DeGods’ NFT Evolution: y00ts’ Complex Migration Journey and DeGods’ Resurgence in the Ethereum Universe
DeGods’ NFT profile picture (PFP) project, y00ts, has already undergone one migration, transitioning from Solana to the Ethereum scaling network, Polygon, earlier this year. Now, it’s set to make another move, migrating to the Ethereum mainnet, where it will reside alongside the startup’s more renowned DeGods collection.
The announcement was made on 9th August,2023, just before the unveiling of DeGods’ “Season 3” content. DeGods, a prized PFP collection, also previously migrated from Solana in the spring. DeLabs has not yet disclosed a date for the upcoming migration, a move that came as a surprise given the buzz surrounding the initial shift away from Solana.
Overview
Polygon Labs, a firm that provides support for the development of the Polygon blockchain and endeavors constructed upon it, awarded DeLabs a substantial grant of $3 million as part of their arrangement to transition from the Solana blockchain early this year. The intention behind this financial infusion was to facilitate the expansion of DeLabs’ team, which had also committed to playing a role in nurturing and bolstering other projects that are part of the Polygon ecosystem.
In a surprising turn of events, DeGods has now declared its intention to return the entire grant amount to Polygon Labs as it withdraws from the Polygon ecosystem. In response to this decision, Polygon Labs has made public its plan to reinvest $1 million from the returned grant into supporting “Polygon-native builders and creators.” However, the finer details of this endeavor will be disclosed at a later, unspecified date.
Adding context to this development, a representative from DeGods, Frank, took to Twitter to share, “We invested our utmost endeavors into making this collaboration successful, but circumstances have led us to believe that bringing our two communities together is the right path. I kindly urge all parties involved to maintain a sense of respect. This decision is rooted in goodwill.”
Ripple Effect
The resurgence of overall trading activity for non-fungible tokens (NFTs) remains uncertain following a 50% decline since January. However, the popular profile-picture project known as DeGods seems to defy this trend.
Based on data from the NFTScan, DeGods has experienced a remarkable surge in trading volume after the announcement, witnessing an increase to reach 1,459 ETH in volume, approximately equivalent to $2.45 million at the time of writing. During this period, 159 DeGods were acquired and sold by traders.
This event could potentially signal positive shifts in NFT sales trends beyond the realm of DeGods.
The Bigger Picture: Unveiling DeGod’s Season III
In the early hours of Thursday, 10th August,2023, DeGods revealed its blueprint for “Season III” of its collection, an ambitious plan to infuse 20,000 fresh artworks into the assortment. The forthcoming changes encompass not only the introduction of female profile picture (PFP) options, exchangeable with their male counterparts, but also an elimination of traits from NFTs that holder’s express dissatisfaction with. In their stead, novel traits will be integrated to rejuvenate the artworks.
In a tweet, DeGods emphasized the pivotal role of rarity, origin, and ingenuity in determining each new trait, aiming for a seamless integration within the overarching design structure. This design philosophy aims to preserve the collection’s integrity and prevent any form of “dilution.” The conventional apprehension of NFT projects expanding their offerings by introducing tokens featuring comparable artwork, as witnessed during the chaotic Azuki “Elementals” mint in June, is sidestepped by DeGods.
The announcement highlighted that each individual DeGod NFT will now be associated with four distinct generative art pieces, an alteration that aims to uphold the collection’s value. DeGods further revealed that the cost of updating a token would amount to 333 DUST, the native utility token of the collection, which currently trades at $2.26 as per CoinGecko analytics. Notably, the entirety of the DUST proceeds will contribute to the “Points Parlor” prize pool, intended for games and rewards dedicated to DeGods Season III holders.
In recognition of varying financial capacities, DeGods acknowledged that if holders are unable to afford the nearly $750 expense for token updates, the cost will gradually diminish over time, fostering a more inclusive environment to encourage more holders to transform their tokens.
Next: Euphoria
The news appears to have elicited a favorable response from the market, as evidenced by the trade volume, trader changes, and floor price from NFTScan Data. The trading volume surged to 6,001.74 ETH, which is approximately $10.6 million, shortly after the announcement broke. That is almost six times the volume of the previous days after the migration announcement. A total of 450 NFTs were traded in this market rush, but there was a bit of a drop in floor price from the previous day’s 8.4 ETH to 6.9 ETH as the market was trying to find its true value in the market rush.
A good look at the yearly timeframe of the trader changes and trading volume on NFTScan suggests that this is one of DeGod’s biggest trading volumes for a long time now.
This series of events made DeGods stand out as one of the NFT projects with significant value within the market. As per NFT 7-day trading volume data on NFTScan, it holds 2nd place.
What does this bring to the NFT ecosystem?
In the midst of these calculated shifts, the NFT realm is on the edge of its seat, awaiting the ramifications of DeLabs’ determinations. The transition from Solana to Polygon and subsequently back to Ethereum highlights a readiness to delve into and adjust to various blockchain environments. While the transition of y00ts presents alluring possibilities, there are lingering uncertainties regarding the potential harmonization between y00ts and the esteemed DeGods compilation situated on the Ethereum mainnet.
The dynamic landscape of NFTs thrives on perpetual ingenuity and exploration. DeLabs’ strategic selections echo the inherent fluidity of this realm, where creators proactively hunt for optimal platforms to exhibit their assortments. As DeLabs steers through these migrations, the broader NFT community watches with intense curiosity, eagerly anticipating how these decisions will influence the trajectories of both the y00ts and DeGods ventures. These maneuvers contribute to the ongoing evolution of the NFT domain, reaffirming its position as a vibrant and constantly shifting domain.
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