Each owner of a DeGods token will receive four artistic assets as part of their one DeGods token when “Season III” of the project is released.
Trading volume rose by approximately 200% in a single day to 1,359 ETH, or roughly $2.5 million.
Although it’s unclear whether total non-fungible token (NFT) trading volume will increase after dropping by 50% since January, it certainly seems that way for the well-known profile-picture (PFP) project DeGods.
158 DeGods were collectively bought by traders over the course of the last day, increasing the trading volume of DeGods by 197% to 1,359 ETH, or nearly $2.5 million, according to data from the exchange OpenSea. Additionally, it has topped the scoreboard of collections on the NFT platform.
A $13,600 NFT is still a sizable purchase in the bear market and may indicate encouraging trends for NFT purchases outside of DeGods, even though its floor price has dropped from 8.8 ETH to 7.4 ETH during this sales blitz.
DeGods announced its plans for its “Season III” of the collection, which will add 20,000 new works of art to the collection, early on Thursday morning. In addition to swappable female PFPs for male PFPs, DeGods will also be taking features from NFTs that their owners “don’t like” and substituting other traits in their stead.
To ensure that any new trait would be a source of delight and fit into their broader design system, we considered uniqueness, provenance, and originality, DeGods wrote in a tweet.
According to DeGods, this strategy ensures that there will be “no dilution” for the collection. Each unique DeGod NFT will now have four pieces of generative art linked with it rather than adding new tokens. When new tokens with similar artwork are added to a collection, NFT projects frequently worry about dilution. This was shown in the commotion at the Azuki “Elementals” mint in June, from which the project is still recovering.
According to a tweet from DeGods, updating a token will cost 333 DUST. The native utility token of the collection is called DUST, and according to analytics platform CoinGecko, it is presently trading at $2.26. The collection stated that the “Points Parlour” prize pool, which allows DeGods Season III holders to play games and win prizes, will receive 100% of the DUST.
DeGods noted that over time, the cost to update a token will gradually drop to make it more affordable for holders who cannot afford to spend the approximately $750 to do so.
DeGods began as a Solana-based NFT project, but with FTX’s demise and the severe influence it had on the network’s token, the project transferred to Ethereum, the top NFT network. Y00ts, a sister collection based in Solana, was also shifted to sidechain Polygon, accepting a $3 million funding from Polygon Labs in the process. However, Y00ts abruptly declared yesterday night that it will switch to Ethereum in an effort to reunite the collection with DeGods and reclaim the grant.