coindesk.com
DeGods “Season III” will add artwork to give each holder four artistic assets associated with their one DeGods token.
In 24 hours, trading volume increased nearly 200% to 1,359 ETH, or about $2.5 million.
It’s uncertain if overall non-fungible token (NFT) trading volume will come back after falling 50% since January, but for popular profile-picture (PFP) project DeGods, it sure looks like it.
According to data from marketplace OpenSea, in the past 24 hours DeGods’ trading volume has increased 197% to 1,359 ETH – about $2.5 million – as traders collectively purchased 158 DeGods. It's also taken top spot on the NFT platform's leaderboard of collections.
While its floor price has decreased from 8.8 ETH to 7.4 ETH during this sales spree, a $13,600 NFT is still a hefty spend in the bear market and could be a positive sign for NFT sales trends beyond DeGods.
Early Thursday morning, DeGods revealed its plans for its “Season III” of the collection, which will add 20,000 new artworks to the collection. Not only will DeGods be adding female PFPs to the project that are swappable for male PFPs, but they will also be removing traits from NFTs that holders “don’t like” and adding new ones to replace them.
“We took into account rarity, provenance and innovation to make sure that each new trait 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 will now have four pieces of generative art associated with it. Dilution is a common concern among NFT projects that add additional tokens with similar artwork to a collection, as seen with the chaos of the Azuki “Elementals” mint 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, which currently trades at $2.26 according to analytics platform CoinGecko. The collection specified that 100% of the DUST will be put towards its “Points Parlor” prize pool for DeGods Season III holders to play games and earn prizes.
DeGods added that if holders can’t afford to spend the nearly $750 to update their token, the price to do so will gradually decrease over time to invite more holders to morph their tokens.
DeGods started as a Solana-based NFT project, but following the collapse of FTX and its harsh impact on the network’s token, the project migrated to 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 it would migrate to Ethereum in an effort to unite the collection with DeGods, returning the grant.