DeGods “Season III” adds artwork to give each holder four Artistic Assets tied to their one DeGods Token.
In 24 hours, the trading volume increased by almost 200% to 1,359 ETH, or about $2.5 million.
It is uncertain whether the total non-fungible token (NFT) trading volume will bounce back after a 50% drop since January, but for the popular profile picture (PFP) project DeGods, it certainly looks like it.
According to data from marketplace OpenSea, DeGods trading volume is up 197% in the past 24 hours to 1,359 ETH — about $2.5 million — as traders collectively purchased 158 DeGods. It has also taken the top spot on the NFT platform’s collections leaderboard.
Although the bottom price has fallen from 8.8 ETH to 7.4 ETH during this selloff, a $13,600 NFT is still a hefty payout in the bear market and could be a positive sign for NFT selling trends outside of DeGods.
Early Thursday morning, DeGods revealed his plans for his “Season III” of the collection, which will add 20,000 new works of art to the collection. Not only will DeGods add female PFPs to the project that are interchangeable for male PFPs, but they will also remove traits from NFTs that holders “don’t like” and add new ones to replace them.
“We took rarity, provenance and innovation into account to ensure that each new property would be a moment of delight that would fit into their entire design system,” DeGods said in a tweet.
DeGods specified that this approach means there will be “no dilution” for the collection. Instead of adding new tokens, each individual DeGod NFT now has four generative artworks. Dilution is a common concern with NFT projects adding additional tokens with similar artwork to a collection, as seen with the Azuki “Elementals” coin chaos in June, which the project has yet to recover from.
DeGods tweeted that it would cost 333 DUST for a holder to update their token. DUST is the collection’s native utility token, currently trading at $2.26 according to analytics platform CoinGecko. The collection specified that 100% of the DUST will be used for the “Points Parlor” prize pool for DeGods Season III holders to play games and earn prizes.
DeGods added that if holders cannot afford to spend the nearly $750 to update their token, the price of doing so will gradually drop over time to invite more holders to update their change tokens.
DeGods started as a Solana-based NFT project, but after the collapse of FTX and its harsh impact on the network’s token, the project migrated to the leading NFT network Ethereum. It also moved its Solana-based sister collection, Y00ts, to sidechain Polygon, accepting a $3 million grant from Polygon Labs to do so. However, last night Y00ts suddenly announced that it would be migrating to Ethereum in an effort to unify the collection with DeGods and return the grant.
