The Solana NFT ecosystem is witnessing rapid development and adoption, especially since its incorporation into popular ETH marketplaces. The hype and traction have led to the release of several projects over the last few months.
Meanwhile, value, uniqueness, high-quality art, and originality seem to be the qualities NFT collectors are looking for. Among the few Solana projects that can boast of these values is DeGods.
DeGods has become a prominent blue-chip project with a high return on investment for many holders.
Read on to learn more about what DeGods NFTs are.
What Are DeGods?
DeGods is a Solana-based NFT collection of uniquely generated deflationary art comprising 10,000 virtual gods. As the main concept of NFTs, DeGods is an amazing showcase of professional artistry with a blend of unique secondary traits.
The collection features creative outfits and attributes that determine their rarity level. Holders can analyze their DeGods NFT rarity with its official rarity explorer or on external rarity explorers.
The benefits of holding DeGods NFT ranges from token reward via staking to access to exclusive opportunities of the DeGods community. Also, access to the ecosystem DAO and gaining decision-making abilities.
DeGods is one of the high-ranking Solana NFT projects. The project was launched in October 2021 and has since risen to be one of Solana’s best projects by volume and market cap.
It features high-standard mechanisms further to preserve the value of its members’ investment. Perhaps one mechanism that maintained the price of DeGods NFT at its infancy stage was the 33.3% tax. It was a “Paper Hand Bitch Tax” (PHBT) imposed on paper-hand sellers that sells their NFT below floor price on secondary marketplaces.
The 33.3% tax was an experimental innovation that ensures the price of NFT does not go below the market price at any time. The tax was then added to the DeDAO treasury.
PHBT was later removed by the DeGods team, and a standard 9.99% royalty fee was put in place.
There is also a deflationary mechanism in place to maintain NFT supply through burning for DUST.
DeGods Announce Move to Ethereum
In a recent announcement by the DeGods team, the once Solana-based collection will be bridging chains and moving to the Ethereum blockchain. The transition is expected to take place in late Q1 of 2023.
Another part of the DeGods NFT project is the DeadGods. Holders of DeGods can transcend their NFT into a doppelganger version of the original for 1000 $DUST.
DeadGods is not a new collection but the opposite side of the DeGods NFT. Once a holder transcends their DeGod, the metadata of the DeadGod will replace the original metadata. Therefore, when holders burn their NFT, they receive a double DUST reward.
Holders can also switch between their DeGods and DeadGod NFT. Once they sell their NFT, both DeGods and DeadGod sides will be transferred to the buyer.
DeGods feature a vibrant ecosystem economy powered by $DUST SPL tokens. It is the native and utility token of the DeGods ecosystem. The maximum supply of $DUST is 33,300,000 units with an initial token allocation of 0. Tokens will enter circulation via burning and staking of NFTs only.
As the utility token, DUST is useful for NFT upgrades and additional revenue yield for DeGods holders.
- Token Name: DUST
- Blockchain: Solana
- Token Type: Utility
- Total Supply: 33.000.000
DeGods Staking (Earn $DUST + DePoints)
DeGods has recently updated its staking program to a new version that offers different rewards and staking capabilities. If you’re currently staking DeGods or DeadGods, you can transfer them to the new staking protocol by visiting app.degods.com/staking. Transferring will automatically claim any unclaimed $DUST that was attached to your DeGods.
How it Works:
- Transfer your DeGods to the new staking site
- Stake your DeGods
- Earn DePoints (1 minute staked = 1 DePoint)
- Spend DePoints on Rewards
1 $DUST to Stake
3 $DUST to Unstake
Rewards will include airdrops, physical goods, sponsored brand activations, and more. Rewards can be claimed at the Rewards Center.
DeGods DAO System (DeDAO)
Apart from its vibrant economy, DeGods has a well-established DAO that controls ecosystem activities and decisions in DeGods.
The DeDAO ensures the stability of the ecosystem via funding support for its token’s liquidity pool, purchasing assets, and community development. The funding stems from DeGods marketplace royalty fee of 9.99% (6.66% for DeDAO and 3.33% for the project team)
Decision-making is an important feature of the DeGods DAO. Decision makers in DeDAO include
- DAO Leads: They include the project founders and ecosystem leaders.
- Alpha Team: They include Alpha Gods, who are market experts
- Divine Council: Comprises contributing members that are voted by DeDAO. They inspect proposals and the worthiness of decisions before approving them for DeDAO voting.
DeGods NFT Statistics
DeGods started as a regular NFT project with3 SOL mint price in 2021. The floor price rallied modestly till January 2022, when it broke its previous ATH. Then, amidst increasing hype for Solana NFT, the floor price went through the roof, peaking at 315 SOL in April.
DeGods NFT is currently trading at 358 SOL with 621.4K SOL trading volume and a $150 million floor market cap. It is available on top Solana marketplaces, including Magic Eden, Solana Art, Alpha Art, and Opensea.
Further development and newer implementations are the main themes of DeGods roadmap activities. According to the team, there will be a marketplace where ecosystem members can trade tokens in the future.
The DAO system also looks to integrate DUST into broader use cases such as in-game tokens, marketplace legal tender, and crypto betting platforms. Also, as the main purchase token that members can use to purchase DeGod from the Dust Store.
DeGods has proven to be a community-driven project with impeccable standards. It has also set innovative mechanisms to provide greater and better value for its NFT holders.
Within a few months after launch, DeGods has dominated the Solana ecosystem with jaw-dropping volume and sales. With its explosive marketplace debut and steady price rise, DeGods is an important project worth the hype.
If you’re looking for a place to store your DeGods, check out our guide on the best Solana Wallets for NFTs!