Explore the world of Degods NFT

Introduction to NFTs

The concept of NFTs, or non-fungible tokens, first emerged in 2014 with the creation of Quantum by Kevin McCoy. However, it wasn't until 2017 that NFTs gained widespread recognition. During this period, Ethereum blockchain saw the birth of numerous NFT collections. Ethereum's ability to facilitate token development, programming, storage, and trading made it a reliable platform for NFTs, reducing barriers to entry and fostering growth.

NFT Terminology

• 1:1 Art: Refers to a single piece of art, not part of a series, making it rarer and often more valuable.
• AB: Art Blocks, a platform for generative NFT art on the Ethereum blockchain.
• Airdrop: Free distribution of NFTs, often as a marketing strategy or to reward early supporters.
• AFAIK: “As far as I know.”
• AMA: “Ask Me Anything,” used by NFT artists for community engagement.
• Ape In: Investors fully committing to an NFT project, potentially leading to FOMO.
• ATH/ATL: “All Time High” and “All Time Low,” terms used to describe market performance.
• Bot: Automated software used in various NFT-related tasks.

DeGods NFTs

DeGods is a deflationary NFT collection built on the Solana blockchain, consisting of 10,000 unique NFTs designed to decrease in number over time. Owners of DeGods gain access to DeDAO, including the DeGods Discord community, which includes top Solana ecosystem contributors. Holders also accumulate DUST daily, with DeDAO continually creating utility for DUST through ecosystem development and collaborations.

In 2023, DeGods made headlines by redeploying 535 NFTs on the BTC blockchain, previously destroyed to limit supply. This move followed the project's migration from Solana to Ethereum in 2022, signaling a new wave of activity.

DeGods Mechanics

DeGods NFTs can be destroyed to obtain DUST, with rarer NFTs yielding more DUST. The process is deflationary, as the number of DeGods decreases. In April 2022, the project introduced DeadGod NFTs, allowing conversion of DeGods into DeadGods for 1,000 DUST, ensuring no oversupply.

DeGods and Solana

DeGods was one of Solana's top NFT projects, benefiting from the ecosystem's lower fees and support. Despite initial success, the project faced challenges due to overreliance on Solana and a bear market. The FTX incident further impacted Solana, leading DeGods and similar projects to migrate to other platforms like Ethereum and Polygon.

DeFi Investment Strategies

DeFi, or decentralized finance, offers various investment strategies, including:

• HODLing: Long-term holding of cryptocurrencies.
• Borrowing and Lending: Accessing loans or lending money without traditional intermediaries.
• Staking and Yield Farming: Earning passive income by staking or participating in yield farming.
• DeFi Stocks and Indexes: Diversifying investments through DeFi-related stocks and index funds.

Top DeFi Lending Platforms in 2024

• Aave: Offers flash loans and token staking with variable APY.
• Compound: Known for its algorithmic interest rate model and user-friendly interface.
• MakerDAO: Creates the stablecoin DAI through overcollateralized loans.
• Crypto.com: Provides a range of functionalities with potential APY up to 14.5%.
• Binance: Offers loans for trading and staking, with a wide user base and trading markets.

These platforms stand out for their security, liquidity, user experience, and innovative features, making them top choices for DeFi lending in 2024.