Explore the world of Degods NFT

who created nfts

The history of NFT began in 2014 with the creation of the first NFT, Quantum, by Kevin McCoy. In 2017, however, the world became aware of non-fungible tokens. During this time, numerous distinct NFT collections arose on the Ethereum blockchain. The failures in NFT trade and ownership transfer on earlier blockchain networks delayed the growth and evolution of NFTs. By facilitating token development, programming, storage, and trading, the Ethereum blockchain provides a trustworthy solution to NFT problems. As a consequence, Ethereum supported onboarding and reduced the barriers to entry for NFTs.

NFT meanings and slang

1:1 Art: This refers to an NFT being one single piece of art, not a series or generative collection. Because of this 1:1 Art is higher in value as it's more scarce, such as Beeple's Everydays: the First 5000 Days, but it is also harder to sell and get into for newcomers. Traditional artists coming into NFTs will likely find 1:1 Art projects a good place to start. You can find a good list of the best NFT artists at ByBit.com.

AB: This is an NFT platform called Art Blocks that hosts, sells, and stores generative NFT art. It uses the Ethereum blockchain and celebrates coding as much as digital art.

Airdrop: We have a detailed explanation in our guide to NFT drops, but these are scheduled releases of NFTs for free directly into your crypto wallet. It's often used as a marketing method to get NFTs into the hands of influencers or celebrities, but it's also a way for NFT creators to reward early supporters who join whitelists.

AFAIK: This one means 'As far as I know'

AMA: This simply stands for 'Ask me anything' and is often used by NFT artists to launch their projects. If an NFT has regular AMA events, often on Discord, then you know they're open and generally good. Community engagement in this way is vital to successful NFTs.

Ape In: This is used to explain how 'apes' (investors/collectors) are all-in on a project, and can lead to FOMO (see below). Apes are slang for crypto and NFT investors.

ATH ATL: Another acronym (there's a lot), this one means 'All time high' and 'All time low' and is used to celebrate success and failure (or a chance to buy in cheap).

Bot: This refers to algorithms and automated software that can artificially pump projects, but can also be used to answer questions and help NFT holders.All-time

What is DeGods？

DeGods is a collection of NFTs that is deflationary, constructed on the Solana blockchain. It comprises an ensemble of 10,000 DeGods designed to shrink in number, along with the supporting DUST protocol ecosystem. Possessors of DeGod will have exclusive access to DeDAO, which includes the DeGods Discord community, a conclave of some of the leading whales, Alpha analysts, and architects in the Solana ecosystem and beyond. DeGod holders will also accumulate DUST daily. DeDAO incessantly engenders utility for DUST by building the DeGods ecosystem and collaborating with other Solana projects. Subsequently, DUST has been integrated into other prominent ventures including P2E games, casinos, and betting platforms.

In the crypto markets of 2023, there have already been a plethora of noteworthy updates including Shanghai Upgrade, the brc20 standard, Dookey Dash, and much more. However, as these highlights span different areas within the crypto space, the attention of crypto users is naturally divided.

But for those immersed in the NFT markets, the most exhilarating development this year has undoubtedly been the extensive implementation of the Ordinals Protocol, enabling a host of prominent NFT projects to debut on the BTC network and causing quite a stir in the market.

Among them, DeGods, a top-notch NFT project from Solana, has taken 535 NFTs that were previously destroyed and redeployed them on the BTC blockchain. This action stems from when the project was initiated in 2021, during which 535 PFP NFTs were destroyed to limit supply.

This move quickly sparked excitement among NFT enthusiasts. Its important to realize that since entering 2023, the most significant development for the DeGods NFT project has been its migration from the Solana network to Ethereum, with the project team having shifted their focus to the new project, y00ts, in 2022.

For those who continue to hold DeGods NFTs, this might signal the commencement of a new wave of activity for the project.

DeGods is a deflationary NFT collection built on the Solana blockchain, bolstered by a collection of 10,000 DeGods designed to shrink in number and the DUST protocol ecosystem.

By owning a DeGod, users will have exclusive access to DeDAO, which includes entry to the DeGods Discord community. This community comprises some leading whales, Alpha analysts, and contributors within the Solana ecosystem.

Additionally, DeGod holders will accumulate DUST daily. DeDAO continually creates utility for DUST by developing the DeGods ecosystem and collaborating with other Solana projects. As a result, DUST has been integrated into other prominent ventures including Play-to-Earn games, casinos, and betting platforms.

The style of DeGods NFTs reflects a certain taste of the designers, combining the concept of Gods with death, and by this theme, utilizing the projects native token, DUST, to implement the deflationary mechanism of the NFTs.

Within the DeGods ecosystem, DeGod NFT holders can choose to destroy their DeGod to obtain DUST, and the rarer the NFT, the more DUST the user will receive. Its important to note that holders can only destroy one DeGod daily within a single wallet.

In April 2022, the project team introduced the new DeadGod NFTs, which allow users to convert their DeGod NFT into DeadGod NFTs for 1,000 DUST. This collection is exclusively derived from DeGods mutations and there is no oversupply.

Interestingly, a DeGod that is staked can directly mutate without the need to unstake, and this transformation doesn‘t affect the scarcity of the NFT. The staking reward is 30 $DUST per day, and it’s worth noting that the DeGod cannot be burned again.

This is because, according to the story, a God that has died once cannot die again.

The above information provides a basic introduction to the DeGods NFT project. Launched in 2021, this PFP (Profile Picture) NFT project quickly became one of the top star projects on the Solana network.

During most of 2022, however, DeGods NFT couldn‘t sustain the heat it initially generated. The project attempted to add value to the native token $DUST by creating an NFT burning mechanism. Still, the excessive dependence of $DUST’s economic design on the Solana ecosystem led to significant setbacks later on.

On another note, the Solana ecosystem lacked high-quality NFT projects compared to Ethereums early days. DeGods NFT, upon its inception, received strong support from Solana. However, a series of subsequent events disrupted the initial plans, and the roadmap for the DeGods NFT project remains unclear.

What is memorable, though, are the impressive results DeGods achieved when it first launched on the Solana ecosystem. A trading volume of 62,656 SOL, equivalent to about two million US dollars, within two hours was truly astonishing. The floor price also continuously hit record highs, but all of this became a thing of the past as the Solana ecosystem evolved.

DeGods and Solana

In 2021, following the explosive growth of the NFT market, Solana quickly positioned itself and launched several representative NFT projects, including DeGods NFT, channeling ecosystem resources towards them. With its comparatively lower fees, Solana pursued Ethereum in the NFT space, gaining traction, especially with the success of the Degenerate Ape Academy NFT project, which instilled confidence in investors regarding Solanas ecosystem.

DeGods NFT, taking advantage of this wave, became one of the most notable top-tier NFTs within the ecosystem. As Solanas NFT standards were established and integration with OpenSea took place, the NFT projects in the ecosystem experienced further growth.

However, during this time, DeGods NFT, employing a deflationary mechanism, was seen by many as having strong potential for the future, especially concerning its native token $DUST. Even though the launch of DeadGods NFT and y00ts NFT indicated that the project team would initiate a series of actions around $DUST, the advent of a bear market saw DeGods NFT quickly losing steam. Nonetheless, the project continued to rank high regarding trading volume within the Solana ecosystem.

With the impact of the FTX incident, Solanas ecosystem took a major hit, and numerous projects began to exit. DeGods NFT and y00ts NFT followed suit, migrating to Ethereum and Polygon respectively.

Looking back, the events towards the end of 2022 not only dealt a severe blow to Solana‘s ecosystem but also disrupted the NFT sector’s momentum within it. Solana‘s foundation in the NFT domain was inherently weaker than Ethereum’s established presence. The collapse of key financial sectors triggered a domino effect, having DeGods decision to migrate understandable.

This process wasnt abrupt. As confirmed by a representative of the Solana Foundation, the DeGods project team had asked for $5 million to stay within the Solana ecosystem. However, the DeGods team never made any official statements regarding this.

Additionally, y00ts‘ migration to Polygon was not without its tribulations. Polygon offset the cost through grants from its partner fund. From these episodes, it is evident that the DeGods project team’s efforts to secure resources for their venture were valiant and steeped in sagacity.

DeFi investment strategies

Before diving into DeFi investment strategies, potential investors need to know what DeFi is used for and how it serves the online community.

As we've already mentioned, DeFi stands for decentralized finance and refers to financial services that use open-source blockchains. Anyone can access their assets from anywhere in the world using an internet-connected smart device.

One of the key premises behind DeFi is peer-to-peer (P2P), financial transactions. A P2P DeFi transaction involves two parties who agree to exchange cryptocurrency for goods and services. For instance, DeFi allows individuals to borrow money from others. There are already many protocols that match lenders and borrowers.

When investing in DeFi, there are several options. Your risk tolerance will determine which strategy you choose. The main investment strategies for crypto investors are:

HODL (Holding)

Borrow and lend crypto

Staking and yield farming

DeFi stocks and indexes

Hodl

For any new investor in digital assets, the strategy is to buy cryptocurrency and hold it for the long term. Oftentimes, investors refer to this investment strategy using the term “hodl,” which became popular after a crypto user misspelled the term “hold” on a forum in 2013. Nowadays, “hodl” is part of the crypto jargon. Whenever you want to describe your DeFi investment strategy of buying and holding, you may also say, “Im hodling,” meaning that you are holding.

HODLing may seem like the best way to build your portfolio. But it might not be the smartest. It only depends on your crypto holdings increasing over time and ignores the DeFi opportunities to generate passive income from them. If you dont want to spend too much time researching new projects, or you are not interested in cryptocurrency trading, then you may choose to invest in DeFi tokens such as Ether (ETH) or Polkadot (DOT).

DeFi's rule of thumb is that no money should be left idle. With DeFi, any crypto holders can get rewarded for holding crypto and earn a passive income through it.

Borrow and lend crypto

Just like traditional finance, DeFi allows users to access loans or lend money. However, this comes with some advantages when compared to traditional finance. For instance, the approval of loans is not subject to a credit check by banks. Instead, smart contracts act as an automated digital intermediary that sets rates based on the coins in a liquidity pool.

Lenders who provide tokens to a liquidity pool often hope to make a profit through interest. Loans are issued by a specialized crypto trading platform called DeFi protocol. These DeFi loans are usually over-collateralized, which means borrowers provide a guarantee in the form of crypto worth more than the actual loan.

However, DeFi borrowing and lending differ in many ways. Interest rates can be very favorable. In traditional finance, the best savings rates are a few percent, while most DeFi deposits earn between 1% and 5% annually or more.

Staking and yield farming

DeFi introduces a wide range of opportunities, and two of the most accessible ones are crypto staking and yield farming.

If you have decided to invest in crypto for the long run, you may as well hold a cryptocurrency that allows staking. By staking, you may earn a passive income while also keeping your crypto investment. Staking is an essential action for the proof-of-stake (PoS) blockchain, which requires crypto holders to lock their crypto to help secure the network while also validating transactions and generating new network blocks. Similarly, to traditional savings, the longer you stake DeFi assets, the more you earn.

Yield farming represents a more complicated DeFi investment strategy. This must be done on a specialized lending and borrowing protocol, where crypto holders deposit their crypto into liquidity pools and earn interest on it. Yield farming is one of the most lucrative ways to earn DeFi, but it also comes with the greatest risk. One of the most mentioned risks is impermanent loss, and highly volatile digital assets cannot escape it.

Crypto staking is safer than yield farming because it does not require you to deposit your funds or trust any third-party smart contract and is not subject to impermanent loss. However, staking may present lower rewards than yield farming. While staking may be a popular choice for some cryptocurrency owners, there are many other ways of generating passive income, including dividend stocks, bonds, or real estate investment trusts (REITs).

DeFi stocks and indexes

If youre interested in accessing the innovative DeFi and crypto market but like to have broader exposure, then DeFi-related stocks and index funds could be for you.

Index Funds

Indexes are a trendy way to diversify your investment portfolio.

Traditional finance uses exchange-traded funds (ETFs), which track the prices of several assets together. An example of this is an S&P 500 ETF that tracks the price movements of all 500 companies within the USA 500 index. DeFi indexes look similar, except that the assets you are investing in are crypto tokens. In a way, they are like crypto indexes.

Investors love ETFs because tokens in an index are selected based on strict criteria, such as size and volatility. This allows investors to outsource the analysis and research that would normally be required to select tokens for their portfolio for an index provider.

Most popular DeFi indexes:

DeFi Pulse Index (DPI). It groups the largest DeFi projects.

MetaVerse Index (MVI). It allows investors to bet on future non-fungible tokens (NFTs). It contains the largest NFT protocols in DeFi.

Phuture DeFi Index (PDI). The index contains the top DeFi assets by market capitalization on Ethereum.

Bankless BED Index (BED). Tokens in BED represent one aspect of the future of finance: store of value tokens (Wrapped Bitcoin), programmable money (Wrapped Ethereum), and decentralized finance (DeFi Pulse Index)

ProShares Bitcoin Strategy ETF. The fund tries to track the performance of Bitcoin through the purchasing of Bitcoin futures contracts. As the use of DeFi grows around the world, it will also increase the use of cryptocurrencies. As Bitcoin is the worlds largest crypto it stands to reason that it could benefit from the adoption of DeFi.

What Exactly is a DeFi Lending Platform？

A DeFi lending platform is a decentralized banking system that enables users to lend and borrow cryptocurrency without the need for traditional middlemen such as banks. These services use smart contracts on blockchain networks to make loan and borrowing procedures more transparent and automated. Users may earn interest by lending their cryptocurrency assets or obtain liquidity by borrowing against their collateral.

The top DeFi lending platforms of 2024 offer a variety of features and services that make them stand out from the competition. Some of the qualities that make these platforms stand out include:

Security: DeFi lending platforms are subject to the same security risks as any other blockchain-based application. However, the top platforms take steps to mitigate these risks, such as using secure coding practices and implementing robust security measures.

Liquidity: The top DeFi lending platforms have deep liquidity pools, which means there is always a large supply of funds available. This can make it easier for borrowers to find the terms they are looking for.

User experience: The top DeFi lending platforms have user-friendly interfaces that make it easy for users to interact with the platform. This can be important for users who are new to DeFi or who are not familiar with the technical aspects of blockchain technology.

Top 5 DeFi Lending Platforms in 2024

1.Aave is widely regarded as one of the pioneers of the DeFi lending space. Its unique feature, “Flash Loans,” enables users to borrow assets without collateral as long as the borrowed funds are returned within a single transaction block. Within this crypto lending platform, you are presented with the opportunity to participate in token staking, resulting in a commendable Annual Percentage Yield (APY) that spans from 4% to 12%, albeit with the precise rate not being set in stone. Nexo's distinctive strength comes to light in its unwavering support for stablecoins, boasting an ample APY of up to 12% tailored for cryptocurrencies such as Tether, USD Coin, and DAI. In a similar vein, the APY for Bitcoin rests at 4%, mirroring the standing of Polygon – a cryptocurrency that has earned recognition from Reddit users as a prime investment contender.

2.Compound is yet another best DeFi lending platforms that operates on the Ethereum blockchain. Known for its user-friendly interface and wide range of supported assets, Compound offers both lenders and borrowers a seamless experience. It stands out for its algorithmic interest rate model, which adjusts borrowing and lending rates based on market demand. This creates a dynamic and efficient market for users to earn interest on their assets or borrow with competitive rates. Furthermore, Compound's decentralized nature ensures that users retain full control over their funds without the need for intermediaries. This, combined with its integration with various wallets and dApps, solidifies Compound's position as a prominent player in the DeFi world.

3.MakerDAO- a key player in DeFi lending apps, is renowned for its stablecoin DAI, which is generated through overcollateralized loans using Ethereum-based assets as collateral. Users can lock their assets into the MakerDAO system and generate DAI as a loan against their collateral. This unique mechanism ensures the stability of the DAI token, having it a prominent player in the DeFi lending arena. Moreover, MakerDAO's decentralized governance model allows MKR token holders to actively participate in decision-having, ensuring the system's adaptability and security. The protocol's ability to maintain the DAI's value peg to the US Dollar, even during market volatility, has solidified its reputation as a cornerstone of the DeFi ecosystem. Its innovative approach to decentralized lending continues to shape the future of decentralized finance.

4.Crypto.com stands out as a leading global crypto lending platform, prioritizing security and regulatory compliance for over 80 million users worldwide. Offering diverse functionalities, including DeFi wallets, interest-earning accounts, and cryptocurrency exchange, the platform allows users to earn varying interest rates based on their tier. Top-tier investors can potentially achieve an APY of up to 14.5%. To initiate the interest-earning journey, users can lock up their CRO tokens. Additionally, a unique feature allows users to secure loans by borrowing up to 50% of their cryptocurrency collateral.

5.While Binance is prominently recognized as a premier online cryptocurrency exchange, notably with its BNB coin currently enjoying significant popularity, this platform extends beyond mere exchange services. Among its diverse offerings is DeFi crypto lending. Attempting to encapsulate its breadth within a concise review does it a disservice, especially considering its expansive user base exceeding 100 million and a selection of over 1,000 trading markets. For those seeking to access borrowed funds, Binance Loans provides a seamless avenue. Subsequently, borrowers can allocate the loaned funds for spot, margin, and futures trading. Alternatively, they have the option to stake the acquired funds, thereby optimizing the Annual Percentage Yield (APY).