NFT collection DeGods has unveiled a unique burn and swap mechanic for collectors to acquire their brand-new token, $DEGOD.
Unveiled on Sunday, $DEGOD is the new ecosystem token for the DeGods community. The total supply of the token is $10B, and at the time of writing, the fully-diluted valuation (FDV) sits at $78.5M USD.
A day after the release of $DEGOD, the collection launched their first official merch line for the new token, with multiple branded physical items available for purchase.
What is DeGods?
DeGods is a 10,000-piece NFT collection on Solana that debuted in October 2021.
The collection is best-known for its stronger holder culture. Founders @frankdegods and @kevindegods are notable for their open nature and close relations with the community, often displaying a candid, transparent demeanour with their holders.
DeGods expanded with the y00ts NFT collection in July 2022, and has since become one of the most active Web3 communities. At the time of writing, the floor price of DeGods sits at 2.00 ETH.
What is DeGods new burn/swap mechanic?
Holders of any asset in the DeGods ecosystem can now burn or swap their assets for the new $DEGOD token:
- DeGods: swap your NFT for 550,000 $DEGOD
- y00ts: burn your NFT for 120,000 $DEGOD
- $DUST: burn your token for 36 $DEGOD
On top of building inherent value in this new token, this actively makes all existing assets in the DeGods ecosystem rarer – and therefore, in theory, more valuable – although by linking the price of DeGods NFTs directly to this new token – a more volatile asset – it is a big risk for the collection long term.
This burn/swap mechanic allows each DeGod NFT to be bought or sold for a set amount of tokens at any time, making the NFTs a more liquid asset.
All y00ts NFTs provide the same amount of tokens once burned, regardless of their rarity – and it’s unknown what long-term effects this could have on this collection, and the DeGods ecosystem at large.
Bullish on web3. Competitive soul.