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DeGods

DeGods

by DeLabs(Mar 30, 2023)
Rank #35
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DeGods is an NFT collectible created by DeLabs that was released on 3-30-2023. The project consists of 8,987 unique digital items living on the Ethereum blockchain. We categorize it as a pfp/avatar project and it's part of the DeLabs general collection.

What is DeGods NFT?

DeGods is a popular profile picture (PFP) NFT collection hosted on the Solana and Ethereum blockchain. Launched in October 2021, this project combines modern streetwear with ancient deity-inspired art, featuring godly characters. Employing a generative art algorithm, DeGods generates unique combinations of attributes for each god, with rarity determined by the presence of 4-7 traits out of a total of eight possible attributes.

Beyond being collectable NFTs, DeGods offers additional functionalities to its holders. By staking their DeGods, owners can generate DUST tokens, and they also gain access to the DeDAO, a decentralized autonomous organization governing the ecosystem. One intriguing aspect is the ability of DeGod holders to "transcend" their NFTs into a second version called a DeadGod.

Despite its success now, the early days of DeGods were marred by challenges. The initial release of the NFT collection faced issues with bots and fake NFTs during the exclusive investor list process, causing distrust and a price plummet. However, the DeGods team persevered and implemented crucial upgrades to save the project. The artwork style of DeGods is unconventional, with a punk element infused into the modernized depiction of mythological deities. The NFTs are categorized based on their rarity, ranging from Common to Mystic.

DeGods has gained significant attention and trading volume, establishing itself as one of the prominent PFP NFT projects on Solana, however, its history doesn’t end up in Solana…

Who is behind DeGods NFTs ?

The mastermind behind DeGods NFT is a developer known by the pseudonym Frank, who operates under the social media handle @frankdegods. Later, it was revealed that Frank's real identity is Rohun Vora, a former student of UCLA who went on to become a fellow at the Y Combinator startup accelerator.

Frank is not only the creator of DeGods but also the co-founder of DeLabs, the company responsible for managing the DeGods and Y00ts brands. Alongside him is Kevin Henrikson, known as "Kevin DeGod," who serves as the CEO of Dust Labs, a Software-as-a-Service (SaaS) company associated with NFT projects.

Dust Labs, led by Frank De God, oversees the creation and management of DeGods. They are a Web3 studio focused on developing innovative projects and fostering active communities around their NFT collections. While operating under the pseudonymous name "Frank," the individual behind DeGods has garnered a dedicated following, who affectionately refer to themselves as the "Frank" community. Undoubtedly, Frank has been clever and creative enough to generate a halo of mystery around him to capture the attention of the NFT world.

DeGods NFT experiment

DeGods NFT embarked on an ambitious experiment known as the Paper Hands Bitch Tax (PHBT) to address the issue of NFT holders selling their projects below the floor price. The PHBT implemented a 33.3% tax on users who listed their DeGods below the floor price, aiming to discourage undercutting. The collected tax funds were used to purchase and burn some of the lowest-priced DeGods, reducing the total supply. However, the PHBT experiment did not yield the desired outcome of raising the floor price, leading the team to recognize its failure.

Following the realization that the PHBT experiment did not succeed as anticipated, the DeGods team made the decision to remove the mechanism. Throughout 2022, they focused on implementing various changes and modifications to the project. This included introducing the DUST token and unveiling the second-generation NFT collection called DeadGods in January. These updates brought DeGods more attention, popularity, and exposure, establishing it as one of the most sought-after NFT projects on the Solana blockchain.

While the PHBT concept did not achieve the desired results during its initial implementation, it found a new purpose when DeGods migrated to the Ethereum blockchain in April 2023. At that time, the PHBT was reactivated, and all remaining DeGods on Solana had a compulsory 33.3% royalty fee enforced. This development ensured that the concept of the PHBT had a lasting impact on the project, even though its effectiveness had previously been limited on Solana.

DeGods Holders Benefits

DeGods holders enjoy exclusive benefits within the ecosystem. They have access to future drops and the ability to mint y00ts NFTs. Additionally, holders can participate in non-custodial staking, where they can earn rewards and become more involved in the DeGods community.

Staking DeGods is a simple process, requiring NFT transfer to a staking website. By staking their NFTs, holders earn DePoints that can be redeemed for airdrops, physical goods, and sponsored brand activations. This incentivizes long-term holding and engagement within the DeGods ecosystem, with holders earning one DePoint every minute and daily DUST token rewards.

The DeGods community is known for its strong support of the project and its initiatives. Members have formed various clubs within the holders' groups, fostering deeper connections and shared interests. Meanwhile, the DeDAO, a decentralized autonomous organization, governs the decision-making process and directs the funds in the project's treasury. Comprising DAO Leads, the Alpha Team, and the Divine Council, the DeDAO guides the project's development and ensures community involvement.

The introduction of the DUST utility token brought new functionalities to DeGods. Holders can use DUST to upgrade their NFTs and purchase premium perks like art upgrades, merchandise, and access to community events. The token also grants the right to participate in prize draws and mint upcoming DeGods collections.

Furthermore, staking DeGods or DeadGods, which are visually enhanced versions linked to the original NFTs, generates DUST tokens. The longer the lock-up period, the greater the rewards and holders gain access to the DeGods DAO and the ability to vote on community initiatives. With a maximum supply of 33.3 million DUST tokens and a halving mechanism, the value of DUST is supported by staking and burning processes, as well as member perks.

DeGods Migration

In a calculated move, DeGods decided to migrate from the Solana blockchain to Ethereum in December 2022. The motivation behind this transition was twofold: to explore new opportunities and avoid the issues that Solana faced at the time. The actual migration took place in April 2023, and since then, DeGods has thrived on the Ethereum network, consistently ranking among the Top 10 NFTs in terms of trading volume.

To incentivize the community to migrate their NFTs promptly, the brand covered the ETH gas fees for the first 24 hours after the bridge was established. Notably, DeGods on Ethereum implemented a small 0.33% royalty fee across all marketplaces.

DeGods' migration to Ethereum garnered significant attention and resulted in substantial sales volume. In fact, prior to the migration, DeGods owners achieved over US$2.19 million in sales on a single day, marking a record high since the NFTs were first minted in October 2021.

DeLabs, made the announcement of the projects' moves in December 2022, coinciding with a dip in Solana's native coin, SOL. The migration of DeGods from Solana to Ethereum was estimated to drain around US$200 million, representing the market capitalization of the NFT collection from the Solana blockchain. In the meantime, the decision to have migrated, given DeGods' high activity on Ethereum, appears to be a great success.

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