DeGods: The Recent Solana NFT Project Ascending in Rankings
The overall NFT market has grown dramatically in recent years, as investors have increasingly been drawn to the profitability of digital collectibles. While there are many NFTs available through marketplaces like Magic Eden and others, DeGods is rightfully a standout that deserves your full attention. A closer look at the exciting differences between this NFT and others on the NFT market today will clearly reveal its advantages and profit potential.
What Is DeGods?
DeGods is a deflationary Solana NFT project featuring a digital art collection of 10,000 colorful, virtual gods, each one creatively attired. It boasts one of the highest trading volumes of all NFT projects.
The Story of DeGods
Solana project DeGods is the brainchild of a man known simply as Frank. Born in March 2021, it first appeared on Twitter. The concept introduced was that of a deflationary NFT, innovatively using game theory to provide a unique experience. It’s a collaborative project that has been supported by developers, artists, athletes and an eclectic assortment of others. By September 2021, Solympus was created. Its community’s first members completed special projects, or bounties, to grant them early access to NFTs.
Several videos were released shortly afterward to build hype, including one that specifically showed its innovative burning process in action. Over the next few months, various celebrities and crypto influencers showed considerable interest in these NFTs. The hype over the NFTs was also established by a man eating 100 chicken nuggets and another man jumping out of a plane in a DeGod costume.
At the end of January 2022, staking went live. After only a single day, more than half of the supply had been staked for DUST. By March 2022, this Solana NFT project had topped the charts for more than 30 days with the highest NFT trading volume.
What Is DUST Protocol & How Does It Relate to DeGods?
DUST Protocol is Solana’s utility token. DUST tokens enable DeGods NFT holders to generate income from their collections. Specifically, holders can receive up to 10 tokens daily, supporting a passive income stream.
Why Are DeGods NFTs So Popular?
DeGods NFTs may initially be compared to other popular options on the NFT marketplace, including Bored Ape Yacht Club and Solana Monkey Business. However, these NFTs stand apart as being strategically advantageous in several key areas. Both BAYC and Solana Monkey Business feature various monkeys generated by algorithms, but they’re available in a far more limited supply than DeGods NFTs, which are deflationary — meaning that the value will keep increasing, thanks to the ability to burn DeGods. When a DeGod token is burned, it’s no longer circulated. Instead, it’s upgraded to a DeadGod and remains rare, adding a gaming component to this NFT collection.
In recent years, NFTs have been hyped in mainstream society through marketing with candy, in restaurants and more. This Solana NFT project has also increased in popularity through specialized artwork on beer cans from barrelDAO. This is a community-owned and operated brewery that sold a very limited supply of its Solana Summer Shandy through Magic Eden. Specifically, 333 cases of 16-packs were offered for sale. The cans feature popular NFT collections within the Solana NFT market, owned by barrelDAO and others, for which they’ve obtained a special license, including DeGods, Okay Bears and Solana Monkey Business.
Upgrading DeGods into DeadGods with StarDust
When holders burn these NFTs through a special process, the NFTs don’t disappear. Instead, they’re converted into DeadGods. The conversion of DeGods into DeadGods is completed with StarDust, which is available for 1,000 DUST tokens. Remember that DeGods holders can accumulate 10 DUST tokens daily.
DeadGods have a one-to-one ratio with DeGods, which means that there’s one DeadGod for every DeGod. Only 10,000 DeGods are in existence. Once NFTs are burned by their owners, the rarity of these NFTs increases — and in turn, their value. It’s important to note that DeadGods are upgraded DeGods, rather than part of a new NFT collection. The benefit of burning these NFTs and turning them into DeadGods is the ability to obtain double DUST tokens. The holder then has access to both the DeGod and DeadGod images.
DeDAO is a specialized aspect of the DeGods marketplace. Specifically, it comprises the NFTs’ community leaders, as well as the key founders of DeDAO, and it serves as the decentralized autonomous organization (DAO) of DeGods. The primary decision-makers in the DeDAO organization are its founders and leaders, the DeAlpha Team and the Divine Council.
The DeAlpha Team’s primary responsibility is to apply their expertise to maneuver the NFT for changing market conditions, while the Divine Council is a group of elected members who have a say in various proposals. In addition, the DeAlpha group meets with the Divine Council to arrange for acquisitions and to allocate funds.
The organization is funded through an NFT marketplace fee, equating to 9.99% of each transaction. Of this amount, two-thirds is allocated to cover DeDAO’s operating costs. The remaining one-third is allocated to DeGods, with the funds supporting a variety of initiatives, including critical development; paying for the community’s skilled workforce; covering liquidity pools on exchanges; and buying gifts available through various auctions and raffles.
Earning DUST Tokens
DUST tokens serve several key purposes. For example, they enable DeGods NFT holders to generate passive income and to see a return on their investment. They are also required to purchase StarDust mentioned above.
Holders can stake their NFTs to effortlessly earn 10 DUST tokens daily. Once a holder has amassed 1,000 DUST and purchased StarDust, the holder can burn the god. This will take the DeGod out of circulation and turn it into a DeadGod. With DeadGods, holders can obtain three times the DUST tokens.
DUST tokens are earned through the DeDAO Treasury. A specialized DApp, expected to launch soon, is in the works that will simplify the process of burning DeGods NFTs.
Staking DeGods & DeadGods
Staking is the only method available for both DeGods and DeadGods holders to earn DUST tokens. This process describes putting NFTs to work on the blockchain. For image-based NFTs like DeGods and DeadGods, the NFTs are connected to the platform in exchange for a reward, without losing ownership. Each non-fungible token is of course unique, which means that many of these NFT owners may prefer to maintain ownership of their assets, rather than sell them quickly. The ability to earn rewards on a daily basis for staking their assets without losing ownership is a key selling point.
While this Solana NFT project has a relatively short history, it’s already earned a great reputation for its strong community base. This community includes the founders and governing members, as well as the many NFT holders. Burning these NFTs is a key and differentiating aspect of this NFT collection. A DeGod can be burned at a cost of one StarDust.
After a DeGod has been burned, it’s removed from circulation. When this happens, the rarity of the other DeGods increases, enhancing their value and benefiting the entire community. At the same time, the holder who burns their DeGod is upgrading that NFT to a DeadGod.
The DeadGod can be staked for three times the number of daily DUST tokens. Thus, burning DeGods is beneficial for both the community as a whole, and the holder. While burning these NFTs must be done manually right now, an upcoming DApp will simplify the process.
Paper Hand Bitch Tax
The founders and developers of the DeGods Solana NFT project have created a special measure to reduce the likelihood that DeGods will be sold on secondary marketplaces, where these NFTs could potentially be sold below the highest sales price — which could be detrimental to the overall DeGods community. The Paper Hand Bitch Tax, which equates to 33.3% of the sales price, is imposed on DeGods sold in these alternative marketplaces for a lowball price.
The funds collected through the Paper Hand Bitch Tax are placed in the DeGods Treasury. These funds can then be allocated to the community’s greater good, such as continued development and other initiatives. There’s a special Burn Bot that monitors the taxes collected in relation to the lowest-priced DeGod. Any DeGod sold in a secondary marketplace below that price will automatically be incinerated. Through this process, the rarity of the remaining DeGods increases, and their value is also enhanced.
Solana NFT project developers plan to remove the Paper Hand Bitch Tax at some point. When this happens, a flat sales fee of 10% will be assessed through all marketplaces.
DeGods NFTs Breakdown
As mentioned, once a DeGod is burned, it turns into a DeadGod. Each virtual god has a unique design, and the ratio between DeGods and DeadGods is one-to-one, so rarity is maintained. Holders can use a special DeadGods rarity explorer to analyze the status of their NFT at any given time.
The DeGods NFT collection has attracted ample attention from notable celebrities, including David Beckham, Madonna and Kyrie Irving. However, it was Shaquille O’Neal who made the largest purchase: Shaq bought a DeadGod at the price of 250 Solana. At the time, that was equivalent to roughly $28,000.
DeGods NFTs Floor Price
The floor price — the cheapest listed NFT on a market — for DeGods NFTs has trended upward throughout their short history, most recently reaching a new level. On August 28, 2022, the floor price surged beyond 500 SOL thanks to a series of DeGods secondary market sales. At one point, it was traded on leading marketplace Magic Eden for 587 SOL, which equated to $18,650 at the time. In terms of the wider NFT market, DeGods' entry-level price point ranks in the top four among PFP projects with at least 10,000 NFTs.
Frank, the DeGods creator, has released a new Solana NFT project known as y00ts. This new NFT was introduced in early September 2022, and its launch has been one of the primary drivers in the increase of the DeGods NFTs floor price. In fact, DeGods momentum has picked up considerably to the point that it has led to the collection challenging Ethereum NFT heavyweights on pricing.
Earlier in the year, the DeGods DAO gained significant attention when it bought a stake in Ice Cube’s BIG3 basketball league. Notably, DeGods is one of the most influential drivers behind Solana’s success. Solana is now second only behind Ethereum on the list of most active blockchain platforms.
DeGods Road Map
The masterminds behind this Solana NFT project created an image-based road map that creatively delineates the history of the NFT, as well as its individuality. It depicts a flat earth designed with a pair of hands gripping one side, and a waterfall flowing over the other. At one end of the world are a mountain range and a forest. At the other end, a Mario Kart–like rainbow road bridges to the planet from outer space. The world illustrates a magical place where the DeGods can roam freely, featuring a retail store, a political debate, downtown skyscrapers, a ski resort and a Sphynx.
Where to Buy DeGods NFTs
Are you interested in participating in the DeGods experience and making an investment soon? DeGods NFTs are currently only available through OpenSea, Magic Eden and Alpha Art. After purchasing DeGods NFTs through one of these authorized channels, you’ll have full access to the DeGods Discord community. Through this exclusive community of holders, you can verify your assets and analyze their rarity.
Are DeGods NFTs a Good Investment?
Purchasing non-fungible tokens is an investment opportunity that’s open to any investor with the funds to do so. Ownership in all NFTs is secured by a blockchain, such as Solana. Interest in NFTs has been increasing substantially in recent years, and they’ve gained attention from many notable celebrities. They’ve even been marketed on consumer goods, such as beer cans and other items.
This NFT may be a particularly savvy investment because of its deflationary basis. The creators have taken special steps, such as the Paper Hand Bitch Tax, to maintain the value of holders’ investments. Furthermore, the ability to eventually convert DeGods into DeadGods, which produces even more DUST, adds to the ownership benefits.
Holders of DeGods may also benefit from market news and events for other NFTs. This has specifically been demonstrated by the recent launch of y00ts, since it’s been created by the same mastermind behind DeGods, drawing more attention to DeGods as a result of the launch. It’s possible that future market events could drive additional hype over this NFT. With all of these factors in mind, DeGods NFTs may be a smart long-term investment.
The world of NFTs continues to evolve quickly, and DeGods has been at the forefront of that evolution since its debut. As one of the most innovative and lucrative options available in the NFT market today, this Solana NFT project is one to watch.