Key Points:
The DeGods NFT platform has consolidated its collections into a single token called DEGOD.
While some support the move due to the declining NFT market, critics argue it overlooks the importance of NFT rarity.
DeGods, a prominent NFT platform on Solana, has announced a significant shift by consolidating its multiple collections into a single token called DEGOD.
Read more: DeGods Co-founder Finny Announced His Resignation
DeGods NFT Platform Now Looks Toward Meme Coin
The movement lets users change NFTs from either DeGods, y00ts, or DUST into tokens now called DEGOD as the project looks to pivot from its original use case of focusing on NFTs onto the growing meme coin trend.
DeGods NFT platform announced the development on September 15, citing that fragmentation across a number of collections weakened liquidity and fragmented the community.
Despite the bold approach, many in the crypto community on X have expressed their concern about the risks involved. According to critics, the change completely overlooks rarity, once the basic building block behind any NFT’s value. Yuga Labs‘ co-founder Wylie Arnow said:
“No idea if the DeGods move is going to work long-term (almost nothing does) and I wouldn’t do it for BAYC, but it’s genuinely entertaining watching the project try wild shit. That’s clearly worth something. Godspeed to the bros.”
However, for some, this is also a strategic gamble since the deteriorating state of the NFT market in 2023-2024 shows contraction. This is an important consolidation into a meme coin to let the project tap into its very loyal user base and keep the momentum going.
Tokenomics for DEGOD: 85% Allocated to NFT Holders
DeGods also disclosed the tokenomics for DEGOD: 85% of the total supply is to be locked into more than 41,200 NFT holders, while others include 10% for private funding, 3% to the bonding curve, 1% for initial liquidity, and 1% to Solana NFT marketplace NFT Sniper. Supply will be capped at a total 10 billion DEGOD tokens.
De Labs, the company behind DeGods NFT platform, has grown in less than a year and a half to become one of the largest players in the NFT space, just parallel to large collections such as Bored Ape Yacht Club and CryptoPunks.
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