- DeGods' New Direction
- DEGOD Tokenomics
- Community's Opinion
DeGods, a prominent NFT platform on Solana, has announced a significant shift by consolidating its multiple collections into a single token called DEGOD.
DeGods' New Direction
Starting on September 15, DeGods announced that all token holders from existing collections, including DeGods, y00ts, and DUST, will be able to convert their NFTs into the new DEGOD token. The company cites the need to eliminate collection fragmentation, which they believe weakened liquidity and divided the community.
DEGOD Tokenomics
DeGods disclosed the tokenomics for DEGOD: 85% of the total supply will be allocated to over 41,200 NFT holders, while the remaining 15% will be distributed as follows: 10% for private funding, 3% to the bonding curve, 1% for initial liquidity, and 1% for Solana NFT marketplace NFT Sniper. The total supply of tokens will be capped at 10 billion DEGOD tokens.
Community's Opinion
The platform community and crypto enthusiasts on X expressed different views on DeGods' new move. Critics argue that such consolidation might overlook rarity, which was initially the value foundation of any NFT. Yuga Labs co-founder Wylie Arnow commented: "No idea if the DeGods move is going to work long-term (almost nothing does) and I wouldn’t do it for BAYC, but it’s genuinely entertaining watching the project try wild shit. That's clearly worth something. Godspeed to the bros." Many see this as a strategic move considering the deteriorating state of the NFT market in 2023-2024.
DeGods' decision to merge NFT collections into a single DEGOD token sparked controversy in the crypto community. Many are waiting to see how this will impact the market and the NFTs themselves, as well as the future of the project.
