Summary:
- Crypto and NFT projects that once called Terra home have started to migrate to the Polygon Network (MATIC).
- According to Polygon Studios CEO, 48 projects have started the migration, including the OnePlanet NFT marketplace and Derby Stars metaverse game.
- In late May, Polygon Studios CEO announced an uncapped migration fund for projects willing to migrate from Terra.
Terra projects that were left in limbo after the collapse of LUNA and UST, and the subsequent launch of a new Terra chain, have started to migrate en masse to the Polygon Network (MATIC).
According to Polygon Studios CEO Ryan Wyatt, over 48 crypto and NFT projects have begun the migration process from Terra to MATIC. Projects moving to Polygon include the NFT marketplace known as OnePlanet and the metaverse game Derby Stars. Mr. Wyatt shared his insights on the migration of projects from Terra to Polygon through the following tweet.
UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) July 8, 2022
The Sudden Collapse of Terra Left a Plethora of NFT Projects and Communities Stranded – OnePlanet.
In a medium blog post announcing the migration, the team at OnePlanet explained that ‘the sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage.’
As a result, OnePlanet was leading and building ‘its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home.’
Polygon Studios CEO had Announced an Uncapped Migration Fund for Terra Projects.
News of almost 50 crypto and NFT projects migrating from Terra to Polygon comes less than two months after Polygon Studios CEO, Ryan Watts, had announced the launch of an uncapped fund to assist affected projects move to the MATIC ecosystem.
The fund’s financing would be from the $450 million previously raised by Polygon, its treasury, and a $100 million ecosystem fund. Mr. Wyatt had also stated that Polygon Studios was willing to deploy more capital for the migration process if necessary.
Reddit and Coca-Cola Chose Polygon for their NFT Projects.
To note is that Polygon has recently experienced a lot of development activity, with Reddit selecting the layer two Ethereum project as the home to its digital collectibles marketplace. The behemoth beverage company Coca-Cola also picked Polygon as the preferred network for its Pride Series NFT collection.