Degods Return Or Another Failure

After the failure of Degods Season 3 and having to endure a lot of criticism from the community, Degods is trying to rebuild its ecosystem by launching Points Parlor or recently a series of new updates. So what’s special about these new updates? Does it bring back Degods? Let’s find out with Weakhand in this article.

Before jumping into the article, everyone can refer to some of the following articles to understand better.

• What are Degods? Overview of the Degods NFT collection
• What is Y00ts? Overview of the y00ts NFT collection
• Cause of Degods’ collapse after Degods Season 3
• Degods has big ambitions when moving to Ethereum

Degods Overview

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 attributes 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.

The team behind Degods is 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.

Degods Recent Updates

The collapse of Degods after Degods Season 3 is indeed a huge setback for the project and the return of Degods recently with some outstanding activities we can mention such as:

• Art change for Degods PFP – all NFT versions are now reset to the Degods Season 1 image.
• y00ts migrates from Polygon to Ethereum
• Launch of Points Parlor – a prize pool where Degods NFT holders can win DUST tokens.

These updates appear to have failed, the first being the conversion of Degods images to Degods Season 1 which caused a backlash from the community as many NFT owners had to spend an amount of DUST tokens to upgrade to the versions Season 2 and Season 3 versions now have to be converted into Degods Season 1. Second, y00ts’ move from Polygon to Ethereum did not bring much success and in the end, no one used Points Parlour.

Ignoring the failures in recent updates, Franks – founder of Degods recently continued to share 10 posts on X (Twitter) in which he explained new plans to help Degods regain get your value.

First, the development team continues to redesign the art for Degods and y00ts once again. They have done this many times and in my opinion it is no longer necessary but should focus on bringing value to Degods in other activities.

Next up was the elimination of Points Parlor with a final round reward of 100 y00ts, they also eliminated DeGoddesses – the female version for Degods. In addition, the following are the updates that I find more notable from Degods recently.

Introducing De[xyz]

Degods is looking to combine and create their wider community including: Degods, y00ts, BTC Degods and Dust token into one. They call it De[xyz]: the new land of opportunity.

The purpose of De[xyz] is to go beyond a simple NFT community and become the most active and effective community on the Internet. To achieve this Franks has come up with a new roadmap, first recruiting talented people from the community, which could be the president of Degods or y00ts.

Or artists, they can sign up to work to re-design the artistry of each de collection[xyz].

Or maybe Contributor – contribute to the development of de[xyz]

In my opinion, this is quite reasonable when Degods takes advantage of its strong community strength with many talented people to jointly contribute, build and develop Degods.[xyz].

Introducing De[id]

Degods’ development team is building De[id] – a combined identity system that stores the history of users’ onchain and offchain activities. De[id] will be used to track the activities of people in the community including: contributions, ownership, content and some other activities to develop each individual’s reputation in the community.[xyz].

People can deposit DUST tokens and spend them across the entire ecosystem through the De app[id]. All in all, this sounds a lot like a Web3 wallet that tracks users’ onchain and offchain activity so you can build a reputation in the De community.[xyz].

Introducing DeTox

This is an app similar to X(twitter) for the Degods community. The goal of this app is to share content created by community members with everyone. Understand in simple terms that all owners of De[xyz] NFTs will have the right to participate and share their posts on DeToX where everyone can see. This will greatly increase creator engagement in the community, encouraging other creators to join the community to build reputation.

Introducing De[license]

Similar to what Pudgy Penguins is building a Web3 IP Platform, Degods also aims to create a place where builders from the De[xyz] can get IP rights from Degods. Once they have this right, they can build any product they want, using logos and brand names to build their own brand.

De[starters] is also the first brand that Degods launched on this platform, used to sell goods for Degods. In the future we may witness second, third brands,… Let’s see how well Made by Apes is progressing, this is an initiative that Yuga Labs called on community members to build. Build a business with IP BAYC.

Introducing De[groups]

This will be a group chat where users can join and find people with common interests and passions in the De community.[xyz]. Application De[groups] will be built inside the telegram application, people can message each other directly there or schedule community discussions. This is quite important for the network and helps the Degods community become more and more engaged.

Introducing De[city]

Simply put, this is an innovative idea by Degods that aims to organize more live events around the world, focusing on building an offline community in major cities across the globe.

Updates for Bitcoin Degods

First, Franks said that they will double the number of Degods on Bitcoin. He said that “Ordinals is one of the most profitable ecosystems and Degods BTC is at the top.” Degods previously minted its 535 NFTs inside Bitcoin Block #776408 and their goal is now to raise further increase the number of BTC Degods on the Bitcoin blockchain.

The Above Updates Have Brought The Return Of Degods

From past successes, it is undeniable that Franks and the Degods development team are marketing masters with the ability to build community and hype for the project is amazing. And we all know how difficult it is to meet the expectations of NFT holders unless the project causes the floor price of NFTs to increase and everyone profits.

But what causes the floor price of NFT collectibles to rise? There are two ways: Hype level of the project and utility of NFTs. When an NFT collection goes viral on social media platforms such as X (Twitter), everyone talks about it, KOLs talk about it, celebrities talk about it, the press talks about it, etc. …then the collection will certainly become more and more valuable over time. Another thing is the utility of NFT if the NFT owner can use it for many different activities and thereby bring its own value, then over time we will also see an increase in the price of NFT. The specific value here is not necessarily money, but it can be the joy of using NFT to play games or relationships in the market,…

Franks and the Degods development team chose the first option, which is to create Hype for the project. Degods is on the path to building the strongest Internet community worldwide. Anyone can see it on X (twitter) and in recent days I’ve also seen Degods appear more on my news feed.

In addition, the team also provides its community with the necessary tools for development including: IP, networking, content awareness, startup support and more. This in the long run will help the Degods collection become increasingly valuable.

But an important thing to help the project survive over time is to create a sustainable revenue source. Why are Pudgy Penguins so loved and noticed? Because they have simply built a sustainable business from selling toys and a portion of the revenue stream will be distributed to Pudgy Penguins NFT owners. If Degods wants to survive in the long term, they need to create a sustainable revenue stream the way Pudgy Penguins has done. Now, many of the things Degods announced are just ideas and visions. Whether they can be implemented or not, it will take time to prove their capabilities, helping to bring about the return of Degods in the near future.

summary

The recent updates are notable and quite promising but this has not yet created momentum to restore Degods’ floor price. Simply because these are just promises and investors have not seen results from this. So if you want to bring Degods back to the NFT race in the near future, the development team needs a lot of work to do to make this happen.