DeGods co-founder departs amid falling NFT market

DeGods co-founder departs amid falling NFT market

Finn DeGods, the co-founder of the startup DeLabs, has announced their departure from the company after nearly two years. Finn’s exit comes at a time when the DeGods NFT collection faces significant market pressure and criticism from its community after the “downgrade”.

Leaving NFTs behind

According to his Twitter post, Finn believes it is time for him to move on. He emphasized that their transition away from the company had begun as early as July. “I am still bullish on DeGods and y00ts,” he added.

Despite this, the timing of Finn’s departure amid a volatile NFT market was seen as poorly timed by the other co-founder Rohun “Frank” Vora:

“It was something that happened a few months ago. [Finn] just wasn’t the right skill set for the company, (…) He just didn’t scale with the growth of the project. It’s all love. I think it was tone-deaf posting it yesterday, but that’s all it is.”

In a tweet, Finn insisted that their departure had “nothing to do with any recent events”—likely referring to the recent challenges that the collection has faced. Among these challenges was the pushback against DeLabs’ announcements and “whale” holders flooding the market with NFTs.

DeGods “Season 3” and Y00ts migration

Last week, DeLabs announced that its y00ts PFP collection would migrate from Polygon to the Ethereum mainnet. In the wake of this shift—its second migration after leaving Solana earlier this year—DeLabs stated that it would return a $3 million grant from Polygon Labs that had supported the previous move.

Following the migration announcement, DeGods unveiled its “Season 3” content drop, introducing a “points parlor” game for NFT holders and allowing them to upgrade their PFP artwork. However, it seems the update wasn’t well received by the community. Since then, both collections have experienced a sharp decline in market value.

Price floor plummeting

DeGods’ floor price, representing the cheapest NFT listed for sale on a secondary marketplace, fell from around 8.7 ETH (approximately $15,900) to 4.3 ETH (about $7,750) since August 9, according to NFT Price Floor data.

Entrepreneur and trader Jeffrey “Machi Big Brother” Huang, known for pressuring the floor price of popular NFT collections like Bored Ape Yacht Club, also contributed to the price drop by selling over 200 DeGods NFTs on Blur.

Follow Us on Google News