DeGods, a prominent Non-Fungible Token platform on Solana, has announced a significant change by consolidating its multiple collectibles into a single Token called DEGOD.
The move allows users to change Non-Fungible Token from DeGods, y00ts, or DUST into a Token now known as DEGOD as the project looks to pivot from its original Non-Fungible Token -focused use case to the growing memecoin trend.
Non-Fungible Token platform DeGods announced the development on September 15, citing that Shard across some collectibles had weakened liquidation and Shard the community.
Despite the bold approach, many in the crypto community have expressed concerns about the risks involved. Critics say the move completely ignores rarity, which is the fundamental basis behind the value of any Non-Fungible Token . Yuga Labs co-founder Wylie Arnow said :
“I don’t know if DeGods’ move will work in the long run (hardly anything does) and I wouldn’t do it for BAYC, but it’s really fun to XEM the project try crazy things. It’s definitely worth it. Good luck guys.”
However, for some, it is also a strategic gamble as the Non-Fungible Token market downturn in 2023-2024 suggests a contraction. This is a crucial merger into a memecoin that will allow the project to tap into its very loyal user base and maintain momentum.
DeGods also revealed DEGOD’s Token Economy : 85% of the total supply will be locked into over 41,200 Non-Fungible Token holder , while other sources of supply include 10% for private funding, 3% for the bonding curve, 1% for initial liquidation , and 1% for the Solana Sniper Non-Fungible Token marketplace. Supply will be capped at a total of 10 billion DEGOD Token .
De Labs, the company behind the Non-Fungible Token platform DeGods, has grown in less than 1.5 years to become one of the largest companies in the Non-Fungible Token space, on par with major collectibles like Bored Ape Yacht Club and CryptoPunks.
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Minh Anh
According to Coincu
