What are DeGods? (DUST)

Time Stamp: February 25, 2022 3:01 AM
Source Node: 1616435

DeGods is a Solana-based deflationary collection composed of 10,000 virtual gods showcasing artistry with their creative outfits and eye-feast colors. 

These days, hype, celebrity endorsements, and a dash of controversy seem to be the usual fuel of non-fungible token (NFT) collections to compete with each other. But what can really separate a collection from the rest are carefully designed mechanisms that can consistently increase its value, which can provide holders with bigger profits in the long run. 

Table of Contents

Background

The DeGods team has been dreaming of creating practical mechanisms that can continuously increase their collection’s value in the long term. 

With this bold dream, they have attempted to roll out unusual yet creative ways that can be a potential gamechanger in Solana and the entire NFT community. 

What is DeGods? 

DeGods is a Solana-based deflationary collection composed of 10,000 virtual gods showcasing artistry with their creative outfits and eye-feast colors. 

DeGods’ can be purchased on Alpha Art and Magic Eden, which are currently the only marketplaces authorized by the team to sell the collection’s NFTs. 

After purchasing a DeGod, a holder can finally join the collection’s holders-exclusive Discord Community and verify their assets to gain access to DeDAO channels. DeDAO will be discussed in detail later in the article. 

DeGods’ rarity can be analyzed on the collection’s official rarity explorer or on the unofficial explorer, a ranking spreadsheet created by one of the community members. 

DUST Token 

DUST Token, the collection’s native digital currency, is an SPL token with a maximum supply of 33,300,000. 

Token holders are informed that DUST will have three (3) halving periods, and each halving will slash the token’s staking rewards by 50%. 

Two Way of Earning DUST Tokens 

Staking 

DeGods holders can earn 10 DUST tokens per day by staking their NFTs, giving them a seamless passive income and ready ROI mechanism.

Burning 

Holders can also burn their DeGods, and once their ‘god’ has been burned, it is eliminated from the circulation, which can also help increase the value of the entire DeGods collection. 

The team will soon launch a burning dApp to facilitate the burning of DeGods to enable holders to earn DUST tokens from the DeDAO Treasury. 

StarDust and DeadGods 

Holders can turn their DeGod into a ‘DeadGod’ by minting a special concoction called ”StarDust” for 1000 DUST tokens. 

DeadGods will not inflate the collection’s supply because DeGods and DeadGods are identified as one. Holders who acquire a DeadGod will not have a new, separate NFT, but just another version of their DeGod. 

With this, what’s the real benefit of having a DeadGod in the first place? By burning a DeGod (with) a DeadGod, holders can acquire double DUST tokens, compared when burning a DeGod alone. 

Also, they can switch between an image of a DeGod and a DeadGod whenever they want to enhance their NFT’s physical features. 

Holders are also reminded that once their DeGod is purchased, the buyer will automatically acquire their DeadGod as well. 

Paper Hand Bitch Tax: The 33.3%Tax 

The Paper Hand Bitch Tax is a 33.3% tax slapped on holders who would list their DeGods on secondary marketplaces with a price lower than the highest sale price. 

The collected ‘Bitch Tax’ will go straight to the DeGods Treasury, and once the collected taxes reach the lowest-priced DeGod in the marketplace, this specific NFT will be burned immediately. 

The system’s ‘Burn Bot’ is responsible for this burning process and will send the DeGod to an incinerator wallet. 

As a result, the total number of DeGods will decrease, which will further push the collection’s value upwards. 

Why 33.3%? 

The 33.3 % of 3 SOL is equivalent to 1 SOL, and the team decided to narrow down to 3, to ensure that all the collected ‘Bitch Taxes’ will always surpass the 1 SOL benchmark. 

But while this tax is designed for the greater good, this policy/experiment is expected to drive away potential buyers for obvious reasons. 

PHBT Will Eventually be Removed

The team will eventually lift the ‘Bitch Tax’ and replace it instead with a flat 10% sale fee on all marketplaces where DeGods will be available. 

Listing DeGods: What You Need To Know? 

Presale DeGods Cannot Be Listed Anymore 

Those who have purchased presale DeGods cannot list them anymore because they are now considered “exiled.” 

But holders can have replacement DeGods, which will now have a serial number that will enable owners to sell these assets on secondary marketplaces. 

How to Check the Latest Sales Info? 

DeGods’ own marketplace doesn’t yet have a feature that can monitor sales activity, and holders will need to settle on Alpha Art and Magic Eden’s latest sales info for the time being. 

DeDAO 

DeDAO is the collection’s very own decentralized autonomous organization and is funded by DeGods marketplace fee of 9.99%; 6.66% of this fee goes straight to the DeDAO, while the remaining 3.33% goes to the DeGods’ core team. 

DeDAO utilizes its funds in critical areas of development, including funding liquidity pools on decentralized exchanges, supporting talents inside the community, and purchasing assets for raffles and auctions. 

DeDAO Decision Makers 

It is composed of DeDAO founders and DeGods’ community leaders 

  • DeAlpha Team 

It is composed of so-called ‘Alpha Gods’ with market expertise and helps the entire team prepare for various market conditions. 

  • Divine Council 

It is composed of members voted by DeDAO members. Before members can vote on specific proposals, these plans first go through the Divine Council’s thorough inspection before they get approved for voting. 

The DeAlpha Team and Divine Council cooperate with each other in deciding about DAO fund allocations and critical acquisitions. 

Phantom Wallet Bug 

Phantom wallet users who have purchased a DeGod have surely noticed that their asset’s image fails to appear in their wallet. 

A bug in the wallet causes this minor problem, and while this issue isn’t fixed yet, holders may view their assets by connecting their wallets to this dashboard. They may also enter their Solana address or .sol domain. 

Once there, they can simply head to the NFT gallery section, which can be found on the left-hand bar. 

Conclusion 

DeGods have introduced creative mechanisms such as ‘Bitch Tax’ and ‘DeadGods’ to provide more value for its holders. 

But it remains a question if these unorthodox ways have genuinely contributed any significant benefits to holders, and if yes, can these methods remain effective in the long run? So far so good.

Time Stamp:

More from Asia Crypto Today