Original | Odaily
Author | Xiao Fei
“DeGods flipped Azuki!” Just a few weeks after the floor price of DeGods bucked the trend and rose to above 9 ETH, the community rejoiced that DeGods replaced Azuki as the top blue chip, and its price quickly collapsed within a few days. Currently, the price on Blur The floor price is temporarily quoted at 4.28 ETH, which has fallen by more than half from its high point. Hundreds of DeGods entered the liquidation process of Blur lending overnight.
Huang Licheng, the last whale in the NFT industry, Majis eldest brother, was once again forced to become a taker. He currently holds 324 positions. It seems that the downward spiral trend has not stopped yet.
In the NFT industry, it isAzukis series of operationsAfter squeezing out the last wave of loyal liquidity, DeGods, who migrated from Solana to Ethereum and released a series of positive results along the way, seemed to have ignited a small fire. However, this fire burned for a few months before it was once again reduced to ashes.
Could the NFT industry really never get better? What kind of narrative can help NFT break out of the shackles of a flash in the pan?
DeGods past and present
DeGods is an NFT project launched in 2021, with an initial mint price of 3 SOL. In the early days of its establishment, the project proposed a rather innovative PaperHand Bitch Tax (PHBT) mechanism, which became popular and rose to 15 SOL. However, the mechanism received mixed reviews, and the DeGods community subsequently voted to cancel the paper hand bitch tax. tax mechanism.
Subsequently, DeGods introduced the $DUST ecosystem and DeGods staking. DUST tokens can be obtained by burning NFT and staking DeGods. Through this mechanism, people are incentivized to hold or burn their DeGods. After the mechanism was launched, staking was completed within 24 hours. 50% of the total supply of DeGods. Soon, during the boom stage of Solana NFT, DeGods ushered in its highlight moment and became a well-known blue-chip project on Solana, with the price rising by more than 300 SOL.
The subsequent market gradually slumped, and DeGods launched the second season project y00ts in August 2022. y00ts proposed a ⓨ mechanism, a method similar to copyright ⓒ, which was applied to the features of y00ts and charged 5% each time a feature was sold. Copyright fee.
The continuous innovation ability allowed Degods to remain relatively strong although its price fluctuated with the market. Until Solana was implicated in the collapse of FTX, SOL prices plummeted and activity declined. DeGods voted to officially open the migration to the Ethereum network in March 2023, y00ts It was moved to Polygon, for which Polygon also paid $3 million (however, the project also recently moved to Ethereum, and it is said that the $3 million has been returned by the team).
Although controversy continues in the community, with many people accusing its founder of being ugly and disrespectful to users, such as the mandatory 33.3% fee for NFTs on Soalna after the migration, it is undeniable that the continued innovation and delivery capabilities of DeGods team Dust Labs are Yes, DeGods was later launched on Blur and was supported by the Blend lending agreement. It interacted frequently with the founder of Blur, and during the craze of Ordinals, 535 DeGods were permanently engraved on BTC and conducted cooperative auctions. The community has been relatively active. When other leading blue chips plummeted, their prices have been relatively stable.
Season 3: A repeat of the Azuki incident?
After the Azuki incident, the liquidity of the NFT market was further drained, and the price of blue chips fell. However, DeGods ushered in a new wave of slight gains against the trend due to the news of the third quarter update.
On August 1, DeGods officially stated that the third season update will be released on August 9. Founder Frank tweeted that the DeGods content in the third season update will present the same characteristics of the current series in a new style/aesthetics. He also stated that DeGods The third season will adopt a non-random map opening mode to avoid the common situation in the past where a large number of low-rare NFTs were sold off after the map opening, and emphasized that the style and aesthetics of the third season will not be the same as the original DeGods Similar situations are expected to be more popular among the public.
At a time when narratives are exhausted, DeGods various descriptions and the successful model of its second-season project y00ts have given new hope to users who still believe in NFT. Its trading volume has surged in a short period of time, and its floor price has also increased from close to 8 ETH rises above 9 ETH.
However, the actual information finally released about the third season of DeGods left the community unhappy. There are a total of 20,000 NFTs in the third season, including four series: Original DeGods, DeadGods, DeGods III, and DeGoddesses. The team will replace some unpopular features, add convertible men and women, and delete some Unwanted NFT elements.
In addition, DeGods also launched Points Parlor, a staking point value-added function for the third season series. Users can pledge DeGods to obtain points to unlock different reward packages such as Uber Eats gift cards, MacBook Pro and Tesla, as well as obtain DUST tokens in the future. currency.
This upgrade also has an additional clause: pay 333 DUST (about $800 worth, as mentioned above, can be obtained by staking DeGods)
Although this third season is obviously not to the point where Azuki is copy-pasting and perfunctory, there is really no innovation. It is just a little trick on the PFP Traits and changing the picture style. In this tight market, Now that they cant afford panic selling, users really cant afford to pay. The sudden increase of 20,000 works is a value extension in a bull market, but a proper value dilution in a bear market. Not to mention the need to pay in tokens.
The day after the news was announced, Giant Whale (0x 88...7589) sold about 200 DeGods on Blur in the early morning, instantly driving the floor price down by 25.84% to around 6.5 ETH.
The decline accelerated in the next few days, falling below 5 ETH early yesterday morning. More than 200 DeGods were temporarily insolvent and entered liquidation. The giant whale was forced to take over. The current floor price of Blur is temporarily quoted at 4.28 ETH.
Hype expectations = plunge when it hits the ground?
Faced with this situation, founder Frank apologized to the community and said he would adjust his strategy. In response to the high price of 333 DUST, the price will be reduced by 33.3% every 30 days. However, this update has had little effect so far.
This times delivery is a plunge, which does not seem to be new in the world of NFT.
In the past NFT bull market, hype expectations were a sharp weapon. An ambiguous message, a collaboration with cross-border celebrities, a massive airdrop, every new expectation, every superposition of narratives, were The price of the small picture pulls up the window.
In the current cold bear market, every excessive expectation and hype has become drinking poison to quench thirst.
When the valuation that was originally supported by an over-exaggerated narrative was embodied as the result of change the picture design and make money again, the users hopes were once again frustrated and they were unable to pay, followed by panic selling and a spiral. fell.
It is not yet known when the NFT market will pick up, but I sincerely recommend that project developers who still have financial strength should not consume their own communities at this time. This is pushing themselves into the abyss of death.
