{"id":4360,"date":"2023-03-01T22:24:43","date_gmt":"2023-03-01T22:24:43","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/03\/01\/degods-and-y00ts-nfts-a-guide-to-the-ultimate-comeback-story\/"},"modified":"2023-03-01T22:24:43","modified_gmt":"2023-03-01T22:24:43","slug":"degods-and-y00ts-nfts-a-guide-to-the-ultimate-comeback-story","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/03\/01\/degods-and-y00ts-nfts-a-guide-to-the-ultimate-comeback-story\/","title":{"rendered":"DeGods and y00ts NFTs: A Guide to the Ultimate Comeback Story"},"content":{"rendered":"

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The DeGods NFT community has shaken up the NFT space in a big way. With a current floor price of 1,200 SOL, or more than $26,000 (as of writing), the DeGods collection<\/a> has shot up into the top five most valuable NFT collections across all chains<\/em>, coming in after Bored Ape Yacht Club<\/a>, CryptoPunks<\/a>, Mutant Ape Yacht Club<\/a>, and Moonbirds<\/a>. The collection has more than 4,100 unique owners and is one of the highest-ranked Solana projects on both OpenSea and Magic Eden<\/a>. <\/p>\n

Its sister project, y00ts<\/a>, which launched in September 2022, saw similar popularity, attracting the interest of several celebrities, including Allen Iverson<\/a>, Wayne Rooney<\/a>, and Howie Mandel<\/a>.<\/p>\n

Two of the most well-known and respected Solana-based projects, DeGods and y00ts made headlines when their teams announced they\u2019d be leaving the blockchain in 2023. The projects will bridge to Ethereum and Polygon, respectively. Given the imminent bridge, the hype, and DeGods\u2019 Cinderella story comeback from the end of 2021, now is an excellent time to refresh your knowledge on what the DeGods project is and how it\u2019s changing the face of Solana NFTs.<\/p>\n

What are DeGods NFTs?<\/h2>\n

DeGods is a deflationary 10k PFP collection of gods clad in a creative aesthetic combination of modern streetwear-meets-ancient-deity vibes, with an emphasis on building utility for its community.<\/p>\n

How many DeGods are there?<\/h4>\n

There are currently 9,465 DeGods NFTs in existence, as the team has burned the remaining 535 (more on that later). They feature various traits<\/a> ranging from Common to Uncommon, Rare, Super Rare, and Mythic. Some of the Super Rare and Mythic traits in the collection include the Divine Robe, the Heaven background, Night Vision Goggles, the Mythic Helmet, Smoke Ring, and more. The rarest trait in the collection is the Medusa Head, of which there are only 25 in existence.<\/p>\n

Where can you buy DeGods?<\/h4>\n

Collectors can purchase DeGods NFTs on the Magic Eden<\/a>, Alpha Art<\/a>, OpenSea<\/a>, and Solanart<\/a> marketplaces.<\/p>\n

Credit: DeGods<\/figcaption><\/figure>\n

Affecting the value of the entire collection further is the fact that DeGods NFTs can be burned.<\/p>\n

When the Degods team first announced the project on Twitter in September 2021, they did so by detailing its plans to institute what it called a \u201cPaperhands Bitch Tax,\u201d a 33.3-percent tax levied at anyone who listed their DeGods NFT below the mint price. For a time, project developers sent the funds from that tax to a treasury wallet they used to buy back the cheapest DeGods NFTs on the market.<\/p>\n

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\"Paperhand-Bitch-Tax
Credit: DeGods<\/figcaption><\/figure>\n<\/div>\n

And here\u2019s where things get interesting: The DeGods team burned all 535 of the NFTs it bought back with this treasury wallet. This resulted in the lowest-ranking pieces in the collection, those in the Common category, becoming increasingly rare and driving up the collection\u2019s value overall.<\/p>\n

What are DeadGods?<\/h2>\n

DeadGods was the DeGods NFT upgrade that allowed collectors to buy a \u201cfine art\u201d version of their existing NFT. Starting on March 31, 2022, DeGods holders could pay 1,000 DUST (the community\u2019s utility token) to obtain the new version of their NFTs (which featured the same rarity but had their attributes re-illustrated). <\/p>\n

As the team added the DeadGods NFTs to the metadata of collectors\u2019 original NFTs, they are considered the same and can\u2019t be sold separately. In this way, the introduction of DeadGods didn\u2019t inflate the collection\u2019s supply while adding to its value. It was a much-needed shot in the arm for holders and grabbed the attention of many people outside the community. The new NFTs look like undead and decrepit versions of their original counterparts, and the community celebrated<\/a> the artistic upgrade.<\/p>\n

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In February, you will be able to mint a vial of StarDust for 1000 $DUST<\/a>. <\/p>\n

Your DeGod will be able to drink StarDust to create a DeadGod. <\/p>\n

It gets better. DeadGods will not be a new collection. The supply of DeGods will continue to be deflationary. Here’s how it works \ud83d\udc47 pic.twitter.com\/kLY8b47i7c<\/a><\/p>\n

\u2014 DeGods III (@DeGodsNFT) January 27, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

When did DeGods mint?\u00a0<\/h2>\n

DeGods minted on the Solana blockchain on October 8, 2021, for 3 SOL each. While the team did a great job of building anticipation for the collection, both the lead-up to the mint and its immediate aftermath saw a great deal of controversy.<\/p>\n

The DeGods team had offered allowlist spots to community members through \u201cbounties,\u201d essentially having people film themselves doing pushups or chatting about the project with friends and family members. Unfortunately, bots mucked up the mint, causing the project to sell out in less than ten seconds<\/a>. Thousands were unable to mint, and the community quickly labeled the project a rug pull<\/a>. The floor price crashed, and the team set out to build the project back up.<\/p>\n

In the coming months, they launched a handful of products, like de.xyz<\/a>, a webpage dedicated to providing people with Solana NFT resources, and DePalace, the project\u2019s \u201cprivate forum.\u201d Regardless, the project\u2019s floor kept plummeting. Things were going so badly by November 2021 that at least one team member claimed developers felt like abandoning the project<\/a> altogether.<\/p>\n

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9 months ago, everyone declared DeGods dead. <\/p>\n

This week we broke into the Top 5 NFT collections in the world. <\/p>\n

I’ve been on the team since we first had the idea in @frankdegods<\/a> apartment almost 1 year ago.<\/p>\n

Here’s my no-bullshit thread on the rise of @DeGodsNFT<\/a> \ud83e\uddf5 pic.twitter.com\/MH5VhfZGIO<\/a><\/p>\n

\u2014 Taylor (33.3%) (@taylordegods) August 27, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

In January 2022, DeGods axed the Paperhand Bitch Tax once and for all and introduced the DUST token. Shortly after the token launch, the team relaunched the DeGods collection with the DeadGods upgrade, and things began to turn around for the project.<\/p>\n

What is DeDAO?\u00a0<\/h2>\n

DeDao is the community\u2019s decentralized autonomous organization. It gets its funding from the DeGods\u2019 9.99 percent marketplace fee, which is split into two parts. 6.66 percent goes to DeDAO to help fund project development, while the remaining 3.33 percent goes directly to the core team.<\/p>\n

The DeDAO leadership, which consists of DAO Leads, The Divine Council, and the DeAlpha Team, also holds community raffles and works together to decide on DAO acquisitions.<\/p>\n

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For example, one of these acquisitions saw DeDAO buy a basketball team<\/a> in Ice Cube\u2019s Big3 Basketball League.<\/p>\n

What is DUST?<\/h2>\n

DUST is the DeGods community token created to drive utility in the project further. It is an SPL token on the Solana blockchain with zero starting supply. The team aims to cap the supply of DUST at 33,300,000. The only way to mine DUST is to stake a DeGods or DeadGods NFT. Staked DeGods earn 2.5 DUST per day, while staked DeadGods earn 7.5 DUST per day. <\/p>\n

However, DUST is listed on the DEX Raydium<\/a> and is available for purchase with SOL. The leading utility of the token is to transform your DeGod into a DeadGod, but collectors can also use it to take part in raffles, auctions, and mint future collections. The DeGods team also claims that the DeDAO will actively seek opportunities to integrate DUST utility into other significant projects in the Solana Ecosystem.<\/p>\n

Bridge to Ethereum<\/h2>\n

On December 25, the DeGods team released a statement<\/a> that the project would officially bridge to Ethereum in Q1 of 2023<\/a>. In a video\u00a0posted to his Twitter account<\/a>, creator Rohun Vora, known in Web3 as\u00a0Frank III<\/a>, addressed the Solana NFT community, thanking devout SOL collectors for their support and stating that he and his team realized that to grow, they would need to explore new opportunities. <\/p>\n

\u201cWe believe now is the time to take a calculated risk and embark on a new journey,\u201d said Vora. Following his video, Vora also participated in\u00a0a Twitter space<\/a>\u00a0where he answered questions and provided more context to the announcement. <\/p>\n

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In the space, he made parallels between streaming services (like Netflix and HBO Max) contending for intellectual property and blockchains racing to create the most robust NFT platforms. He also noted that an argument could be made that DeGods had capped out on Solana, saying, \u201cIt\u2019s hard to accept, but it\u2019s been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it\u2019s what we have to do.\u201d<\/p>\n

Overall, the project and its leadership have shown themselves to be incredibly resilient. And this latest move continues to prove it. If you scroll down to the bottom of the DeGods\u2019 website, you\u2019ll find three short sentences encapsulating the developers\u2019 approach to their NFT community: \u201cWe tried some shit. We Learned some shit. Now we\u2019re trying some new shit.\u201d <\/p>\n

It\u2019s the perfect encapsulation of the attitude Web3 entities should adopt if they want to create something of substance, whether in a crypto winter<\/a> or not.<\/p>\n<\/p><\/div>\n