DeGods Floor Price Has Fallen 50% Since Season III NFT Launch

DeGods Floor Price Has Fallen 50% Since Season III NFT Launch – What Went Wrong?

Updated: 16 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Earlier this week, De Labs, the digital asset firm behind the popular DeGods non-fungible token collection, released its much-anticipated DeGods Season III NFT collection. Unfortunately, the much-awaited launch has impacted the original DeGods negatively.

So yesterday I got a @DeGodsNFT and I am down by 12% already.

Bad move? Maybe. But what I bought is an experience, a journey.

I am moved by what @frankdegods once said: "We tried some shit. We learned some shit. Now we're trying some new shit."

I will never know if I never… pic.twitter.com/5yhtjIxVUz

— CryptoXeta ❤️ $WELL (@CryptoXeta) August 16, 2023

DeGods Floor Price Fells 50% In The Past 7 Days

Data compiled by nftfloorprice.com, an on-chain data aggregator, shows that DeGods NFT floor price is down 50% in the past seven days. In this article, we shall dig in-depth to evaluate what went wrong. Many investors anticipated its floor price would increase after the Season III NFT launch.

Source: nftfloorprice.com, DeGods NFT trading activity

On August 13, Dust Labs ” De-Labs’ announced its much-anticipated launch of DeGods Season III. This initiative was set to redefine the non-fungible token space and infuse it with a burst of color, excitement, and community engagement.

The doors to Points Parlor are now open.

Here's how it works:
1. Stake your DeGods to earn Points
2. Use your Points to open Packs
3. Every Pack contains a Prize

Only Season III DeGods can enter for now. pic.twitter.com/tK9iY8bEgA

— DeGods (@DeGodsNFT) August 14, 2023

In its bold move that challenges the traditional concept of an “art upgrade,” the DeGods creator introduced the world’s first “Art Downgrade.” This fresh approach breathes new life into the existing 10,000-piece DeGods collection by adding a vibrant, simpler art style without dilution.

The much-hyped NFT collection featured drawing inspirations from 60’s pop artists like Roy Lichtenstein and vintage American comic book illustrators. DeGods teased to create an enduring and valuable business and products, shifting away from speculative hype to sustainable, long-term growth as a mature venture.

In its earlier press release, De Labs noted that the NFT collection would allow investors to participate in Points Parlor, a price pool game that launched mid-this week. The prize pool comprises all the $DUST fees collected from the Season III art “downgrades” and over $250,000 in brand-sponsored prizes. Despite all that, DeGods floor price is down 50%.

What Went Wrong?

It’s worth noting that the entire NFT market is suffering a brutal meltdown, and many people saw big projects losing value over time. This put fear into people’s minds, and many long-term holders were scared to hold, and outsiders were scared to buy.

Points Parlor is another factor that might have attributed to the recent dip. The prize pool was hyped a lot by the community and the team. Even though giving back rewards to holders is a good concept, the initiative had many flaws. For example, giving out 0.1 Dust as a prize or prizes only available to US residents was a bad idea.

In the meantime, the DeGod NFT collection is down 17% in its trading sales volume. In the past 24 hours, the NFT collection has recorded a trading sales volume of 2,296 ETH, taking the top spot according to CoinGecko.com. The NFT collection has a market capitalization of $71 million and a floor price of 4.4 ETH. DeGods Floor price has fallen from 6 ETH in the past seven days.