Scores of projects, including the NFT marketplace OnePlanet and metaverse game Derby Stars, are moving from the crushed Terra network to Polygon. The collapse of Terra’s stablecoin destroyed tens of billions of dollars and left many projects homeless.
Ryan Wyatt, Polygon Studios CEO, tweeted that they will be putting capital and resources against these migrations to welcome the developers and their respective communities. He highlighted that over 48 projects and counting have begun migration. Polygon is excited to help and welcome the wonderful developers.
OnePlanet said the sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage. The metaverse game took the lead and built its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home. In a Medium post, OnePlanet revealed that 48 NFT projects, encompassing 90 NFT collections, have applied for the mass salvage operation. It represents a large proportion of Terra projects, including those that hadn’t launched on OnePlanet before the cataclysmic de-peg event. It includes P2E metaverse Lunaverse; AI-generated NFT universe DystopAI, and some successful PFP collections – Hellcats and Babybulls.
Wyatt said Polygon is welcoming all who want to come. He believes the lesson learned from the Terra collapse is that it’s wise to be on an EVM-compatible chain so one doesn’t have to rebuild it. Wyatt hopes developers go for EVM for longevity. He has also announced the launch of an uncapped fund to help the affected projects move onto the MATIC ecosystem. Polygon will deploy capital, if needed, for the migration process.