and Ethereum. As of this writing, the trade volume on Solana reached approximately $5.4 million. Moreover, there was a visible spike in NFT trade volume on the Solana network since March 17.
In addition to Solana, the Ethereum network has also seen a noticeable increase in NFT trade volume since March 17, according to Santiment’s data. As of this writing, the NFT trade volume in USD on Ethereum reached around $7.8 million.
