DeGods: Solana NFT Project's recent rankings ascentTable of Contents
DeGods: Solana NFT Project's recent rankings ascent
By CoinUnited.io Research Team
3 min read
It initially emerged on Twitter in March of 2021 and is therefore considered to be a newborn. The new idea, a deflationary NFT that makes use of game theory to create something really one-of-a-kind, was introduced. It's a group effort that has received backing from programmers, artists, sports, and other strange bedfellows. The formation of Solympus was completed by September 2021. The initial members of this community earned NFTs through specific "bounties" that required them to execute unique tasks. Shortly thereafter, many films were produced to build interest, one of which featured an in-depth demonstration of its novel burning method. In the following months, several well-known people, including crypto influencers, exhibited a keen interest in these NFTs. Staking officially launched at the close of January 2022. More over half of the DUST supply was staked in just one day. For more than 30 days in a row by March 2022, this Solana NFT project had the largest volume of any NFT.
Solana's protocol token, DUST, is an ERC-721 digital asset. With DUST coins, DeGods NFT owners may monetize their libraries. For example, holders can earn a passive income stream by receiving up to 10 tokens every day.
At first glance, DeGods NFTs may resemble established competitors in the NFT market such as Bored Ape Yacht Club or Solana Monkey Business. However, these NFTs are unique and offer distinct strategic benefits in a number of key ways. While both BAYC and Solana Monkey Business contain algorithmically created monkeys, the former are in significantly shorter quantity than the deflationary NFTs of DeGods, which continue to keep in value as they are burned. One way to ensure that a DeGod token is no longer in circulation is to have it burned. Instead, it's been boosted to DeadGod status while still maintaining its rarity, giving this NFT collection a gaming element. NFTs have been promoted with sweets, at restaurants, and other places with high foot traffic in recent years. There were a total of 333 16-pack cases up for grabs. Licensed from barrelDAO and others in the Solana NFT market, the cans contain popular NFT collections including DeGods, Okay Bears, and Solana Monkey Business.
Even if holders "burn" their NFTs through a particular procedure, the NFTs will remain in existence. On the contrary, they are transformed into DeadGods. DeGods may be transformed into DeadGods with the use of StarDust, which can be purchased for 1,000 DUST tokens. Keep in mind that every day, DeGods can earn 10 DUST tokens. Each DeGod is matched by one DeadGod, therefore the total number of DeadGods is one. As more and more NFTs are destroyed by their owners, they become increasingly rare and valuable. The DeadGods are not a new NFT set, but rather improved versions of the DeGods.
DeGods' decentralized autonomous organization (DAO) is made up of prominent members of the NFTs' communities and key figures behind the creation of DeDAO. In DeDAO, the DeAlpha Team and the Divine Council are the major decision-makers. While the elected members of the Divine Council have a say in different ideas, the major job of the DeAlpha Team is to use their skills to adapt the NFT to shifting market conditions. The DeAlpha team also consults with the Divine Council on matters of acquisition and budgetary allocation. The NFT marketplace charge amounts to 9.99% of each transaction and is used to sustain the organization. Two-thirds of this sum is set aside to pay for DeDAO's overhead. The remaining one-third is distributed to DeGods and used for a wide range of purposes, such as crucial development, paying for the community's professional labor, covering liquidity pools on exchanges, and purchasing presents for different auctions and raffles.
For instance, they make it possible for investors to receive a return on their DeGods NFT holdings and even enjoy passive income. Staking NFTs is an easy way for holders to stake daily rewards of 10 DUST tokens. If a person saves up 1,000 DUST and spends it for StarDust, they can then sacrifice the deity. DeadGods holders get a threefold increase in their DUST token supply. The process of burning DeGods NFTs will be streamlined with the imminent release of a dedicated DApp.
DeGods and DeadGods holders may only acquire more DUST tokens through the staking process. Tokens based on images, such as DeGods and DeadGods, may be connected to the platform in exchange for a reward, all without giving up any ownership. Since every NFT is one of a kind, its owners may be reluctant to part with their holdings in exchange for a rapid monetary gain. One key selling feature is the opportunity to receive daily incentives for staking assets without giving up ownership.
Despite the fact that this Solana NFT project has been around for for a short time, its dedicated user group has won widespread praise. Numerous NFT holders join the original founders and board members to form this group. Whenever a DeGod is burned, it is taken out of circulation permanently. This boosts the value of the other DeGods in the society because of their increased scarcity. As the DeGod is being consumed, the NFT is being upgraded to a DeadGod. Consequently, the burning of DeGods is good for the community and the individual who has them. Currently, these NFTs must be burned by hand, but a planned DApp will automate this procedure.
The DeGods Solana NFT project's creators and developers implemented a unique safeguard to cut down on the chances of NFTs being resold on secondary markets, where they might be bought and resold at prices lower than their highest possible asking price, which would be bad for the DeGods community as a whole. To combat the undervaluing of DeGods in these secondary markets, a tax of 33.3% of the sales price is levied on all such transactions. The community's progress, including ongoing construction and other projects, can benefit from these monies. A dedicated Burn Bot keeps track of tax revenue as it relates to the cheapest DeGod in the system. By doing so, we raise the scarcity and worth of the remaining DeGods. This will result in a 10% sales charge across all marketplaces.
A DeGod becomes a DeadGod when it is burned, as was previously indicated. There is a one-to-one ratio between DeGods and DeadGods, and the distinct designs of each digital deity ensure that their scarcity is preserved. To check on the status of their NFT at any moment, holders can utilize the DeadGods Rarity Explorer. Famous people including David Beckham, Madonna, and Kyrie Irving have all shown interest in the DeGods NFT line. But the biggest spender was Shaquille O'Neal, who dropped 250 Solana on a DeadGod. That was similar to $28,000 in today's money back then.
Throughout their short existence, DeGods NFTs have seen their floor price, the least expensive NFT listed on a market, steadily rise, and it has now hit a new high. The floor price jumped beyond 500 SOL on August 28, 2022, due to a string of secondary market transactions by DeGods. It was was sold on the popular market Magic Eden for $18,650, or 587 SOL. DeGods' base pricing is in the top four for PFP projects with at least 10,000 NFTs, putting it in the top tier of the NFT market as a whole. A new Solana NFT project, y00ts, has been unveiled by Frank, the man behind the DeGods. Launched at the beginning of September 2022, this new NFT is credited as a key factor in the rise in the base value of DeGods NFTs. DeGods's popularity has increased to the point where it is now competing with other Ethereum NFT powerhouses in terms of price. The DeGods DAO made headlines earlier this year when it invested in Ice Cube's BIG3 basketball league. Most notably, DeGods is a major factor in Solana's success.
The brains behind the Solana NFT project came up with a visually arresting roadmap that deftly traces the NFT's unique development throughout time. A pair of hands hold up one half of the globe, as water cascades over the other. A rainbow highway, reminiscent of the one in Mario Kart, connects the planet to the universe at the other end. There's a department shop, a political discussion, downtown skyscrapers, a ski resort, and a Sphynx all shown in this environment that's wonderful enough for the DeGods to walk freely.
Currently, OpenSea, Magic Eden, and Alpha Art are your only options for acquiring DeGods NFTs. In order to join the DeGods Discord server, you must first purchase DeGods NFTs from one of these official outlets. You may confirm the legitimacy of your assets and assess their rarity by consulting this exclusive group of owners.
Those with the financial means can participate in the purchase of non-fungible tokens as an investment opportunity. A blockchain, like Solana, verifies the rightful owners of all NFTs. The popularity of NFTs has skyrocketed in recent years, thanks in large part to the endorsements of several A-listers. Merchandise like beer cans and other consumer items have been branded with them. The developers have implemented unique safeguards, such the Paper Hand Bitch Tax, to protect investors' capital. Another perk of ownership is the potential to turn DeGods into DeadGods, which generates even more DUST. There is a chance that DeGods holders may gain exposure to other NFTs' market activity and news. Particularly, the recent release of y00ts demonstrates this point, as its creator is the same person responsible for DeGods, thereby increasing interest in the latter. An increase in interest in this NFT might be sparked by developments in the market in the future. Considering these points, DeGods NFTs may be a good investment down the road.
Since its inception, DeGods has been at the vanguard of the rapidly developing field of NFTs. This Solana NFT project is worth keeping an eye on since it is one of the most cutting-edge and potentially lucrative NFT choices now on the market.
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