DeGods NFT Creator Faces Criticism Over Low Allocation Of Wormhole Tokens

Updated: 07 March 2024

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.

DeLabs, the digital asset firm and the parent company for the popular DeGods non-fungible token collection, has faced mild criticism from its crypto community on x over its recent low allocation of Wormhole tokens. The mild backlash has pushed the floor price of the DeGods NFT collection to fall 14% in just a few hours.

this is a pretty good take.

but i'm not bearish on our community because of our reaction.

it shows that our community cares a lot. that's rare.

i'm sure the drama will be resolved which will flip people from being upset to excited.

the attention/marketing gained from today… https://t.co/yazDqnphna

— Frank (33.3%) (@frankdegods) March 7, 2024

Wormhole Airdrops Free Token To Its Users

On March 06, Wormhole, the cross-chain protocol, announced the launching of governance tokens for its users across various blockchain networks. Some of the beneficiaries include users across the Ethereum, Solana and numerous other blockchain networks.

Based on its site publication, Wormhole anticipates offering more than 400,000 unique wallets across its multi-chain community with at least 617 million $W free crypto tokens. Of that total, 500 million tokens will be handed out to crypto users who have utilized a Wormhole application across more than 30 eligible chains, with the remainder offered to users across other applications and crypto communities.

The cross-chain protocol has consequently launched an airdrop checker for users to see if their crypto wallets are eligible to receive governance tokens. According to Wormhole, the newly airdropped token will be available as Solana SPL-20 and ERC-20 token standard.

These governance tokens are also available in more than thirty blockchain networks, including Base and Ethereum scaling blockchain networks, such as Arbitrum, Polygon, and Optimism. Other networks like Avalanche, Aptos, BNB Chain, and Sui.

In the meantime, the list of eligible apps for the wormhole token airdrop includes Solana Wallet exchange, Backpack and DeFi aggregator Jupiter, among others. The NFT projects Mad Lads, DeGods, and y00ts are also on the list, along with Wormhole Discord users and those from other communities.

DeGods Community Reacts About $W Allocation On X

The DeGods and y00t communities on X, formerly Twitter, have expressed their disgruntlement over recent Wormhole governance crypto tokens allocation. DeGods is an NFT collection featuring a limited edition of 10,000 NFTs, while Y00ts is an NFT collection featuring a fixed edition of 15,000.

I think people are just upset that it wasn’t told at the beginning that anyone who bought a DeGod or y00t on Ethereum wouldn’t qualify, unless they owned one prior and migrated over

— borovik (@3orovik) March 7, 2024

Many DeGods and y00ts NFT holders have complained that the amount of crypto tokens they have received was little, contrary to their expectations. While responding to the complaints, Frank DeGods, the chief executive officer, indirectly remarked that he is not answerable to low $W allocations.

i get that airdrops are "free money"

but there's something weird about talking about another team's coin as "free money", it just assumes that people are going to sell it immediately

ideally communities and tokens align around long term visions together, building alignment &…

— Frank (33.3%) (@frankdegods) March 7, 2024

Meanwhile, the recent DeGods community’s disgruntlement on X has pushed the floor price of DeGods NFTs to crash. Based on data recorded by CoinGecko.com, an on-chain data aggregator, DeGods’ NFT floor price has dropped 14% from 2.29 ETH on March 6 to 1.96 ETH on March 7.