DeGods NFT Platform Launched Token With New Focus Is Meme Coin
DeGods, a leading NFT platform on the Solana blockchain, has made a bold pivot by consolidating its various collections—DeGods, y00ts, and DUST—into a single token called DEGOD, marking a shift towards the meme coin trend. Announced on September 15, 2024, this move is seen as a response to liquidity issues and fragmentation within the community.
By turning NFTs into a unified token, DeGods aims to capitalize on the growing popularity of meme coins, which have maintained momentum even as the broader NFT market experienced significant contraction throughout 2023 and 2024. This strategy is designed to tap into the platform's loyal user base and keep it engaged in a rapidly evolving market.
However, the change has drawn criticism from some in the crypto community, who argue that the transition undermines the rarity aspect that traditionally gives NFTs their value. Despite these concerns, others view it as a necessary gamble to maintain relevance in a struggling market.
The tokenomics behind DEGOD outlines that 85% of the total supply will be locked for over 41,200 NFT holders. The remaining supply is allocated as follows: 10% for private funding, 3% to the bonding curve, 1% for initial liquidity, and 1% to the NFT marketplace NFT Sniper. The total supply of DEGOD tokens will be capped at 10 billion.
De Labs, the company behind DeGods, has rapidly grown to become a major player in the NFT space, comparable to notable collections like Bored Ape Yacht Club and CryptoPunks. This pivot highlights how platforms are adapting to market shifts and evolving user interests.
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