DeGods: The Story Behind Its Ascension

$221K DeGods trade a result of upcoming y00ts drop?

Average sale and floor prices for the DeGods NFT collection have spiked in the past two weeks. On September 1st, this surge of activity culminated in one DeGods NFT trading hands for $221,120. But why has the project suddenly gained momentum? And what are these new y00ts?

Summary

• DeGod #270 topped DappRadar’s Top 10 NFT Highlights this week. Someone purchased the rare NFT for $221,120. This makes it the most expensive DeGod ever sold.
• The DeGods team launched the project to the public just under a year ago. Since then, its performance has been steady. But it’s only in the past two weeks that prices and attention have surged.
• The hype surrounding y00ts and the collection’s exclusive whitelist process has helped DeGods go from being popular NFTs to borderline blue chip.

Sometimes NFT projects come from nowhere to superstar status and there’s no explanation. Other times, NFTs drop sharply in value and no one knows why. But with the DeGods collection, which has surged in value in recent weeks, we think we have a pretty good idea why it’s suddenly peaking.

DeGods in DappRadar’s NFT sales

DappRadar tracks NFT sales across 20 separate blockchains, including Ethereum, BNB Chain, WAX, Flow and Ronin. Some of the biggest NFT sales are made on these networks so it was surprising to see DeGod #270 appear near the top of our rankings.

The helmeted deity, clad in gold with spike-horned epaulets, sold for $221,120 on September 1st. At the time, that was 7033.3 SOL. The reason DeGod #270’s appearance in our rankings is remarkable is that no other NFT from the collection has ever reached anywhere near this price tag.

In the past two weeks, one other DeGod, #1629, has fetched a price tag over 1000 SOL. Looking at DappRadar’s data for all-time sales on the Solana blockchain, we can see that the next highest price for a DeGod NFT in SOL is 1,400. If we look at the highest price taken in pure dollar value, it’s $99,841.

The record-breaking sale of DeGod #270 is part of a trend that has seen a sharp uptick in the collection’s floor price. On August 21st, it sat down at 280 SOL. By August 29th, it was up at 565 SOL. But what caused the huge surge and what is the average sale price at the moment?

DeGods and y00tlist

DappRadar reported on the DeGod #270 trade this week when the record sale made its way to the summit of our Top 10 NFT Highlights. In that article, we suggested that the high price tag was due, in part, to the hype surrounding y00ts.

Y00ts is a new collection of 15,000 NFTs built on the Solana blockchain. It was created by the same team that made DeGods so it makes sense to think of them as sibling projects. There are two ways to mint a y00t: by being y00tlisted or holding a DeadGod NFT, which is an upgraded DeGod.

Because the y00ts project has gained so much buzz over the past two or three weeks, and it’s proving very difficult to secure a spot on the exclusive y00tlist, demand for DeGod NFTs has grown. Alongside this, DeGods has simply gained attention as a result of its proximity to y00ts and people just wanting to be a part of the overall ecosystem.

A bit of DeGods’ history

The DeGods collection consists of 9,465 NFTs. It was originally 10,000-strong but the team burned the 535 the community didn’t mint at the initial launch. Buyers can trade them on all of the main Solana secondary marketplaces:

When DeGods were first minted on October 8th, 2021, they were available for three SOL. Following some administrative mistakes and bot issues, people lost interest and were soon accusing the team of a rug pull. By the end of 2021, the collection was nearly dead and the developers were thinking of quitting.

So to get to where they are today is hugely impressive. The current average sale price is hovering around the $17,000 mark. Trading volumes are up by 184% over the past 30 days and the number of individual sales has nearly doubled in the same period.

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