Recently, so many original projects have appeared in the NFT world that it seems difficult to surprise the sophisticated community. Nevertheless, the release of the DeGods collection, which took the divine theme as a basis, produced the effect of an exploding bomb. By March 2022, this Solana project topped the charts for the highest sales levels. Moreover, celebrities such as TV presenter, comedian and actor Howie Mandel, famous football players David Beckham and Wayne Rooney, and basketball star Shaquille O’Neal have invested in the collection. And among the holders you can meet such personalities as:
- Toly, Co-Founder of Solana @aeyakovenko,
- Ice Cube, Rapper, actor, and filmmaker @icecube,
- Sidney, Co-Founder & CTO of Magic Eden @sidazhang,
- S◎L Big Brain, Investor at Big Brain VC @SOLBigBrain.
What is so special about this collection and what is the reason for its success? A detailed overview of the DeGods project will help answer these questions.
DeGods Official Links
- Official site https://degods.com
- Twitter @DeGodsNFT – over 157k followers
- Discord @degods.
What is DeGods?
Today, DeGods NFT is one of the top and “hottest” PFP projects in the NFT world. The style of NFTs is quite interesting and unconventional. However, it fully corresponds to the idea of the collection. Tokens are avatars depicting ancient gods; this is a mix of mythological creatures and elements of modern punk culture.
At first, a project of 10,000 NFTs was based on the Solana blockchain. In March 2023, the collection and its ecosystem project y00ts moved to the Ethereum blockchain. respectively to expand the user base. During the migration, the so-called migration bridge was used, which is a protocol for convenient inter-blockchain transfer of tokens. This is allegedly an unprecedented scale case of the transition of NFT projects from one blockchain to another.
A deflationary collection of degenerates, punks, and misfits. Gods of the metaverse & masters of our own universe. This is how the creator describes his brainchild
Indeed, the developers of the collection used the concept of deflationary NFTs, while using game theory to provide users with a unique experience.
3. The game-theory experiment with DeGods & $DUST creates a constant mutually beneficial arbitrage opportunity.
This is described in a really simple way in this thread –https://t.co/iNmAgrve8A
— DeGods III (@DeGodsNFT) January 25, 2022
In fact, DeGods is a collaborative project that enjoyed wide support from artists, athletes, and IT specialists.
DeGods in numbers
- A collection of 10,000 NFTs was released in April 2022 on the Solana blockchain,
- The price of a mint was 3 SOL (about $1),
- In March 2023, the collection switched to the Ethereum blockchain, after which demand and popularity skyrocketed.
- And the total secondary sales amounted to over 20k ETH (over $35M to date) on Ethereum and over 3.5M SOL (over $68M to date) on Solana.
- Floor price is 8.5 ETH.
- Sales on average range from 7.5 ETH to 25 ETH.
- #5996 sold on May 3, 2023 for 70 ETH (over $133k at the time of sale).
- Total 1712 unique holders (20%).
- Only about 1% of the collection (119 pieces out of 10,000) are for sale, among them the range of offers is from 8.5 ETH to 202 ETH. This shows that almost all holders see the project as a great investment prospect and are not in a hurry to part with their assets at a lower price.
Data (including exchange rates) are at the time of publication of the article (May 13, 2023)
By rarity, tokens are divided into 5 different categories:
- Super Rare,
The collection also includes the following attributes:
- Background (11),
- Clothes (33),
- Eyes (21),
- Head (35),
- Mouth (12),
- Neck (13),
- Skin (21),
- Specialty (12),
- Version (1),
- Y00t (1).
Who created DeGods?
As with many other NFT collections, the person behind the creation of DeGods preferred to remain anonymous and was known to users as Frank @frankdegods. However, as a result of recent doxing, it became known that behind this pseudonym is Rohun Vora, a graduate of the University of California, entrepreneur and founder of the y00ts NFT collection.
Rohun Vora attended UCLA for two years before dropping out to receive a scholarship to Y-Combinator. After that, he briefly studied engineering at General Assembly before moving on to MainStreet. Rohun’s fans on Twitter are pretty flattering about him, praising him for his passion for new things and the incredible success he’s had since founding DeGods and y00ts.
It was also rumored in the NFT community that the Dust Labs organization was involved in the founding of DeGods. However, there is an opposite opinion – they suggest that Dust Labs is rather a spin-off, and not a founding company.
Why is DeGods popular?
Immediately after the release, the DeGods collection was surrounded by a frenzied hype. The excitement around the project was fueled by the team. A series of videos were released on Twitter, one of which showed an innovative token burning process:
We are DeGods. #DeGodsWeek starts on Monday. pic.twitter.com/JsrLuCpz5W
— DeGods III (@DeGodsNFT) January 21, 2022
Over the next few months after the release, the hype only intensified, and it even came to curiosities. Suffice it to recall the case of Aussie NFT user Guy @AussieNftGuy, who ate about 100 nuggets in an hour while talking about DeGods on Twitch.
Also, a lot of talk was caused by the case when Aussie NFT Guy in a DeGods suit jumped out of a plane with a parachute:
🚨 Somebody just jumped out of a fucking airplane wearing a #DeGods costume 🚨
His name is @AussieNftGuy. Remember the name. pic.twitter.com/T6GXX2Svqb
— DeGods III (@DeGodsNFT) November 3, 2021
But these are all extremes. And what is the real benefit of the DeGods project?
- Burning NFTs. Tokens were designed as deflationary assets, so over time they gain more value for holders. One of the main ways they get the value of their NFT assets to rise is by burning them.
- Paper Hands Bitch Tax. Paper Hands – this is what is contemptuously called in the world of finance by investors who sell their assets when they notice the slightest market fluctuations (and can even sell them below the purchase price). To discourage Paper Hands and prevent the collapse of the value of tokens during the so-called “panic sales”, the project team introduced the Paper Hand Bitch Tax. This is a 33.3% fee charged to holders who sell their NFTs on secondary markets at a price lower than what they bought them for, or lower than the floor price.
The paper hand bitch tax is collected by a smart contract & automatically utilized to buy the lowest priced DeGods and instantly burn them forever.
Commons will be rare.
— DeGods III (@DeGodsNFT) September 19, 2021
- Although this measure did not fully justify the hopes placed on it, it was a confirmation that the creator of the project seeks to protect the interests of the community members.
- Earning DUST tokens. DUST utility tokens serve multiple purposes. First, they allow holders to earn passive income and keep track of the returns on their investments. Secondly, they are required to purchase StarDust, a tool for converting DeGods to DeadGods. DeGods holders can stake NFTs to easily earn 10 DUST tokens every day. When the owner accumulates 1,000 DUST and purchases StarDust, he can burn the token. This will take DeGod out of circulation and turn it into DeadGod. And owners can earn three times more DUST.
What is $DUST?
DUST is the fuel that powers the entire DeGods ecosystem ⛽
It is a SPL (Solana Program Library) token and was created with an initial starting supply of ZERO – meaning that there were no initial $DUST allocations to the @DeGodsNFT team.
— Co:Create (@usecocreate) September 9, 2022
Your DeadGod will be added to the metadata of your original DeGod. It's the same NFT, but with 2 versions.
You will be able to switch the image to either version at any time. They'll both have the same rarity.
If you ever sell your DeGod, the new owner will get both versions.
— DeGods III (@DeGodsNFT) January 27, 2022
The idea of the project has not been officially announced anywhere, but it can be assumed that its author seeks to provide community members with as many useful benefits as possible.
Apparently, the topic of the gods was not touched upon by chance. Probably, Rohun Vora sought to assert the superiority of its project in the NFT world over its competitors, raising it to a kind of Olympus. And this makes some sense. Taking high-profile projects like BAYC or Prime Ape Planet as an example, they feature various algorithm-generated monkey tokens, but they are available in a much more limited supply than DeGods NFTs, which are deflationary. This means that their value will constantly increase due to the ability to burn DeGods NFTs.
The roadmap of the DeGods project is presented on one of the official resources in the form of such a picture, which is not accompanied by any comments.
However, the following milestones are currently known to be implemented:
- DeDAO’s acquisition of the BIG3 professional basketball team from Ice Cube’s Basketball League for $625,000:
The DeDAO has acquired a professional basketball team. pic.twitter.com/TgcwKy9tLU
— DeGods III (@DeGodsNFT) April 28, 2022
- DUST Store is DeGods marketplace where purchases are made for $DUST.
- Global Ecosystem Project by DeGods.
The DeGods ecosystem includes two main projects:
- DeGods DAO (DeDAO),
- y00ts NFT collection,
- Utility token DUST,
DeGods DAO (DeDAO)
DeDAO is the governing body of the project, funded by the marketplace commission charged on all DeGods NFT transactions.
- The DAO Leads (leaders of the DeGods community)
- The Divine Council (select members from the community)
- The DeAlpha Team (the actual project team)
The organization is financed by the commission of the DUST Store NFT marketplace (9.99% of each transaction). Of this amount, two-thirds are used to cover DeDAO’s operating expenses, and the remaining third is intended to support various initiatives (project development, remuneration of qualified employees, covering liquidity pools on exchanges, buying gifts for winners of auctions and lotteries).
y00ts is an ecosystem project on the Solana and Ethereum blockchain by DeGods (in collaboration with Dust Labs) that allows you to create and sell PFP tokens. In the center of the collection is an image of a sheep, and additional layers of metadata allow you to give uniqueness to y00ts tokens. One of the main directions of the project is granting rights to digital intellectual property.
- The collection was created in March 2023.
- There are 15,000 NFTs in total.
- The trading volume on Ethereum is over 4.4k ETH and the floor price is over 1.5 ETH.
- Solana trading volume over 4M SOL (about $83M at current exchange rate)
Utility token DUST
DUST is a DeGods community token designed to steadily increase the usefulness of the project. This is an SPL type token on the Solana blockchain. The team intends to limit the DUST supply to 33,300,000 units. The only way to get DUST is to stake DeGods or DeadGods NFTs. The approximate DUST rate is $2.
DeadGods is an upgrade of the DeGods NFT, through which holders of the original collection can purchase an “artistic” version of their token. Starting March 31, 2022, DeGods owners could receive DeadGods by paying a fee of 1,000 DUST. The rarity remains the same, only the attributes of the token undergo some redrawing.
How much do DeGods cost?
The public mint of a collection of 10,000 tokens on the Solana blockchain took place in April 2022. The coinage cost 3 SOL (about $1). At the same time, the collection began to be traded on secondary markets, and in March 2023, the collection was transferred to Ethereum. The average sale price in April 2023 was 8.2 ETH.
As of May 13, 2023, the floor price is 8.5 ETH. On average, the latest sales are in the range of 7.5-25 ETH. And the total volume of secondary sales amounted to more than 20k ETH (more than 35 million dollars at the moment) on Ethereum and more than 3.5 million SOL (more than 1 million dollars at the moment) on Solana.
Most expensive sales of DeGods
The most expensive sales are led by the following NFTs from the DeGods collection:
- #5996 sold on May 3, 2023 for 70 ETH (over $133k at the time of sale);
- #5789 sold on May 13, 2023 for 52 ETH (over $92k at the time of sale);
- #7594 sold on April 27, 2023 for 49.65 ETH (over $93k at the time of sale);
- #4320 sold on May 7, 2023 for 40 ETH (over $70k at the time of sale).
Where to buy DeGods?
Currently, DeGods can only be purchased on the secondary market, on marketplaces such as OpenSea and Blur.
How to buy DeGods?
- Remember that initially you need to connect your crypto wallet with self-storage to the marketplace of your choice.
- Next, find the official collection using the search bar on the marketplace.
- Analyze and choose the NFT you want to buy; click on it and then on the “Buy” button.
- Or you can bet on the token you like. Make sure you leave enough ETH for gas or transaction fees. If the seller approves your bid, the deal goes through.
Should you invest in DeGods?
Investors should take a closer look at the DeGods collection. The following reasons support this decision:
- The project has its own utility token DUST. It allows DeGods NFT holders to generate substantial passive income by earning up to 10 tokens per day.
- Staking DeGods and DeadGods. Users get the opportunity to stake both types of tokens to increase their profits.
- Famous personalities – Howie Mandel, David Beckham, Wayne Rooney and Shaquille O’Neal – invested in the DeGods collection, and this can be considered an indicator of the reliability and credibility of the project.
- The creator of the Rohun Vora collection has great authority in the NFT market.
In any case, do your own in-depth analysis and research when investing in NFTs, and then make your own decisions.
Opinion of NFTmetria
In the world of NFT, the most popular projects are those that bring the greatest practical benefit to users. DeGods is one such initiative. Bright design and original idea are not the only features of this collection. Community members can earn DUST tokens, convert their assets for even more profit, and make purchases on a special marketplace. All this creates an exciting Web3 experience and attracts new fans to the project.