Polygon Onboards Crypto Projects and NFT from Terra
NFT and crypto projects that were previously on Terra have started migrating to the Ethereum Layer 2 protocol polygon. The collapse of Terra is no longer news, and projects built on the platform need new homes to survive. After the crash, many projects began to appear in landfills. Attracting a new ecosystem from Terra to Polygon gives these projects another chance to survive after the first failure. Meanwhile, the CEO of Polygon Studios revealed that Polygon has hosted more than 48 crypto and NFT projects from Terra.
Some projects include the Metaverse game on the NFT market OnePlanet and Derby Stars. Polygon is working with various Terra projects to help rapidly migrate to the Ethereum Layer 2 protocol. At the time, the CEO said MATIC would invest capital and resources into the movement to welcome developers and their communities.
With over 48 projects on board, Polygon is still looking forward to hosting more. The lesson from Terra’s collapse is that it’s very wise to be on an EVM-compatible chain so you don’t have to rebuild. So wherever developers go, they go with EVM in mind for longevity. One of the new projects that migrated from the Terra ecosystem talked about migration. NFT Market said that the sudden collapse of Terra’s ecosystem left countless innovative NFT projects and their communities in ruins. OnePlanet noted that it had created its own version of Noah’s Ark to save Terra’s growing NFT variety and move it to a new home.
Crypto and Metaverse Tokens Crash
Polygon announced its newly deployed NFT projects and crypto open months after launching the fund. The goal of the fund is to help Terra projects migrate to the network. The funding will come from $450 million previously raised by the ecosystem. More funding will come from the Treasury and a $100 million ecosystem fund. The CEO was willing to add more capital if needed. The platform is committed to allocating capital to developers joining the ecosystem.
In addition to heavyweights Bitcoin and Ethereum, popular metaverse tokens have suffered losses in the past 24 hours. Enjin Coin, which is used to buy virtual goods, is the worst hit among the metaverse projects, recording a loss of 7.33% for the day. ENJ rose again by 2.5% last week; however, it is currently trading at $0.50. ApeCoin is down 6.4% on the last day. Currently, it is changing hands for $4.59.
Launched in March this year, APE can be used to purchase virtual plots of land in the Yuga Labs initiative. Founded in 2021, Yuga Labs is behind the mega-popular NFT project Bored Ape Yacht Club. The hype surrounding the launch of Otherside in April pushed APE’s price to an all-time high of $39.40; However, the token has since fallen 88% from its all-time high due to investors’ concerns. Meanwhile, the price of SAND has fallen by 5.5% in the last 24 hours. This is followed by MANA, which has lost 5.17% of its value over the same period.
Decentraland and Sandbox are metaverse games based on Ethereum. Users can purchase virtual plots of land, the price of which sometimes reaches millions of dollars. However, both tokens dropped by 86% and 85% after hitting an all-time high in late November last year.
AXS is down 4.4% on the day to trade at $14.09. Elsewhere in the market, Bitcoin fell 3.65% daily and is selling for around $20,550. Ethereum, the second-largest currency, lost 3.52% in the same period and is currently trading at $1,145.