In the fast-paced world of NFTs, even the most innovative projects need to adapt and evolve. Among them, Degods – a collection known for its unique combination of art, technology and community participation recently had a turning point with the launch of Degods Season 3. Join Weakhand to find Learn about interesting things surrounding Degods Season 3 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
- Degods has big ambitions when moving to Ethereum
- What is y00ts? Overview of the y00ts NFT collection
What is 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.
Degods’ Performance Before Launching Degods 3
Degods Season 3 was released on August 9, 2023 with a lot of community expectations about a new breeze blowing into the Degods ecosystem. In recent times, new updates of NFT collections have often not been widely received by the community.
Or even worse, Azuki’s story. The launch of Azuki Elemental caused a sharp decline as Azuki, which once reached a value of up to 17 ETH per NFT in the collection, now struggles to reach the floor price of 5 ETH. The same thing happened to The Captainz, a new work of art that caused the floor price to drop quickly by 25% within 24 hours. However, the Degods community still believes in the success of Degods Season 3 similar to what Degods Season 2 did.
The announcement of the launch of Degods Season 3 on August 1, 2023 has been a powerful catalyst to boost user trading activity. Trading volume has exceeded 2.8M USD in less than 7 days of which 1.07M USD was created on August 1, 2023 alone.
Degods trading volume before the Degods Season 3 launch announcement
The price of Degods NFT has also maintained good growth since the Azuki Elemental crash with a 30% growth from 7 ETH to 9 ETH. Meanwhile, let’s take a look at the y00ts collection – an important part of Degods’ ecosystem. At a much lower price of just 1.8 ETH, y00ts has seen a steady 42% increase in trading volume, accumulating over 516k USD by 193 traders over the past 7 days.
Degods Season 3 What’s Special
Degods Season 3 has been launched with a new art upgrade for Degods that prioritizes simplicity. Intricate details have been stripped away, leaving behind only a few prominent, strategically placed tones that contribute to a fresh and distinctive aesthetic. According to information from the development team, the images in Degods Season 3 are inspired by 1960s pop art such as Roy Lichtenstein and classic American comic book illustrators.
Degods’ images are constantly changing
From August 13, 2023, Degods owners can upgrade their NFTs to part 3 for a fee of 333 DUST equivalent to 750 USD. Upgrade fees will decrease over time, ensuring the new artwork is accessible to everyone. In addition, this upgrade also includes the ability to change gender allowing users to swap a male Degods into a female Degods.
Additionally on August 14, 2023, Degods announced the launch of Points Parla allowing users to use Depoints – which are earned when users participate in Staking Degods to purchase and open tokens. Each card will include prizes ranging from small to large with a total value of up to 250,000 USD sponsored by brands.
Reasons for Degods Price Falling Sharply
Degods Season 3 did not go as well as many people expected and caused the price of Degods NFT to plummet from 9 ETH to only 4 ETH. The y00ts NFT collection and DUST token also saw a larger drop of over 50% in just a short period of time. Below are some of the main causes leading to this collapse.
Image quality in Season 3 version
The new image of Degods in the Season 3 version does not seem to receive much approval from everyone. The Degods team also had to apologize to fans and called the Degods Season 3 version “Art Downgrade”. Of course, this received backlash from the community and caused many members to sell off Degods, causing the price to plummet.
Large amount of leverage
The number of users leveraging Degods NFT increased dramatically
Immediately after the launch of Degods Season 3, a large number of users used the Blend platform to borrow NFT Degods. The large amount of leverage combined with high LTV when the price plummeted led to mass liquidations and users were forced to sell NFTs to repay the loan. This has caused the price of Degods NFT to drop even more.
The market is not supportive
After the collapse of Azuki Elemetals, it seems that the market is still quite sensitive. Typically we see some notable collections on the market such as: CyberKongz Genkai, Parallel nice Garbage Friends All did not achieve positive results when the price of NFTs dropped sharply right after the sale process.
Some new updates of The Captainz with new images on each NFT and called the next generation “Smart NFT” also did not receive much positive feedback from the community and caused the price of The Captainz NFT to plummet by 25%. in just 1 day. Therefore, the launch of Degods Season 3 at this time when investor sentiment is still negative and quite sensitive has caused the entire Degods ecosystem to decline sharply.
summary
Degods Season 3 may not have been as successful as many people expected and caused the price of Degods NFT to drop sharply in just a short time. Above is all the information I want to introduce about Degods Season 3, hope everyone has received useful knowledge.
