Today we are going to talk about an NFT project. Some time ago, we said that NFT has been miserable recently. Various projects are falling crazily. For example, BAYC has fallen to 23 Ethereums. I feel that according to this trend, it is entirely possible to reach 20 Ethereums. , when we talked about it last time, there were still 30 Ethereums. In fact, projects like BAYC are still very good. It should not be a big problem. It just depends on how much it can get. Currently, Ethereum has also dropped to 1600, so currently one BAYC It was only 36,000 US dollars, which is 250,000 RMB. You must know that at the most expensive time, an avatar cost 2 million RMB, so this was also a 90% drop. The project we are talking about today is Degods, the top blue-chip NFT project on Sol. It has been migrated to the Ethereum chain. The recent increase has also been very fierce. You can see that the weekly transaction volume on opensea is 15K for Ethereum, ranking first. The transaction volume of blur last week was 18K, which is almost the first. Why can this project buck the trend when the NFT market is so sluggish? Let’s take a look today.
Introduction
DeGods is a deflationary NFT project launched by FrankDeGods and his team in October 2021. The series features degenerates, punks and misfits. The team also wants to create a good atmosphere and innovation for Solana NFT through them.
There were a total of 10,000 DeGods when issued, but there are currently only 8916, and 1084 have been destroyed.
Holding DeGod will give you exclusive access to DeDAO, including the DeGods Discord community, which consists of some of the top whales, Alpha analysts, and builders in Solana and other ecosystems.
Features of Degods
1. Paper tax
DeGods believes that paper hands will destroy the NFT community. As long as one person is FUD, it may have a cascading effect, thus destroying the healthy and orderly growth of new projects. To solve this problem, DeGods instituted a special PaperHand Bitch Tax (PHBT) to punish paper hands. When DeGods initially complete the public sale at a price of 3 SOL, if any DeGods are sold below the floor price (initial value is 3 SOL), a 33.3% paper hand tax will be payable.
The taxes collected through PHBT will be automatically transferred to the treasury of DeGods, which can be used to purchase and destroy DeGods listed at the floor price. This will cause the continuous deflation of DeGods and increase scarcity. Originally, DeGods planned to create their own NFT marketplace to implement this paper tax scheme, but ultimately chose to partner with Alpha.Art to deploy it on their marketplace.
"Paper Hands" is a slang term that first became popular in the r/WallStreetBets subreddit to refer to investors who are risk-averse and exit trades at the slightest sign of volatility. . In the NFT market, "paper hands" are used to describe investors who sell NFTs quickly or panic sell when market prices fall. This term has a certain negative connotation because it implies that investors are concerned about the NFTs they purchased. There is no confidence in long-term holding. In contrast, "Diamond Hands" refer to those who plan to hold NFTs for a long time. They believe that the value of the NFTs they hold will increase significantly in the long term, allowing them to sell in the future to obtain High returns, so they don't care about market conditions in the short term.
In fact, it went so well initially that DeGods' floor price skyrocketed from the launch price of 3 SOL to 15 SOL. However, after volume slowed, DeGods' floor price began to decline.
Possibly due to the difficulty of migrating and adapting paper tax contracts to various NFT trading platforms, the DeGods community voted to cancel PHBT before its release on MagicEden and taxed it at a uniform tax rate of 9.99%, of which 6.66% was allocated to DeDAO and 3.33%. to the core team. Used to destroy DeGods, according to official DeGods data, 535 DeGods have been burned so far.
2. DUST Agreement
This nft has its own token, which is the DUST token. The current currency price is US$0.86. We know that BAYC also has a token called APE, but that is related to his game, and DUST is different. The supply of $DUST starts from 0, and the supply limit is 33,300,000. There is no IDO and no VC participation. Through this This method completes the fair distribution of tokens. $DUST will have three halving periods, with each halving reducing the token’s staking rewards by 50%. Currently $DUST can be traded on Raydium and Jupiter.
There are only two ways to generate $DUST: burning NFTs and staking DeGods.
Initially there are 2500 "exiled" DeGods who cannot be traded on the market. They came from two pre-sales of DeGods, using different Candy Machines, but due to an error on Metaplex, the team was unable to sign on the Candy Machine and update the metadata of the first 2,500 DeGods, and they were eventually judged to be "Exiled" "DeGods."
Holders can burn "exiled" DeGods while owning normal DeGods, and will receive 333 $DUST tokens. At the same time, the DeGods team plans to launch a burning DAPP. DeGods holders will be able to obtain DUST token rewards from the DeDAO treasury after choosing to burn. Holders can also burn their normal DeGods, and $DUST tokens will be distributed based on the rarity of the burned DeGods. Once their DeGods are burned, they are removed from circulation, which also helps increase DeGods scarcity and collectible value.
The amount of $DUST earned follows the following formula:
$DUST quantity = 1000 + (number of gods remaining – rarity ranking).
Application scenarios of $DUST
$DUST has three main application scenarios: DUST store, upgraded DeGods, and Solana ecosystem.
1.DUST store
DeDAO will allocate a portion of the funds from the treasury to the DeAlpha team in the community to purchase potential NFTs and store them in DeVault. $DUST can be used to participate in the lottery or auction of these NFTs in the DUST store. According to DeGods officials, whitelist draws or auctions for other items will be configured in the future, and DeGods will also be listed in the store.
2. Upgrade DeGods
Artist Delilah created the DeadGods series, and the NFT retains both the original DeGods version and the brand new DeadGods version, which is a zero-inflation update. All 153 original attributes have been recreated one-to-one in the DeadGods version.
DeadGod opens mint on March 31, 2022. DeGods holders need to spend 1,000 $DUST to purchase a StarDust to upgrade DeGods to DeadGods. The holder can complete the upgrade without unstaking. At the beginning, everyone doesn't have enough $DUST to upgrade their DeGod. Once they have both versions, holders can switch between DeadGods and DeGods at any time, but only DeGods can be traded on the market, DeadGods are not allowed to be traded.
Later, the team changed the price of StarDust, from the original 1000 $DUST to a daily increase of 3.33 $DUST, and now it has become 1119.88 $DUST. This is equivalent to increasing the cost in disguise to encourage holders to complete the upgrade as early as possible.
3.Solana Ecology
The DeDAO program will actively pursue opportunities to integrate $DUST into other projects in the Solana ecosystem, such as PvP and P2E NFT games, gambling platforms, and more.
On April 26, DeGods announced that DeDAO treasury reserves had exceeded 18,000 SOL
DeDAO will use this portion of the funds for project development, including providing liquidity for $DUST’s LP pool, supporting talent within the community, and purchasing other NFT assets on the market for draws and auctions.
To sum up, Degods’ operation is actually very powerful. It continues to explore the playability of NFT through paper tax, repurchase and destruction, NFT and Token staking incentives, and the expansion of DeadGods. At least he has brought a new shot in the arm to the decadent PFP NFT market. As for whether this can be purchased, we still have to say on the planet.