“Fuck it, We Ball. “ - Frank, founder of Degods.
This phrase is the slogan of a culture that has completely revolutionized the NFT asset class. This is the culture and brand of the Degods NFT Project on the Solana Blockchain.
Solana is a blockchain technology company that operates through a system known as Proof of History, in contrary to Ethereum’s consensus mechanism known as Proof of Work. (soon to be proof of stake).
These technologies if you haven’t heard by now allow you to obtain and posses digital ownership of items/assets online. Without getting too technical, there has been billions of dollars exchanged on top of these assets, titled “NFTs, or Non-Fungible Token’s within the last year.
NFT sales climb to $11.6 billion in Q4 - DappRadar
The bet for investors has been that these digital startups are the future big brands of metaverse (an online digital world/realm), similar to a Nike, Amazon or Apple.
Reminiscent of the dot com bubble of 2000s, we have seen 100s if not 1000s of NFT business’s startup and fail. Amongst those business’s is one of, if not the fastest growing tech company in the last 10 years known as Yuga Labs. (Parent company to the Bored Ape Yacht Club). Shortly after their their success we have seen other global brands like Nike, Adidas, Puma & Gucci follow suit.
Following up the macro events that have happened in traditional markets and a controversial digital NFT “Land “ sale from the Yuga team that raised roughly $350 Million USD from retail investors in the sector, data metrics ranging from sales, active wallets, to exchange volumes on the Ethereum blockchain are down roughly over 80% from All Time Highs.
The Rise of Solana NFT’s.
July 3rd, from @ASvanevik (A great follow/contributor in the sector)
Following up the sale from Yuga Labs. Data began to display that Solana was something to pay attention too. Several projects/business’s on the blockchain (Ex: Solana Monkey Business, Blocksmith Labs & Boogles ) had returned retail investors over 100x their investment in less than a quarter. This had already been happening on Solana for months prior consistently for speculators regardless of the companies very young age in tandem with Ethereum’s success.
Fast Forward to Today…
Every Data metric known to man has been pointing to the Solana Blockchain for NFT exposure. With Speculators & traders from ETH still down across the board, we have seen some of the biggest crypto accounts & influencers in the world capitulate their public stances from being totally balls to the walls on Ethereum & even speaking negatively about Solana to now tweeting about projects they support personally.
Examples Below: (Very great follows & resources for NFT market Trends)
Huge Influencer in the Yuga Community: @notthreadguy
Media Personality & Early Web 3 Adopter: @andr3w
Global Rapper: @lilbaby4pf
Frank, Degods & y00tslist
This revolution is being lead by the legendary team behind the Degods NFT project. Frank (founder) & the team (very sexy) behind dust labs have created unprecedented amounts of attention & FOMO following their secondary mint launching this weekend known as “y00ts”.
The Degods team is constantly attending virtual live conferences via twitter spaces, answering questions & genuinely participating with the investors in their ecosystem. This is something unseen from a project of this size regardless of the blockchain. Frank’s unique approach to customer service and marketing has forced the entire NFT ecosystem to pay attention to Solana.
Franks new approach to whitelisting has added an entire new paradigm to NFT marketing. The “y00tlist” was a scholarship application process with a window of time for anyone from the public to apply. The winners of the scholarship were publicly announced on the accounts twitter causing mass hysteria and built up attention. The rest of the NFT projects supply goes directly to the holders of the original project Degods.
Final Thoughts
Personally,
I believe macro economic factors are going to impact price action regardless of the market. I try to process data & seek advisors to make the most educated decisions possible. That being said… Frank and the Degods team have beat all the odds and data including these bearish market conditions to raise the floor price of Degods over 200% within the last couple of weeks, including them in top 5 NFT Projects in terms of floor price.
Objectively speaking if a project can perform like this in the worst statistical market conditions possible, i can only imagine the results that will be produced when those conditions are flipped in their benefit. I own a Degod and will be holding on to my y00t.
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Thank you!
Great Article! Very informative.