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DeGods Review: The Hottest NFT Collection on Solana Blockchain
DeGods is the talk of the town, the DustLabs project has literally taken the NFT world by storm and is now considered the hottest NFT on the market. They describe themselves as a digital art collection with a global community which includes creators, developers, athletes, artists, innovators, experimenters and entrepreneurs. The numbers have been crazy and so have been the controversies. DeGods is the number one, numero uno collection on the Solana blockchain.
It was the initially the new kid on the block who everyone thought just looked cool but what the team behind DeGods and its creator FrankDegod have accomplished has been nothing short of amazing. DeGods is currently in the top five NFT projects across any blockchain and is a competitor to popular NFT collections such as BAYC (Bored Ape Yatch Club), MAYC (Mutant Ape Yatch Club), Moonbirds and CryptoPunks.
DeGods are the first NFT to be deflationary in nature meaning that over time the number of DeGods in circulation will decrease and hence the ones that are still there will have an increase in their rarity rating. The way this is done is through a process that is called burning. A DeGod holder can also choose to convert their DeGod into a DeadGod by spending 1000 DUST (native currency of the DeGod Verse) and getting one STARDUST. We will discuss the benefits of this later in the review. The only country without a DeGod is North Korea. You can also see who owns a DeGod and which country they are from on the map on the DeGod website.
DeGods NFT Collection: Details
|DeGods Website||CLICK HERE|
|Degods Twitter||CLICK HERE|
|DeGods Discord||CLICK HERE|
DeGods: Floor Price and Mint Price
Talking about the floor price, at the time of writing this article there are currently no DeGods or DeadGods listed on OpenSea marketplace. This actually says a lot about the way this project is being treated where a lot of people are holding onto their DeGod NFT. It goes to show that this collection has resonated with a lot of people and hence they do want to be part of this collection in the long run. DeGods are listed on Magic Eden at the moment with a floor price of more than 370 SOL.
Considering that the NFT minted at a price of 3SOL this is more than a 12000% increase in the price of this collection. Such a drastic increase in such a short amount of time only sheds more light on the success of DeGods. However, this is not it because till date the highest DeGod sale was of DeGod number #270 for a price of 7033.3 SOL on September 1st 2022. This is 1885% more than the current floor price and 234,443% more than the mint price.
Note: The sale mentioned above was for a DeadGod not a regular DeGod
Such sales have backed up and validated the hype around the project. The official website also boasts about the fact that a number of famous people are also part of this community which includes rappers like IceCube, the co founders of Solana, co founder of Magic Eden and much more.
Why Should You Convert Your DeGod?
As mentioned earlier holders can convert their DeGod into a DeadGod which has a couple of benefits in doing so. First of all let us clarify some misconceptions. DeadGods are not a separate collection from DeGods, they are an upgrade. This feature became live on 31st March 2022. As with any other NFT collection you can also stake your DeGod NFT for some perks or bonus. In this case when you stake your DeGod NFT it earns DUST (the native token of DeGod Verse) but after successfully converting your DeGod to a DeadGod you can earn 3 times the amount of DUST. This is a great way to increase your passive income from just holding the NFT.
What is DUST?
DUST is extremely useful when it comes to taking part in things such as raffles, auctions, and to even mint future collections, not only this but to get a DeadGod you also need DUST. DUST is the native token of DeGod created by its community to drive up utility. It is an SPL token by nature and exists on the Solana Blockchain. There are only going to be 33,300,000 tokens of DUST with the only way to mine them being through staking of the DeGods and DeadGods NFT.
DUST is listen on DEX Raydium and can be purchased with SOL. Only 3.6% of DeGods are currently staked while on the other hand 95.8% of DeadGods have been staked. The team behind DeGods has also said that they will find new ways to increase the utility for dust tokens and integrate them more and more in the DeGods Verse. DUST can be also be used to purchase other NFTs such as the recently launched y00ts collection which was also made by the same team that was responsible for DeGods.
The DeDAO follows the basic principles of any other DAO (Decentralised Autonomous Organisation). However, it gets its funding mainly from the 9.99% royalties tax from the resales of DeGods which is further split into two parts. 6.66% of this collected amount goes into the DeDAO to help drive and fund community projects while 3.33% goes to the core team. The DeDAO is managed by the DAO Leads, The Divine Council and the DeAlpha team. The DeDAO recently bought a basketball team in Ice Cube’s BIG3 League.
Burning And The 33.3% Paper Hands Bitch Tax
The Paper Hands Bitch Tax was a system of precaution put into place to ensure that holder would not lowball the NFT or even sell it below the mint price. If they did they would be taxed a 33.3% fee on that sale. This heavily discouraged people to try to undervalue the project. There is also a special burn bot which monitors prices of DeGods sold on the secondary markets and automatically incinerates DeGods sold below a certain price. This heavily boosts the value of the other NFTs in the collection. This is how the project has claimed to be deflationary in nature. It is the first of its kind to implement such tactics.
The DeGods Roadmap is visual with no actual text descriptions. It can be explored by going on the DeGods website.
Are DeGods A Good Investment in 2022?
With all the hype and popularity surrounding DeGods it is looking very lucrative from an investment point of view but it is still better to just not buy one because of the hype. Instead it is recommended to do your research before actually owning one. The project certainly shows a lot of promise and has a lot of unexplored potential. The DeGods team is constantly innovating and trying out new things to push the boundary of Web3 and the NFT world. Again, it is advisable to do your own research when it comes to purchasing any NFT since the crypto world is very volatile.
DeGods has set a new set of rules and standard for new and upcoming NFT projects. The team and Frank have been through a lot of ups and down but they have refused to give up on the project which is the one of the main reasons why the project is so successful. DeGods still have the momentum on their side and only time will tell how they are able to stay relevant in the NFT world.
DeGods Video Review: Is this a Bluechip NFT Collection on Solana Blockchain?
Watch this video review on Youtube, uploaded by Magic Eden.
How many DeGods were created?
10,000 DeGods were created at the time of mint.
When did the mint for DeGods take place?
The mint for DeGods took place on 8th October 2021.
What is the current volume of DeGods?
The current volume of DeGods is more than 1.1 Million SOL.
How many unique owners does DeGods have?
The DeGods collection has more than 4300 unique owners.
Which is the highest listed DeGod?
The highest listed DeGod is for 10,000 SOL on Magic Eden.