DeLabs, a startup focused on transferring y00ts to Polygon, has announced that it has received a $3 million grant from Polygon. The grant will be used to expand the DeLabs team across various departments, including graphic design, event coordination, business development, and content creation. Additionally, the funds will be used to launch high-quality projects and pursue collaborations and deals with established businesses.
y00ts, a spinoff PNP NFT collection from DeLabs, gained success on Solana with its DeGods PFP collection. According to the founder of y00ts, Frank, the grant is in the form of a “non-equity grant,” which means that Polygon does not have a stake in DeLabs in exchange. The funds will help DeLabs, which has been understaffed, to have more runway to expand their projects.
A spokesperson from Polygon stated that they support the determination of Frank and the y00ts team and are excited about the projects that will be established on Polygon through their launchpad.
DeLabs’s move to Polygon comes a month after the collision of FTX. Sam Bankman-Fried, former CEO of FTX, was a key investor in Solana as well as many other projects on the network, including Serum, a now-defunct decentralized exchange.
Frank has teased that in the future, y00ts will play a major role in big-brand collaborations on Polygon, similar to deals that Polygon has entered into with popular brands like Disney, Starbucks, and Coca-Cola.