The DeGods NFT neighborhood has shaken up the NFT house in an enormous method. With a present ground value of 1,200 SOL, or greater than $26,000 (as of writing), the DeGods collection has shot up into the highest 5 most useful NFT collections throughout all chains, coming in after Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club, and Moonbirds. The gathering has greater than 4,100 distinctive homeowners and is without doubt one of the highest-ranked Solana initiatives on each OpenSea and Magic Eden.
Its sister challenge, y00ts, which launched in September 2022, noticed related reputation, attracting the curiosity of a number of celebrities, together with Allen Iverson, Wayne Rooney, and Howie Mandel.
Two of probably the most well-known and revered Solana-based initiatives, DeGods and y00ts made headlines when their groups introduced they’d be leaving the blockchain in 2023. The initiatives will bridge to Ethereum and Polygon, respectively. Given the approaching bridge, the hype, and DeGods’ Cinderella story comeback from the top of 2021, now is a superb time to refresh your information on what the DeGods challenge is and the way it’s altering the face of Solana NFTs.
What are DeGods NFTs?
DeGods is a deflationary 10k PFP assortment of gods clad in a artistic aesthetic mixture of contemporary streetwear-meets-ancient-deity vibes, with an emphasis on constructing utility for its neighborhood.
What number of DeGods are there?
There are at present 9,465 DeGods NFTs in existence, because the workforce has burned the remaining 535 (extra on that later). They characteristic various traits starting from Frequent to Unusual, Uncommon, Tremendous Uncommon, and Mythic. Among the Tremendous Uncommon and Mythic traits within the assortment embody the Divine Gown, the Heaven background, Night time Imaginative and prescient Goggles, the Mythic Helmet, Smoke Ring, and extra. The rarest trait within the assortment is the Medusa Head, of which there are solely 25 in existence.
The place can you purchase DeGods?
Collectors can buy DeGods NFTs on the Magic Eden, Alpha Art, OpenSea, and Solanart marketplaces.
Affecting the worth of your entire assortment additional is the truth that DeGods NFTs might be burned.
When the Degods workforce first introduced the challenge on Twitter in September 2021, they did so by detailing its plans to institute what it referred to as a “Paperhands Bitch Tax,” a 33.3-percent tax levied at anybody who listed their DeGods NFT under the mint value. For a time, challenge builders despatched the funds from that tax to a treasury pockets they used to purchase again the most affordable DeGods NFTs available on the market.
And right here’s the place issues get fascinating: The DeGods workforce burned all 535 of the NFTs it purchased again with this treasury pockets. This resulted within the lowest-ranking items within the assortment, these within the Frequent class, turning into more and more uncommon and driving up the gathering’s worth total.
What are DeadGods?
DeadGods was the DeGods NFT improve that allowed collectors to purchase a “effective artwork” model of their present NFT. Beginning on March 31, 2022, DeGods holders may pay 1,000 DUST (the neighborhood’s utility token) to acquire the brand new model of their NFTs (which featured the identical rarity however had their attributes re-illustrated).
Because the workforce added the DeadGods NFTs to the metadata of collectors’ authentic NFTs, they’re thought of the identical and might’t be bought individually. On this method, the introduction of DeadGods didn’t inflate the gathering’s provide whereas including to its worth. It was a much-needed shot within the arm for holders and grabbed the eye of many individuals outdoors the neighborhood. The brand new NFTs appear to be undead and decrepit variations of their authentic counterparts, and the community celebrated the creative improve.
When did DeGods mint?
DeGods minted on the Solana blockchain on October 8, 2021, for 3 SOL every. Whereas the workforce did an amazing job of constructing anticipation for the gathering, each the lead-up to the mint and its fast aftermath noticed quite a lot of controversy.
The DeGods workforce had supplied allowlist spots to neighborhood members by “bounties,” basically having folks movie themselves doing pushups or chatting concerning the challenge with family and friends members. Sadly, bots mucked up the mint, inflicting the challenge to sell out in less than ten seconds. Hundreds have been unable to mint, and the neighborhood rapidly labeled the challenge a rug pull. The ground value crashed, and the workforce got down to construct the challenge again up.
Within the coming months, they launched a handful of merchandise, like de.xyz, a webpage devoted to offering folks with Solana NFT sources, and DePalace, the challenge’s “personal discussion board.” Regardless, the challenge’s ground saved plummeting. Issues have been going so badly by November 2021 that a minimum of one workforce member claimed developers felt like abandoning the project altogether.
In January 2022, DeGods axed the Paperhand Bitch Tax as soon as and for all and launched the DUST token. Shortly after the token launch, the workforce relaunched the DeGods assortment with the DeadGods improve, and issues started to show round for the challenge.
What’s DeDAO?
DeDao is the neighborhood’s decentralized autonomous group. It will get its funding from the DeGods’ 9.99 p.c market price, which is cut up into two components. 6.66 p.c goes to DeDAO to assist fund challenge growth, whereas the remaining 3.33 p.c goes on to the core workforce.
The DeDAO management, which consists of DAO Leads, The Divine Council, and the DeAlpha Group, additionally holds neighborhood raffles and works collectively to resolve on DAO acquisitions.
For instance, considered one of these acquisitions noticed DeDAO buy a basketball team in Ice Dice’s Big3 Basketball League.
What’s DUST?
DUST is the DeGods neighborhood token created to drive utility within the challenge additional. It’s an SPL token on the Solana blockchain with zero beginning provide. The workforce goals to cap the provision of DUST at 33,300,000. The one strategy to mine DUST is to stake a DeGods or DeadGods NFT. Staked DeGods earn 2.5 DUST per day, whereas staked DeadGods earn 7.5 DUST per day.
Nevertheless, DUST is listed on the DEX Raydium and is on the market for buy with SOL. The main utility of the token is to rework your DeGod right into a DeadGod, however collectors may also use it to participate in raffles, auctions, and mint future collections. The DeGods workforce additionally claims that the DeDAO will actively search alternatives to combine DUST utility into different important initiatives within the Solana Ecosystem.
Bridge to Ethereum
On December 25, the DeGods workforce released a statement that the challenge would formally bridge to Ethereum in Q1 of 2023. In a video posted to his Twitter account, creator Rohun Vora, identified in Web3 as Frank III, addressed the Solana NFT neighborhood, thanking religious SOL collectors for his or her help and stating that he and his workforce realized that to develop, they would want to discover new alternatives.
“We imagine now could be the time to take a calculated danger and embark on a brand new journey,” mentioned Vora. Following his video, Vora additionally participated in a Twitter space the place he answered questions and supplied extra context to the announcement.
Within the house, he made parallels between streaming providers (like Netflix and HBO Max) contending for mental property and blockchains racing to create probably the most strong NFT platforms. He additionally famous that an argument could possibly be made that DeGods had capped out on Solana, saying, “It’s arduous to simply accept, nevertheless it’s been powerful to develop on the fee we wish to develop. If Ethereum is the place we now have to go to continue to grow, it’s what we now have to do.”
General, the challenge and its management have proven themselves to be extremely resilient. And this newest transfer continues to show it. In case you scroll all the way down to the underside of the DeGods’ web site, you’ll discover three quick sentences encapsulating the builders’ strategy to their NFT neighborhood: “We tried some shit. We Discovered some shit. Now we’re attempting some new shit.”
It’s the proper encapsulation of the angle Web3 entities ought to undertake in the event that they wish to create one thing of substance, whether or not in a crypto winter or not.
