Background and History
DeGods was launched on the Solana blockchain and quickly became one of the most valuable and recognized NFT collections. The project was created by a pseudonymous individual known as “Frank” and the community. The collection consists of 10,000 unique NFTs, each depicting ‘degenerate’ ancient deities in modern streetwear. One of DeGods’ most notable early innovations was the introduction of the “Paper Hands Bitch Tax” (PHBT), a 33.3% fee on sales below the floor price, which was later replaced by a standard royalty fee (CoinGecko) (Phemex).
Key Features and Technologies
Deflationary Mechanics
DeGods incorporates deflationary mechanics by burning NFTs to reduce supply and increase rarity. This strategy included the buyback and burn of low-value NFTs using the proceeds from PHBT, which significantly contributed to the collection’s value appreciation (Phemex).
Staking and DUST Token
Holders can stake their DeGods NFTs to earn DUST tokens, which serve multiple purposes within the ecosystem. Staking rewards long-term holders and provides them with passive income. DUST tokens can be used to upgrade NFTs to DeadGods, participate in exclusive events, and access community benefits (DappRadar) (CoinGecko).
Usage and Applications
DeGods NFTs are primarily used as profile pictures (PFPs) and hold significant value in the collector community. The project has developed various applications and benefits for holders, including the ability to mint new NFTs from the y00ts collection by holding DeadGods. The introduction of non-custodial staking allows holders to keep their NFTs in their wallets while earning rewards (DappRadar).
Governance Token: DUST
Overview
DUST is the utility token of the DeGods ecosystem, used for staking rewards and other community activities. It enables the transformation of DeGods to DeadGods, thus increasing their staking rewards.
Tokenomics
DUST tokens are generated through staking DeGods or DeadGods. The token can be used to purchase exclusive items and participate in community events. This system incentivizes long-term holding and active participation in the DeGods community.
Governance Structure
DeDAO, the decentralized autonomous organization of DeGods, governs the project. It comprises DAO Leads, the Alpha Team, and the Divine Council, ensuring community-driven decision-making. The DAO manages the treasury funded by marketplace fees and directs project developments and initiatives.
Notable Events
- Launch on Solana: DeGods launched on the Solana blockchain, quickly gaining popularity.
- PHBT Introduction: The Paper Hands Bitch Tax was introduced to discourage panic selling, later replaced by standard royalties.
- Migration to Ethereum: In December 2022, DeGods announced its migration to the Ethereum blockchain to tap into a larger market and offer new opportunities to its holders.
- y00ts Collection: The team launched the y00ts collection on Solana, later migrating it to Polygon.
- Season 3 Updates: Introduced new artwork and female characters, along with the Points Parlor gaming system .
