Consistently ranked in the top trading volume of Solana-based NFT marketplace - the Magic Eden, first minted from October 2021, DeGods has gradually become an iconic NFT collection when it comes to Solana NFT space. The collection of 10,000 degenerates, punks and misfits priced at 3 SOL in public mint. The skyrocket on price which comes along with high demand has been shown through over weeks, the current floor price for one DeGods NFT is around 300 SOL. This article could provide audiences some insights from the project before transforming into a “god” on Mount Solympus.
What DeGods really mean?
The initial creation of an experiment in deflationary NFTs using game theory that would decrease the supply of the NFT. Originally made to punish “Paper Hand Bitch” destroying the floor price. The smart contract has an agreement that if you sell for below the mint, the current floor price, or a third party marketplace that isn’t the official DeGods marketplace, you will pay a 33.3% “paper hand bitch tax” (PHBT).
The proceeds from the tax would move to a treasury wallet where it would be unleashed at random intervals to buy back the cheapest DeGods listed on the market and burn later. If the floor consists of mostly common gods, and the floor is being bought back and burned, that will considerably decrease the supply of DeGods while raising the value of them for their holders. Simply, just down the supply.
However, on Jan 1st 2022, the teams announced that PHBT was dismissed and changed to the standard 9.99% royalty fee. 6.66% is allocated to the DeDAO and the remaining 3.33% goes to the core team. All the funds gathered from DeDAO would be used to add to the liquidity pool, support the community and purchase NFTs for raffles and auctions.
According to the announcement, the team will launch a burn dapp that allows the Dust Protocol integrated.
How does the burn work?
DeGods that are put in the Burn Queue cannot be taken back out and will be on queue until it has reached its turn to be burnt. The smart contract organizes the queue daily in such a way that the most common DeGods is burnt first and only 1 NFT can be burnt a day.
If a DeGod successfully burns, the owners will receive a relative amount of $DUST token. The formula to calculate the amount of $DUST for each DeGod is as follows:
$DUST quantity = 1000 + (# of remaining DeGods - Rarity Ranking)
Revealed on Jan 1st 2022, DUST is the fuel that powers the entire DeGods ecosystem. Every DeGod owner can stake their NFTs in return for 10 $DUST per day, the only way a DeGod can mine $DUST. This creates a long-term holding incentive for NFTs owners. That is also one of the many reasons that the floor price of the project did not decrease much during the recent bear market.
The $DUSK token has a variety of use cases. A DUST store where the DeDAO hosts auctions and raffles for NFTs, P2E games, betting platforms and more. They also intend to acquire DeGods and list them for $DUST on the store. And the next NFT collection will be only minted in $DUST.
What is a DeadGod?
DeadGods was announced and was officially mintable on March 31st. There is the first Gen 2 NFT collection with the original 153 attributes reimagined with the Dead art style in mind. Furthermore, the team also generated a large amount of demand for $DUST token when DeadGods are the mutated forms of DeGods that can earn 30 $DUST/day. This can be initiated by spending 1000 $DUST to turn into new art with the same metadata, not a new kind of NFT. Every attribute is not affected.
However, DeadGods are not able to burn, as explained from the team, “for what is dead may never die”.
Roadmap
Recommend you clicking on the image to get the fullsize image and zoom in/out.
The release of the roadmap through the comic with a lot of hints inside the art, it can be said that this creates curiosity for both the NFT holders and the non-community members. As can be observed, there will soon be a possible lab to build and develop a full ecosystem around DeGods, even a playground on a metaverse with play-to-earn mechanism attached to $DUST token or host Yacht party like a famous NFT collection BAYC. This shows that the team is willing to expand and accompany the community for a long time, not just a PFP collection.
DeGods Highlights
Each NFT has 8 sets of traits categorized into various rarity levels: common, uncommon, rare, super rare and mythic. The no. 1 ranked DeGods has three Mythic traits. The rarest attribute available is Medusa Head, and only 25 exist. Clothing choices vary from tracksuits to t-shirts to war armor, and backgrounds show the DeGods in various settings or solid color backgrounds.
DeGod #3251.
According to the Rarity Tool, the DeGod #3251 is ranked 1st with 0.00000000000116778132% in terms of rarity. DeGods #4486 is the collection’s top sale at 1099 SOL, the highest sale price in USD is the DeGods #3033, estimated at $104,000.
DeGods Stats
Since 535 DeGods have been burned, the total supply is now only 9465 DeGods alive. In addition, the team has successfully integrated the DUST protocol, which provides a favorable condition for the economic development of the entire DeGods ecosystem by the $DUST token. As a result, about 8660 DeGods have been transcended to DeadGods (about 91.5% of the current DeGods supply). In consequence, if someone wants to sell their DeadGod, the buyer can get both versions. This would still make the collection deflationary.
As can be seen from the graph, 30.1% of owners have 1 NFT, showing that retail investors are very interested in the project creating a large demand for ownership. It can be said that 9 wallets owning more than 50 NFTs is quite a modest number, but with 8 people holding up to 7.17% of the total supply of the collection, besides 1 wallet containing 535 burned NFTs is the incinerator wallet. Thus, the average amount of ownership per holder is 2.4, which is fairly evenly distributed. However, there is currently no pressure to sell gods from whales as only 135 NFTs are listed on the secondary markets.
The Bottom Line
The DeGods team clearly thrives on pushing the limits and experimenting with utility. They started out taxing those who sold below mint price, but have since pivoted into a more beneficial solution with $DUST. Unique points of new burning and staking mechanisms are needed to push forward innovation in the NFT space, and continues to make the DeGods collection an interesting choice for collectors. With the expansion of the community and core team, DeGods is in place to achieve their ambitious goals and roadmap for years to come. With the attention from Solana's big KOLs, unique utilities for the community, maybe in the future with the development of the roadmap, maybe we will have 1 BAYC on Solana NFT space.