{"id":138692,"date":"2023-09-02T03:15:15","date_gmt":"2023-09-01T21:45:15","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138692"},"modified":"2023-09-02T03:15:15","modified_gmt":"2023-09-01T21:45:15","slug":"degods-co-founder-departs-amid-falling-nft-prices-and-pushback-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/degods-co-founder-departs-amid-falling-nft-prices-and-pushback-crypto-news\/","title":{"rendered":"DeGods Co-Founder Departs Amid Falling NFT Prices and Pushback – Crypto News"},"content":{"rendered":"
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Finn DeGods, the pseudonymous co-founder of DeLabs\u2014the startup behind the valuable Ethereum <\/span>NFT<\/span><\/a> profile picture<\/span><\/a> (PFP) collection DeGods<\/a> and sister project y00ts<\/a>\u2014said on Wednesday that they would step away from the company after nearly two years.<\/span><\/p>\n

\u201cIt\u2019s finally time for me to move on to the next chapter,\u201d Finn <\/span>said<\/span><\/a> on Twitter, noting that their transition away from the company had begun in July. \u201cI am still bullish on DeGods and y00ts,\u201d they added.<\/span><\/p>\n

Amid headwinds in the NFT market for various PFP collections\u2014and considerably volatile market activity around DeGods of late\u2014prominent DeGods co-founder Rohun \u201cFrank\u201d Vora told <\/span>Decrypt<\/span><\/i> that the timing of Finn\u2019s disclosure wasn\u2019t ideal, in his view, but there are no hard feelings.<\/span><\/p>\n

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After co-founding DeGods almost 2 years ago in a small apartment with a few friends, it\u2019s finally time for me to move on to the next chapter.<\/p>\n

I\u2019m forever grateful for this community, all the memories, lessons, and the amazing friends and teammates I’ve had the privilege to work\u2026<\/p>\n

\u2014 FINN (@finnydegods) August 16, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

\u201cIt was something that happened a few months ago. [Finn] just wasn\u2019t the right skill set for the company,\u201d Vora said. \u201cHe just didn\u2019t scale with the growth of the project. It\u2019s all love. I think it was tone-deaf posting it yesterday, but that\u2019s all it is.”<\/span><\/p>\n

Finn did not immediately respond to a request for comment from <\/span>Decrypt.<\/span><\/i><\/p>\n

Finn tweeted that his departure had “nothing to do with any recent events\u201d\u2014a likely reference to challenges that DeGods has faced in recent days between pushback to announcements and \u201cwhale\u201d holders flooding the market with NFTs.<\/span><\/p>\n

DeLabs announced last week that its y00ts PFP collection will migrate from Ethereum scaling network <\/span>Polygon<\/span><\/a> to the <\/span>Ethereum<\/span><\/a> mainnet. When DeLabs divulged the shift\u2014the second migration after <\/span>ditching<\/span><\/a> Solana<\/span><\/a> earlier this year\u2014the team said it would return a $3 million grant from Polygon Labs that supported the previous move.<\/span><\/p>\n

Soon thereafter, DeGods revealed its \u201cSeason 3\u201d content drop, which included the ability for NFT holders to upgrade their PFP artwork and play a \u201c<\/span>points parlor<\/span><\/a>\u201d game that rewards holders for <\/span>staking<\/span><\/a> the NFTs. Since then, however, y00ts and DeGods have both seen sharply downward market movement.<\/span><\/p>\n

DeGods\u2019 floor price\u2014or the cheapest NFT listed for sale on a secondary marketplace\u2014has buckled since August 9 from around 8.7 ETH (about $15,900) to 4.3 ETH (about $7,750), according to data from <\/span>NFT Price Floor<\/span><\/a>.\u00a0<\/span><\/p>\n

The floor price for y00ts, meanwhile, has fallen from 1.7 ETH (about $2,950) to 1 ETH (about $1,750) during that same span, according to <\/span>OpenSea<\/span><\/a>.<\/span><\/p>\n

Following the pre-reveal hype, the DeGods \u201cSeason 3\u201d announcement didn\u2019t appear to land well with some holders, resulting in pushback and initial price movement.<\/span><\/p>\n

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1. We thought DeGods needed to be “serious”. <\/p>\n

That was our mistake. After digesting the community feedback, we realized that we were wrong.<\/p>\n

DeGods are fun. So, we made them fun. pic.twitter.com\/1OGILwWs5c<\/a><\/p>\n

\u2014 DeGods (@DeGodsNFT) August 13, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

\u201cSorry to the DeGods & y00ts community for fumbling this so far,\u201d Frank tweeted on August 10<\/a>. \u201cThis is the part where everyone says \u2018I told you so.\u2019 I hate this part. I hate disappointing the community. No easy days. Processing everything. Adjusting approach. Not going anywhere.\u201d<\/span><\/p>\n

It didn\u2019t take long for DeLabs to announce a pivot, changing the planned artwork \u201cupgrade\u201d into a \u201cdowngrade\u201d with simpler, brighter color schemes. Like many DeGods announcements, it spawned a flurry of social media activity\u2014but the NFT prices kept sinking.<\/span><\/p>\n

The collapse was attributed last week<\/a> to a single wallet that held about 200 DeGods NFTs and dumped them onto the market into bids on the marketplace Blur<\/a>. Doing so helped tank the floor price for the project, while its associated DUST <\/span>token<\/span><\/a> also saw a steep decline last week amid large sales.<\/span><\/p>\n

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A single wallet just sold more than 100 DeGods into bids. <\/p>\n

OpenSea has flagged them, though it’s very possible the algorithms are mis-identifying this. <\/p>\n

Many grails dumped into collection bids. Price got down below 6 ETH though buyers have stepped in.<\/p>\n

Bids now 6.68 ETH. pic.twitter.com\/B6Rxsjwhlh<\/a><\/p>\n

\u2014 NFTstats.eth (@punk9059) August 10, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

And this week, noted entrepreneur and trader Jeffrey \u201cMachi Big Brother\u201d Huang\u2014who has <\/span>previously pressured<\/span><\/a> the floor price of other popular NFT collections like the Bored Ape Yacht Club with his large-scale trades\u2014appeared to be unloading hundreds of DeGods NFTs on the open market through Blur on Thursday.<\/span><\/p>\n

A wallet labeled as machibigbrother.eth using the <\/span>Ethereum Name Service<\/span><\/a> sold DeGods in several batches of ten or more below the collection\u2019s floor price, according to Blur, which lists the <\/span>wallet associated<\/span><\/a> with Huang by its full address.<\/span><\/p>\n

Huang had sold more than 325 DeGods NFTs during a 10-hour span on Thursday, according to <\/span>Etherscan<\/span><\/a>. As of this writing, Huang has 77 DeGods NFTs left.<\/span><\/p>\n

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Nature is healing, Machi is progressively selling his bags, without nuking the floor.@DeGodsNFT<\/a> whales are putting the collection back on track \ud83e\udee1<\/p>\n

But I don’t understand, I thought “Degods had no whales supporting the project” \ud83e\udd14 pic.twitter.com\/f3QJZTsHBo<\/a><\/p>\n

\u2014 Flayz (@_Flayzzz) August 17, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Blur\u2019s gamified incentives\u2014where NFT traders can earn points for activities like buying and selling NFTs in exchange for an allotment of Blur\u2019s BLUR <\/span>token<\/span><\/a>\u2014are a big reason why the collection\u2019s floor price will be hard-pressed to recover, tweeted<\/a> Bitcoin Frontier Fund general partner Trevor Owens.<\/span><\/p>\n

In just over a week, DeGods\u2019 floor price has fallen by 50% amid major moves by DeLabs and market-shifting sales from whale traders.\u00a0<\/span>Even if Finn\u2019s departure was in motion well before the recent drama began, the timing only adds to the recent turmoil around the typically buzzy NFT collection.<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Finn DeGods, the pseudonymous co-founder of DeLabs\u2014the startup behind the valuable Ethereum NFT profile picture (PFP) collection DeGods and sister project y00ts\u2014said on Wednesday that they would step away from the company after nearly two years. \u201cIt\u2019s finally time for me to move on to the next chapter,\u201d Finn said on Twitter, noting that their […]<\/p>\n","protected":false},"author":2,"featured_media":116430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-138692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138692"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138692\/revisions"}],"predecessor-version":[{"id":147990,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138692\/revisions\/147990"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/116430"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}