The DeLabs team, which is responsible for the introduction of the y00ts and DeGods NFT collections, was awarded a grant of $3 million by Polygon Blockchain in order to shift away from the Solana platform.
Rohun Vora, also known as Frank III, the founder of DeGods and y00ts NFT, originally made the announcement of the transaction on the collection’s official Discord channel. Later, he shared the news on his Twitter account.
Frank III stated in a statement that the organization was presented with bids for even higher sums than Polygon, but they decided to collaborate with Polygon because they believed it would be the best venue for the NFT collections.
“We didn’t take this 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 as a project. Also, if you are really upset — all I ask is to just channel that energy into genuine questions before just automatically assuming the worst,” Frank III noted.
The non-equity grant was given to DeLabs by Polygon so that they may begin and extend the incubator that they are constructing. This incubator will enable users to spend y00tpoints and DePoints to mint the NFT collections that are housed inside the incubator.
Frank III claimed that the cash will be used to grow the DeLabs team in areas such as business development, graphic design, content production, and event organizing. He also mentioned that the monies would be used to purchase equipment.
He said that if DeLabs had further capital, the company would be able to develop projects of a better quality and provide really interesting opportunities for cooperation, partnerships, discounts, and rewards with actual companies.
In addition to coping with the aftermath of the collapse of FTX, the migration of y00ts and DeGods has a tremendous impact on Solana. The Solana ecosystem hit its all-time high of $10.17 billion in November 2021, but it has not yet recovered from the subsequent precipitous drop to its current value of $210 million.
Compiled by Coinbold