NiftyNoon: Is this the End of DeGods?

Facing large disappointment following DeGods season 3, Frank and his team must now face the headwinds of the NFT bear market (August 11, 2023)

Nifty Thought

• DeGods has had a tough day. Following yesterday’s disappointing season 3 announcement, many of the collection’s largest holders are sadly selling their DeGods NFTs into bids. While their core announcements may be exciting for DeGods as a company, they do very little for DeGods holders. This disconnect reveals the underlying issue with people investing in NFTs as if it were equity. While equity fundamentally is a promise that entitles the holders to future corporate profits, NFTs entitle their holders nothing. Beyond cultural affiliation, the value provided is entirely at the whims of the NFT creators themselves. So far, very few NFT companies have been willing to disproportionately reward NFT holders at the expense of their equity holders.

• Every announcement from DeGods and, frankly, any NFT company, has followed in this. The real opportunity to drive price action is to provide holder value in a way that has not been done so before. If people wish to buy cultural artifacts, they would buy NFTs such as Ether Rocks or even CryptoPunks. People purchasing Azukis, DeGods, and Bored Apes are doing so because they want direct holder value. Until a project is able to solve this disconnect, future NFT announcements will likely continue to be met with disappointment.

Highlighted News

• Frank DeGods apologizes to the DeGods & y00ts community for fumbling so far:

  

  https://twitter.com/frankdegods/status/1689723728207527936?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Frank DeGods shares points parlor:

  

  https://twitter.com/frankdegods/status/1689624477058113536?s=46&t=M6kzsY5WkyiNDOzv7ml82w

• 104 DeGods dumped into bids:

  

  https://twitter.com/cirrusnft/status/1689723170658635776?s=46&t=H1Ylb0xTpIxdFSNhqh_E5Q

Project and Community News

• On Sunday, you will be able to update your DeGods to Season III for 333 $ DUST:

  https://twitter.com/degodsnft/status/1689619634075635718?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• HV-MTL Forge Season 3 updates are in progress:

  https://twitter.com/boredapeyc/status/1689708654218350592?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Bug found in the Infinity contract, which was abused to drain all the funds:

  https://twitter.com/jalil_eth/status/1689616116736212992?s=20

• @jalil_eth explains on Infinity contract bug:

  https://twitter.com/jalil_eth/status/1689630357401092098?s=20

• SquiggleDAO Membership NFT minting is now LIVE:

  https://twitter.com/squiggledao/status/1689688505708867596?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Meet the Voxelglyph by @larvalabs, in partnership with Fingerprints:

  https://twitter.com/FingerprintsDAO/status/1689623114949246976

• ZenAcademy PFP is coming this month:

  https://twitter.com/zenacademy/status/1689371183014379520?s=46&t=pGUKwdi80NH7cC8cr1vr8g

• Beanie shares thoughts on Pixel Vault x Wolf Game:

  https://twitter.com/beaniemaxi/status/1689251321252081665?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Pixel Vault announces all remaining $PUNKS tokens will be distributed at once:

  https://twitter.com/pixelvault_/status/1689324904104042506?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• In "today's" catastrophic security news:

  https://twitter.com/miroyato/status/1689133215879970816?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Charts looking at the scale of the dumping on DeGods today vs the Azuki down-move after Elementals:

  https://twitter.com/punk9059/status/1689821680913551361?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Discord from the DeGods seller on her reasons for selling:

  https://twitter.com/punk9059/status/1689746588158382081?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• nd4.eth has recently burned over 2500 ETH, 3 BAYCs, 1 Punk and more NFTs:

  https://twitter.com/cloutedmind/status/1689647944096677888?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• nd4.eth just burned ANOTHER 3.3m by sending $GNS & $GMX to the burn address:

  https://twitter.com/drjones0305/status/1689642191537528832?s=46&t=gTiCw2J8qM-_G8Mnrl1_lw

Quick Stats:

• Blur ETH Daily Volume: 8,342 ETH (▲ 110.29%)

• OpenSea ETH Daily Volume: 1,687 ETH (▲ 11.35%)

• BTC: $29,385.13 (▼ 0.38%)

• ETH: $1,847.46 (▼ 0.14%)

• Solana: $24.47 (▲ 0.66%)

• Polygon: $0.69 (▼ 0.04%)

NFT Daily Winners:

• 🦧 Bored Ape Yacht Club: 30.99 ETH (▲ 5.81%)

• ⛩️ Azuki: 4.92 ETH (▲ 1.82%)

• 👩🏻 Milady Maker: 4.25 ETH (▲ 1.69%)

• 🦉 Moonbirds: 1.58 ETH (▲ 1.41%)

• 🧟 Mutant Ape Yacht Club: 5.75 ETH (▲ 0.35%)

NFT Daily Losers:

• 🚬 CryptoPunks: 47.33 ETH (▼ 0.32%)

• 🏳️‍🌈 Chromie Squiggles: 10.45 ETH (▼ 0.39%)

• ⛰️ Otherdeeds: 0.59 ETH (▼ 0.93%)

• 🐧 Pudgy Penguins: 4.08 ETH (▼ 1.06%)

• 🐈‍⬛ VeeFriends: 1.79 ETH  (▼ 1.10%)

• 🏴‍☠️ Captainz: 4.30 ETH (▼ 1.15%)

• 🧬 Clone X: 1.43 ETH (▼ 1.18%)

• 🌈 Doodles: 1.47 ETH (▼ 7.82%)

Notes:

• If you find quick daily NFT updates helpful, please feel free to subscribe:

• The content on this site is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

• Managed by @AxuETH, @NPapaellinas, @SpeedyGonzale87, @SSPxLEO and @xhuewa