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

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DeGods-NFT
DeGods-NFT

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.

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.

NFT Floor Price

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.

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.

DeGods NFTs

Source: CoinGecko.com, DeGods Trading Activity

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