Sandeep Nailwal, the co-founder of Polygon has made headlines in the crypto community with his recent purchase of the highly sought-after y00ts 2953 NFT for a staggering 30ETH. The news has sparked excitement and speculation among NFT collectors and enthusiasts, as Nailwal’s purchase marks a significant milestone in the growing trend of digital ownership and blockchain-based art.
Sandeep Nailwal ventures into y00ts NFTs
y00ts is a generative art project made up of 15,000 NFTs. The developers dubbed it “their love letter to the Web3 community.” The collection is intended to be visually appealing. The NFT collection is designed to be a functional scribble. Furthermore, it is curated to contain the best community of builders and creators on the internet.
Sandeep Nailwal’s purchase of y00ts 2953 NFT is noteworthy due to Polygon’s prominence in the crypto space. It is no coincidence that Sandeep invested 30 ETH in the NFT. The popular NFT project y00ts began the migration process from its native Solana blockchain to the Polygon network near the end of last month.
According to on-chain data, Sandeep Nailwal purchased y00ts #2953 for 30 ETH, which is equivalent to $63,449.03 at the current Ethereum market price. The NFT was sold by Karnika E. Yashwant, also known as the legendary Mr. KEY. Both Sandeep and Mr. KEY changed their Twitter profiles to feature the y00ts NFT.
According to Amazon, Mr. KEY began his entrepreneurial journey at the age of 14, and before he turned 20, he had engaged in numerous successful business ventures. His business portfolio has continued to expand since then.
Mr. KEY has a passion for education reform and is an entrepreneur, blockchain expert (founder, advisor, and marketer), speaker, and industry influencer. He is a co-founder of Forward Protocol and the founder of KEY Difference Media (KDM).
His ability to simplify complex ideas and technical concepts regarding FinTech, DeFi, and blockchain adoption is the source of his influence on his team of global professionals and the blockchain space.
An in-depth look at the y00ts NFTs
y00ts reportedly planned migration from Solana to Polygon in December 2022. After months of speculation, the migration took place near the end of March 2023. Polygon awarded DeLabs, the Los Angeles-based startup behind y00ts and its sister project DeGods, a $3 million grant to facilitate the move. Meanwhile, DeGods plans to transition away from Solana and onto Ethereum.
DeLabs waived network fees for the first 24 hours of the migration to encourage holders to migrate their NFTs to Polygon. Furthermore, the team gave y00ts holders the opportunity to win an Ordinals-based DeGods NFT that is inscribed on the Bitcoin network.
Staking was also free, with holders set to receive $5 USDC per Y00t listed on the NFT marketplace Magic Eden. Finally, holders who failed to migrate their NFTs by April 3 faced a 33.3% “Paper Hands Bridge Tax,” which resulted in a fine payable through increased royalty fees.
y00ts NFTs are performing well as the crypto bull market makes a comeback. In the past week, y00ts NFTs were sold 335 times, according to data from NFT Stats. The total volume of sales for y00ts was $1.45 million. The average price of y00ts NFT was $4.3k. The current y00ts minimum price is 2.03 ETH. There are 1,296 y00ts owners who collectively possess 12,634 tokens.
Meet Sandeep Nailwal
Sandeep Nailwal is a software developer based in Delhi who started his IT career in 2010 as a software engineer at Computer Sciences Corporation. He joined Deloitte as a consultant in 2014, where he worked on management consulting and program management initiatives. Sandeep Nailwal served as Welspun Group’s chief technology and supply chain officer from 2015 to 2016.
Nailwal founded ScopeWeaver as CEO in March 2016 but soon became interested in AI and blockchain technology. Sandeep Nailwal became co-founder and chief operating officer of Polygon – formerly the Matic Network – in 2017.
In 2021, Nailwal initiated the COVID-19 relief fund and urged his Twitter followers to contribute tokens to a multi-signature ERC-20 address. Donations were made by prominent members of the industry, including the former chief technology officer of Coinbase and angel investor Balaji Srinivasan, as well as the former Australian cricket player Brett Lee.
During that time, Vitalik Buterin, co-founder of Ethereum, contributed 500 Ether and 50 trillion SHIB, which had a market value of over $1.14 billion at the time. According to Sandeep, “Sooner or later, Ethereum is going to outpace Bitcoin and then become the global standard.”
His assertion stands proven right as the crypto bull run picks up speed. According to reports, ETH has outperformed BTC since the Shanghai upgrade took place this week. The performance is projected to grow to greater heights. With that, Vitalik Buterin has said the network needs to urgently focus on solving its scaling issues before the next crypto bull run.
