Despite the overall trading volume for non-fungible tokens (NFTs) dropping by 50% since January, the popular profile-picture (PFP) project, DeGods, shows signs of resilience. Data from OpenSea marketplace demonstrates that in the past day alone, there has been a 197% surge in the trading volume of DeGods, leaping to about 1,359 ETH or approximately $2.5 million. This increase coincides with the purchase of 158 DeGods, catapulting the project to the top spot on the NFT platform’s leaderboard of collections.
However, while the trading volume has surged, DeGods’ floor price has seen a decline from 8.8 ETH to 7.4 ETH during the sales burst. This might bring shadows of skepticism but seeing a $13,600 NFT in the bear market could suggest a promising wave for NFT sales trends, that could ripple way beyond DeGods.
More elements to add intrigue to the promising developments of DeGods is the project’s recent revelation of its “Season III” of the collection. The move will manifest 20,000 new artworks in the collection, including introducing switchable female PFPs to balance its male counterparts. Perhaps more fascinating though, is the announcement that they will eliminate traits from the NFTs which do not hold attraction for holders, replacing them with newer, preferable characteristics.
Another aspect to note is the way DeGods has sought to navigate the risk of dilution, a concern common among NFT projects that add additional tokens with similar artwork to a collection. Rather than augmenting new tokens, each individual DeGod will now encompass four generative art pieces linked with it.
As the DeGods journey evolves, the project has instituted a revamp protocol that will require 333 units of its native utility token, DUST, which currently trades at $2.26. Yet, financial inclusivity principle has been taken into account; if holders cannot meet the nearly $750 overhaul price, DeGods has assured that the cost will reduce progressively over time.
DeGods, originally a Solana-based NFT project, shifted to the leading NFT network, Ethereum, in the aftermath of the collapse of FTX and its harsh ripple effects on the network’s token. It also migrated its Solana-based sister collection, Y00ts, to sidechain Polygon, accepting a $3 million grant from Polygon Labs along the process. Yet, recently, a sudden reversal occurred with Y00ts announcing its transition to Ethereum to unify the collection with DeGods, returning the generous grant.
Source: Coindesk
