DeGods is a Solana-based deflationary collection by Frank DeGods that consists of 10,000 virtual gods. DeGods team announced the project would be leaving the Solana network for Ethereum in 2023 to reach a wider and more diverse audience. ^[2][1][9]

Overview

In March 2021, DeGods first appeared on Twitter as a deflationary NFT. The DeGods NFT collection was released to an exclusive list of potential investors who had to complete and share an online challenge to be included. However, bots and fake NFTs joined the process, resulting in the "sale out" of the assets. This caused a decrease in the project's price, putting it in danger of being discontinued. However, the DeGods team implemented several key upgrades, which resulted in saving the project. ^[2][3]

Staking for DeGods went live in January 2022, with more than half of its supply staked within the first day. This marked a significant increase in the popularity of the collection. ^[2][1]

Frank DeGods (real name Rohun Vora) is a former UCLA film student who leads DeGods NFT. The founder stayed anonymous all through DeGods' development but finally revealed his identity via X on November 29, 2022. ^[3][14]

DeGods NFT Burn

DeGods is a deflationary asset designed to appreciate in value for HODLers over time. To achieve this, one of the main strategies employed is the "burning" of NFT assets and other methods:

Paper Hands Bitch Tax

The DeGods project team implemented the “Paper Hand Bitch Tax”, a 33.3% fee charged on DeGods NFT holders who sold their non-fungible tokens on the secondary markets at a price lower than what they bought them for or below DeGods NFT’s floor price. This was in an effort to discourage “paper hand” investors who panic-sell and reduce DeGods’ value. The team later acknowledged this approach as flawed and replaced it with a standard 9.99% royalty fee charged on every sale. ^[3]

Low-Value NFT Buyback

The DeGods project took a step to maintain value by depositing the proceeds of the Paper Hands Bitch Tax fees into the DeGods treasury. This money was used to purchase and burn 535 DeGods NFTs that traded on the secondary markets for the lowest price, making the project's NFTs rarer with less than 10,000 remaining. ^[3]

DeGods $DUST Utility Token

The $DUST token is the Solana utility token, which is minted by burning NFTs or staking a DeGods NFT. DUST tokens enable DeGods NFT holders to generate passive income from staking their collections. This process of staking and burning is integral to the value of the $DUST token, in addition to the perks associated with it. ^[3]

Celebrity Attention

DeGods Solana NFT project has attracted the attention of several high-profile celebrities, including Howie Mandel, David Beckham, Wayne Rooney, and Shaquille O'Neal. ^[3]

DeadGods NFTs

DeadGods NFTs are the mutated forms of DeGods NFTs. It is created by transcending DeGods NFTs using DUST tokens. DeadGods NFTs are more rare and valuable than regular DeGods, and they can only be obtained by burning a DeGods NFT and paying a certain fee. The burning includes altering the DeadGods NFTs metadata to reflect the one-of-one swap and removing the DeGod from circulation, increasing its rarity. ^[4][5]

DeadGods also offers exclusive benefits within the DeGods ecosystem and is highly coveted by collectors and investors. Holding a DeadGods NFT grants access to the DeGods DAO and the ability to vote on community initiatives. ^[15]

DeDAO

DeDAO is a decentralized autonomous organization funded by DeGods marketplace fee of 9.99%, of which 6.66% goes to DeDAO and 3.33% goes to the DeGods’ core team for DeGods and DeadGods sales. DeDAO allocates its funds to liquidity pools on decentralized exchanges, supporting talents inside the community, and purchasing assets for raffles and auctions. ^[7]

On April 28, 2022, DeDAO bought a professional basketball team in Ice Cube's BIG3 league for an estimated $625,000. The purchase gives the DeGods community some level of control over the basketball team, including the role of CEO, president, and vice president. It will also provide the DAO with intellectual property rights to create officially licensed merchandise. ^[6][8]

“This is probably the most fascinating experiment in the entire NFT space right now. It’s cool because owning and operating a basketball team is a dream for millions of people. Now, we get to make that dream true for our holders.” - DeGods founder, Frank DeGod, was quoted as saying.

Migration to Ethereum

On December 26, 2022, the DeGods team announced on Twitter^[10] that the project would be leaving the Solana network for Ethereum in Q1 of 2023. ^[9]

“There’s an argument to be made that DeGods has capped out on Solana, it’s hard to accept, but it’s been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it’s what we have to do.” - the project’s leader, Rohun Vora, known as Frank, said in a Twitter Space.

The exact date of the migration has not been announced, but the team said they will release more details once they are ready. ^[16]

DeGods Season 3

Arts Downgrade

DeGods announced Season 3 of its collection on August 13, 2023, which includes an updated art “downgrade” and an ad-based business model called Points Parlor. ^[11]

The Art Downgrade concept adopts a simplified aesthetic that revamps the existing DeGods collection through non-dilutive artwork that is “vibrant” and a “simpler art style,” along with an overall IP expansion. DeGods holders can “opt into” the Season 3 upgrade for 333 $DUST - its native token, per NFT. ^[11][12]

According to a press release, the fee structure will decrease over time to ensure widespread accessibility.

“We’re experimenting with some fresh art and exciting rewards. Get ready for something cool,” said DeGods founder Rohun Vora, who also goes by the alias ‘Frank DeGods.’”^[11]

Points Parlor

In August 2023, DeGods also introduced Points Parlor, a points system and gamified business model that informs how users get rewarded from NFT projects. Points Parlor is a dynamic platform that Dust Labs developed to foster community engagement, as well as enhance DeGods’ brand visibility. ^[11]

“[de]labs believe that the real value of DeGods lies in its vibrant community, their engagement, and the attention they bring. The introduction of Points Parlor and the unique Art Downgrade is a testament to this ethos. [de]labs is committed to cultivating a community that is inclusive, engaged, and rewarded for their loyalty,” the press release stated.

Players can use their loyalty points, which are earned through holding a DeGods NFT, to win rewards. According to the press release, the prize pool will comprise all of the $DUST fees collected from Season 3’s art “downgrades” and over $250,000 USD in brand-sponsored prizes. On September 2, 2023, a player named @andnothinelse on X (fka Twitter) won a Tesla Model 3 via Points Parlor ^[13]