We discussed what a DeGod NFT is and how to buy one in the . It’s time to dive deeper into the DeGods ecosystem and explore its working.
DeGods NFT Mint Price
Every one of the 10,000 DeGods NFT debuted onto the Solana blockchain on October 8th, 2021, for 3 $SOL (a little less than $500). The project had already received a lot of pre-mint buzz. Marred by hackers and bots wreaking havoc in discord, the mint day was tough.
DeGods will officially bridge to Ethereum in Q1 of 2023.
The bridge is not the destination.
It is on the path to get there. pic.twitter.com/Wy8CbGx5VZ
— DeGods III (@DeGodsNFT) December 25, 2022
Add to this fake DeGods NFTs on secondary markets the collection got off to a very bumpy start. However, the team had overcome many of these difficulties and won over sentiment. Check out the previous article for more background.
The founder of the DeGods Twitter account, who goes by the alias ‘Frank,’ first launched the page in March 2021. Early community members could participate in special challenges to obtain presale access. Known as ‘Solympus’ challenges included doing push-ups, promoting the project to family members, and making charitable gifts.
The paper hand bitch tax is collected by a smart contract & automatically utilized to buy the lowest priced DeGods and instantly burn them forever.
Commons will be rare.
— DeGods III (@DeGodsNFT) September 19, 2021
DeGods NFT Staking
NFT is a large part of the Solana ecosystem, and so is decentralized finance (DeFi). And through incredibly clever means of boosting community involvement in the project, staking—once the wheelhouse of DeFi—has now converged with the NFT community.
Holders who stake their DeGods NFT can earn $DUST every day. The DeGods treasury is known to buy NFTs and then resell them for $DUST. In addition, the most recent NFT mint from Frank, pricing y00ts t00bs in $DUST, has created a flywheel of sorts propping up the token’s value.
1000%+ ROI since mint (and then some!) during they shittiest of bear and FTX drain black swan shitshow.
Holding @DeGodsNFT right now feels so incredibly amazing. How can anon ever fade what's going to happen in the bull. Actually, fuck the bull. We ARE the bull! #DeGodsNFT #De pic.twitter.com/tU95saHyzB
— 5h4gg⌐◨-◨ III 🍟 (33.3%) (@PixelRainbowNFT) December 24, 2022
Although there were 10,000 NFTs in the DeGod collection at its mint date, only 174 (1.74%) of DeGods are currently staked to earn $DUST. But over 1454 DeadGods are staked. That’s almost 16% of the total DeadGods collection. The minimum value locked for DeGods is around $838K, while that for DeadGods is close to 7 Million dollars!
The utility of the DUST token lies in the following perks:
- Needed to buy art upgrades and merch.
- Gives access to community programs, games, and products.
- Raffles and prize draws.
- Priority access to upcoming collections from DeGods.
It also comes with other impressive functionalities. DUST is the core of DeGods DAO. It funds the DAO and is held in the DAO treasury. The DeGods DAO is the governance body for the project, funded by the marketplace fee imposed on all NFT transactions. DeGod DAO consists of three bodies:
- DAO Leads – leaders of the DeGods community.
- Divine Council – elected leaders from the community.
- DeAlpha Team – the project team.
The DAO votes on which NFT assets to acquire and store these assets in the DeDAO Vault. The DAO routinely holds $DUST raffles and auctions for coveted NFTs and white-list slots kept in the DeDAO vault. In the future, a DUST store will offer DeGods for sale from the DeDAO vault.
DeGods and DeadGods
By creating a rare concoction called StarDust and paying 1000 $DUST tokens, owners can turn their DeGod into a “Dead God.” These Dead Gods do not increase the supply of DeGods because they are not recognized as such.
Owners of a DeadGod instead possess a different iteration of a DeGod rather than their own unique NFT. In other words, turning a DeGod to DeadGods will lower the DeGods supply and increase the collection rarity.
The notion of the DeGods %DUST token and newly designed DeadGods NFTs was implemented in early 2022 and quickly became a buzz among investors.
Why should a DeGod holder want to change the DeGod into a DeadGod? Purely for the higher staking rewards. Staking a DeGod NFT earns 1.25 $DUST per day, but a DeadGod NFT earns 3.75 $DUST per day. This gives stakers three times the value!
You can turn your DeadGod back into a DeGod, but it will cost you $DUST.
Since late May, I had my eyes set on acquiring a @DeGodsNFT and I made it a personal mission of mine to make it happen, by any means necessary.. @frankdegods and the rest of the team.. let’s fucking get it! Can’t wait for Season III !!! Big shoutout to @azcrypto7 for the hook up! https://t.co/nNOGQdQiqj pic.twitter.com/qTVAudbgtI
— Alizino (33.3%) (@alioo377) December 25, 2022
DeGods NFT Marketplace
DeGods NFT marketplace went live on October 8 2021, at the same time as the NFT mint. But unfortunately, it was riddled with issues. The mint process was critically flawed, and an army of bots sabotaged it. Various bugs and limitations with the native marketplace only added to the woes. It seems that the team has scrapped the native NFT marketplace altogether. It is no longer available on the official website. You can, however, spend your dust tokens on raffles or auctions in the Dusties Store. DeGods NFT is also available for sale in all major NFT marketplaces that supports Solana. It’s better to follow our previous article if you are planning to buy a DeGods NFT.
DeGods have proven to be a community-driven project with massive potential. And the collection is officially the #1 most traded Solana NFT of all time. With impeccable standards and innovative mechanisms, DeGods is truly a project that lived up to its hype.
The DeGods founder Frank DeGods has recently doxxed himself as Rohun Vora. This doxxing has increased investor confidence in DeGods NFTs. Which was apparent in the subsequent increase in the floor price. The project is also one of the few NFT ventures that saw organic social growth. Although there have been some significant declines along the way, its Twitter and Discord growth patterns indicate a sustained upswing. It has 132.6K Twitter followers and 23K members on Discord.
The project is also the first NFT initiative to own a complete basketball team. For a staggering $625,000, they bought the stock of rapper Ice Cube’s Big3 basketball league. Big3 is a 12-team 3-on-3 basketball league established in 2017 by hip-hop entrepreneur and businessman Jeff Kwatinetz.
As an IP the project seems to be growing from strength to strength. But as a project on Solana, is this the end of its growth? Is their success solely tied to the sustainability of Solana? Can it reach ever greater heights? Will the collection move to Ethereum? There are a lot of questions left to be answered, and only time can reveal them.
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