DeGods Has Big Ambitions When Moving To Ethereum

DeGods – a unique NFT collection that has won the hearts of many collectors and increased significantly in popularity and value. In this article, join Weakhand in delving into the world of DeGods and explore the transition from Solana to Ethereum and the reasons behind its growing prominence in the ever-evolving NFT market landscape Please.

To better understand DeGods, people can refer to some of the articles below:

• What is NFT? All About NFTs
• What is DeGods? DeGods NFT Collection Overview

What is DeGods?

Overview of DeGods

DeGods is a collection of 10,000 NFTs depicting characters with modern streetwear and art inspired by ancient gods. Launched on the Solana blockchain in October 2021, the collection uses generative art algorithms to create unique combinations of attributes for each deity.

Each NFT in the collection will possess 4 – 7 characteristics out of a total of eight possible attributes, which also makes each NFT rare. The project also extends beyond the mere collectible nature of NFTs as it allows holders to stake their DeGods to receive rewards in DUST tokens and grant access to DeDAO – a decentralized autonomous organization to manage DeGods’ ecosystem.

What is DeadGods?

Although the attributes will not change when upgrading from DeGods to DeadGods. However, what makes DeadGods special is that the image becomes new and users can Stake DeadGods NFT to receive 3 times more DUST Tokens than when Staking with DeGods NFT.

What is y00ts NFT?

There are only two ways to mint y00ts NFT including: On the list y00tlisted or hold the DeadGods NFT. Since “y00tlisted” is an exclusive listing that requires users to be active in the community and participate in various initiatives that contribute to the development of the project, the collection has become one of the most exclusive and sought-after NFT collections on the market.

What is BTC DeGods NFT?

The Bitcoin DeGods NFT is an exciting addition to the DeGods ecosystem and provides an exciting experience for collectors. Minting NFTs on Bitcoin adds another layer of exclusivity to the collection and creates a sense of DeGods rarity in the NFT world.

Who Is The Team Behind DeGods?

DeGods is created and managed by Dust Labs – a Web3 Studio run by FrankDeGods top. Dust Labs is also the team behind the popular y00ts collection. Dust Labs has a strong focus on building innovative projects and fostering vibrant communities around their NFT collectibles.

A Little History of DeGods

On October 8, 2021, DeGods was minted on Solana at a cost of 3 Sol /1 NFT (equivalent to 475 USD at the time). Although the project received a lot of attention and interest from investors before minting, an incident occurred when bots participated in the minting process, causing all NFTs to be sold out. in just 10 seconds and makes many people unable to participate.

Therefore, immediately after the opening sale process ended, the project received countless criticism from the community and caused DeGods’ floor price to drop sharply. In an effort to revive the project, the development team launched various products including de.xyz and DePalace. However, the floor price continuously decreased, causing some investors to consider leaving the project in November 2021.

However, a concept later revived DeGods Paper Hands Bitch Tax (PHBT) includes levying a 33.3% tax on any NFT sales below the current floor price. When the accumulated taxes reach the price of the lowest priced DeGod, this NFT will be burned immediately using Burn Bot. Thus reducing the total number of DeGods in circulation.

In January 2022, after certain successes, DeGods discontinued the Paper Hands Bitch Tax and launched the DUST Token along with a new art upgrade called DeadGods, where DeGods holders can use the Token. DUST to create DeadGod, leading to a turning point for the project.

Before DeadGods released “DeGods III,” the collection skyrocketed from a floor price of 10 SOL to an all-time high of 100 SOL (~$10,000 at the time). The DAO of the DeDAO project will also announce the buy a basketball team in April 2022, further increasing the floor price of the DeGods collection to 343 SOL (~$34,000 at the time).

This also positions DeGods as one of the leading players in the NFT space, with its value rivaling that of many bluechip NFT collectibles on Ethereum and making it the largest NFT project on the blockchain Solana.

In December 2022, Frank announced that DeGods would move to Ethereum and y00ts to Polygon. The transition was driven by a desire to explore new opportunities and avoid the problems that the Solana blockchain encountered that year.

The transition took place in April 2023 and since then DeGods has continued to grow and regularly ranks among the top 10 NFT collections by trading volume.

What Makes DeGods So Special?

DeGods stands out from other NFT collectibles due to several factors:

• Exclusive and engaged community: DeGods positions itself as a community for innovators, developers, and builders. DeGods NFT holders have access to an exclusive community that encourages creativity and collaboration, fostering a robust ecosystem around the collection and vibrant on social media.
• Continuous development: DeGods is constantly evolving with the team working on new initiatives, rewards and community partnerships to keep the project fresh and exciting for its holders. The recently released 2023 Roadmap is designed to keep the community engaged and speculating about upcoming updates.
• Resilience and adaptability: Despite facing initial challenges like being accused of pulling the rug, ugly artwork, and waning interest in Solana, DeGods managed to bounce back and grow. This demonstrates the team’s commitment to the project and its community.

How DeGods and y00ts Work Right After Moving to the New Blockchain

DeGods on Ethereum

Before moving to Ethereum, DeGods had a floor price of about 600 Sol (equivalent to about 12,000 USD at the time). The price had significant growth on the day moving up to 10.5 ETH and then correcting down to 8.49 ETH, which implied their initial price pump on Solana.

During that time, DeGods was able to account for 1.5% of the total collection volume when compared to other top collections on Ethereum.

y00ts on Polygon

Additionally, y00ts also had a higher migration success rate than DeGods, with 91% of y00ts having been migrated. This is much higher than DeGods’ 80%, although both collections achieved significant success.

Many have also suggested that DeGods’ poor performance in the early days of Ethereum could be due to their choice to partner with Blur as their recommended trading platform. Blur is known as an advanced NFT Marketplace platform but most of the power falls into the hands of a certain group of wallet addresses. Therefore, the farming activities of large whales may have influenced DeGods’ poor performance when it first migrated to Ethereum.

The Future of DeGods

Previously, DeGods and y00ts were the largest NFT ecosystem on Solana, accounting for 32% of NFT trading volume in 1 month on Solana. When comparing DeGods’ dominance on Solana to its dominance on Ethereum, the collection relinquished 95% of its dominance by moving to a new blockchain.

Furthermore, when comparing y00ts’ 30-day NFT trading volume on Polygon to that on Solana, Polygon only accounts for 44% of Solana’s monthly volume.

So what prompted a successful project like DeGods and y00ts to move to a completely different blockchain, where competition is fierce on Ethereum and volumes are limited on Polygon?

When the migration announcement was made in December 2022, the reason was probably because the Solana blockchain was being affected by the FTX incident. Additionally, trading volume on Solana has dropped significantly by 75% following Solana’s price cut, which is not an ideal situation for any project founder.

Ignoring the initial obstacles, DeGods has achieved certain success on Ethereum. The collection continuously appears in the top 10 collections with the largest trading volume on Ethereum and maintains the value of NFTs while the majority of large collections such as: Bored Ape Yacht Club (BAYC), Azuki, … encountered continuous price drops.

In addition, DeGods Season 3 taking place on August 9, 2023 hopes to breathe new life into the entire ecosystem to help DeGods make further strides in asserting its position in the NFT market. .

summary

Despite facing early controversies, DeGods has had an extremely strong recovery through various products and upgrades, such as the launch of DUST and DeadGods Tokens. Hopefully the information in this article has helped people gain interesting knowledge about DeGods.