Prominent non-fungible token (NFT) project DeGods experienced a massive surge in sales after unveiling plans for “Season III” early Thursday. In just 24 hours, its trading volume skyrocketed by almost 200%, translating to 1,359 ETH, or roughly $2.5 million.
A beacon of hope amidst a sea of red
While the overall NFT market continues to underperform, with July revealing to be yet another bleak month in sales, DeGods seems to be bucking the trend. According to data sourced from OpenSea, traders purchased 158 NFTs, propelling the project to the pinnacle of the NFT platform’s collection leaderboard.
Despite the vigorous sales, the floor price dipped from 8.8 ETH to 6.5 ETH. Yet, spending $13,600 on an NFT in this bear market signifies robust enthusiasm among investors.
Drop incoming; Upgrade your DeGods NFTs
“Season III” promises to bring an influx of 20,000 artworks. Alongside the addition of female profile pictures (PFPs), which can be swapped for male counterparts, DeGods will be removing undesired traits from NFTs. New ones will be ushered in as replacements. Regarding this strategy, the team commented:
“We took into account rarity, provenance and innovation to ensure each new trait would be a delightful addition to the entire design system.”
Avoiding the dilution of their previous collections is a top priority for the project. Rather than introducing new tokens, each DeGod NFT will feature four pieces of generative art. The chaos faced by Azuki “Elementals” in June due to dilution stands as a cautionary tale.
Holders eager to update their tokens will need to spend 333 DUST, the collection’s native utility token. Current trading figures put DUST at $2.26. Notably, all proceeds from DUST will funnel into the “Points Parlor” prize pool, allowing Season III holders to engage in games and win prizes.
Understanding the hefty update fee, the team announced a gradual price reduction for those unable to pay the initial $750. This move aims to encourage more token morphing.
A long journey
Originally a Solana-based project, DeGods transitioned to Ethereum post the FTX collapse. Simultaneously, its sister collection, Y00ts, just announced yesterday a shift from Polygon to Ethereum. Y00ts had to return a $3 million grant from the Polygon Foundation in order to join DeGods on Ethereum.