DeGods Have Ascended: Solana NFT Project Soars Before Buzzy Y00ts Launch

In short

  • The Solana DeGods project has dominated the overall NFT market over the past day while setting a new all-time low price.
  • The creator’s new NFT project, y00ts, will launch on Friday and has attracted celebrities and other high-profile figures.

As buzz builds around this week’s launch of the y00ts NFT project on Solana– which has attracted celebrities and crypto influencers – awards for the current team NFT collection, DeGods, hit new highs over the weekend. And over the past day, DeGods has surpassed all NFT projects in terms of trading volume.

DeGods exceeded a price floor– that is, the cheapest listed NFT on a market – by 500 SOL for the first time on Sunday. At the time of this writing, the floor of the main Magic Eden market headquarters at 587 SOL, or nearly $18,650. This makes it the most valuable Solana-based NFT Profile Picture (PFP) project with at least 10,000 items, easily surpassing Solana Monkey Business at 192 SOL (about $6,100) at the low end.

In terms of the broader NFT market, DeGods’ entry-level price ranks fourth among PFP projects with at least 10,000 items. DeGods follows the Ethereum-based Bored Ape Yacht Club, CryptoPunksand Lunar birds collections in this order, by data from NFT floor price. DeGods sits just above the Mutant Ape Yacht Club on this list.

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A flurry of secondary market sales from DeGods helped drive the price floor higher over the weekend, and the project outpaced every other project in the market, including on Ethereum. Analysis platform CryptoSlam reports $1.3 million in sales from 70 transactions in the past 24 hours, beating the Bored Ape Yacht Club with nearly $1.1 million from nine transactions.

DeGods was launched in October 2021 as The Solana NFT market was heating upand the 10,000-NFT Project gained significant momentum this spring amid the launches of DeadGods – an initiative that allowed DeGods holders to upgrade to new artwork – and the DUST utility tokenthat DeGods/DeadGods owners earn as a reward for staking their NFTs.

The project gained notoriety in April when it bought a team’s majority stake in the BIG3, a 3v3 basketball league co-founded by rapper and actor Ice Cube. BIG3 too sold NFT-based team stakes to rapper Snoop Dogg and entrepreneur Gary Vaynerchuk, among others, and Ice Cube himself bought one of the DeGods NFT.

An NFT is a blockchain token that can serve as proof of ownership of an item, including assets such as PFPs, digital artworks, and collectibles. Solana is the second most active blockchain platform for NFTs behind Ethereum, and DeGods has recently led the charge as the platform attracts more collectors and increased visibility.

DeGods’ momentum has picked up considerably lately as the creator of the project, which simply goes through Franc– plans to launch a new NFT collection called y00ts on Friday.

Y00ts is a Solana-based profile picture project that will launch with 15,000 NFTs, and it curated its allowlist — that is, a list of people who are allowed to hit an NFT at launch — by asking people to apply for a “scholarship” and then publicly post those who have been accepted via the y00tlist Twitter account.

With an array of NFT influencers and community members, the list has grown to include celebrities like the football legend wayne rooneyanimator Howie Mandelrapper Little babyyoutube star iJustineand former NBA star Allen Iversonas well as athletes, professional esports players, and other personalities from various industries.

Y00ts aims to differentiate itself from traditional PFP projects by implementing new forms of customization, as well as ways for creators to earn money. According to his white papery00ts plans to launch a storefront where holders can purchase and equip visual traits for their NFTs from various artists, with artists taking a cut of the royalties in the process.

Frank is well known in the Solana space as an outspoken creator, and his ambitions with y00ts may go beyond rethinking visual traits and artist compensation.

A Deposit mark (discovered by a Twitter user GuitarCookies) suggests a wide range of potential y00ts cases, from NFTs and games to other entertainment initiatives, online services and beyond. It was filed by Mark Jansen of law firm Fenwick & West, which includes Bored Ape Yacht Club maker Yuga Laboratories among its notable clients.

As momentum builds around y00ts, DeGods is reaching new highs and challenging even Ethereum NFT heavyweights on pricing. We’ll see, however, if the y00ts launch lives up to the hype and if DeGods continues to build on this latest boost as well.

Editor’s Note: This article has been updated to correct the NFT manufacturing date.

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DeGods Have Ascended: Solana NFT Project Soars Before Buzzy Y00ts Launch

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