The Rise of DeGods NFT Migration: What You Need to Know

It is reported that since 9:30 p.m. EST on Friday, more than 5000 DeGods NFTs have completed the migration from the Solana blockchain to Ethereum. According to the relevant announcement, Dust Labs will bear and pay all migration related gas fees within 24 hours after starting the migration. According to Cryptographic KOL @ Frankdegods, the first DeGods NFT to be migrated to Ethereum has been sold at a price of 11.1 ETH. According to OpenSea data, the current DeGods floor price is 9.555 ETH.

Data: Over 5000 DeGods have been migrated from Solana to Ethereum

NFTs have taken the cryptocurrency world by storm in recent years, with unique pieces of digital art selling for millions of dollars. One of the latest entrants in this world is DeGods NFTs, which recently completed its migration from the Solana blockchain to Ethereum. In this article, we’ll dive into what this migration means for the DeGods NFTs, what impact it may have on the market, and what you need to know.

What is DeGods NFTs?

Before we delve into the migration, let’s get a brief background on DeGods NFTs. These are unique digital art pieces created by Dust Labs, featuring various gods and goddesses across different cultures, such as Greek, Egyptian, and Norse mythology. These NFTs are meant to represent the divine and bring cultural diversity into the NFT market.

DeGods NFT Migration to Ethereum

It is reported that since 9:30 p.m. EST on Friday, more than 5000 DeGods NFTs have completed the migration from the Solana blockchain to Ethereum. This migration was necessary due to the recent congestion on the Solana network, which resulted in high gas fees and slow transaction times. Dust Labs decided to migrate their NFTs to Ethereum, a more established and widely adopted blockchain, to ensure better scalability and liquidity.
According to the relevant announcement, Dust Labs will bear and pay all migration related gas fees within 24 hours after starting the migration. This demonstrates the company’s commitment to ensuring a smooth transition for its users.
It’s important to note that this migration wasn’t automatic. Users who held DeGods NFTs on the Solana blockchain had to manually migrate their tokens to the Ethereum network to continue using and trading them.

DeGods NFT Market Impact

After the completion of the migration, DeGods NFTs have already started trading on the Ethereum network. According to Cryptographic KOL @Frankdegods, the first DeGods NFT to be migrated to Ethereum has been sold at a price of 11.1 ETH, which is approximately $38,522.60 at the time of writing this article.
According to OpenSea data, the current DeGods floor price is 9.555 ETH, which is approximately $33,300.22. This means that the migration hasn’t had a negative impact on the NFT’s value, even though it faced some initial resistance by the Solana community, who saw the migration as a sign of weakness.
The migration to Ethereum has made DeGods NFTs more accessible to a wider audience, as Ethereum has a larger user base than Solana. This will likely increase demand for these NFTs and drive up their value in the long run, as more people become aware of their unique features and cultural significance.

Conclusion

The DeGods NFT migration to Ethereum marks a significant development in the NFT market, highlighting the importance of blockchain scalability and accessibility. Dust Labs’ decision to migrate its NFTs demonstrates their commitment to providing the best possible user experience for their customers. The impact of this migration on the DeGods NFT market has been positive, as seen by the high selling prices and healthy floor prices for these digital art pieces.

FAQs

Q: Why did Dust Labs decide to migrate DeGods NFTs to Ethereum?
A: The migration was necessary due to the recent congestion on the Solana network, which resulted in high gas fees and slow transaction times. Ethereum is a more established and widely adopted blockchain and offers scalability and liquidity benefits.
Q: Do I need to migrate my DeGods NFTs to Ethereum?
A: Yes, if you wish to continue using and trading your DeGods NFTs, you need to migrate them manually to the Ethereum network.
Q: Will the migration to Ethereum affect the value of DeGods NFTs?
A: So far, the migration hasn’t had a negative impact on the NFT’s value, and it may even increase demand and drive up the value of DeGods NFTs in the long run.