TL;DR: With a new update or NFT collection being released almost every day, it’s clear the crypto ecosystem is constantly evolving. DeGods is one of the NFT collections paving the road to the digital universe — but it’s just the beginning. Knowing what brought it here and why it was created will lead you to make better decisions when investing or simply interacting with DeGods.

In this article, we’re gonna dive into the DeGods lore, answer all the DeGods-related questions and even more. Prepare yourself for a fantasy story and a journey to the future of DeGods!

What is DeGods?

DeGods is an NFT collection of 10,000 pfps that live on the Ethereum blockchain.

Step into the shiny world of DeGods, one of the most valuable NFT collections in the Web3 space! Every pfp represents a glorious degenerate god, made in the image of the NFT community.

What’s so special about DeGods? First and foremost, the artwork is made using vibrant colors, with well-defined characteristics. Esthetics are made to emphasise the godly nature of the characters — aura, shiny accessories, and the confident look in their eyes as if these gods ascended from Mount Olympus.

A handful of DeGods have quirky elements such as a mushroom hat, a cigarette in their mouth, or an afro combined with anti-glare paint. What most people call weird, collectors find it fascinating. Especially that some of the accessories make subtle references to the crypto ecosystem i.e. sports sunglasses popularised by the Solana community, cigarette in mouth inspired by the CryptoPunks, or Jason’s hockey mask.

It’s worth noting that DeGods have been issued in three seasons. This means new DeGods have been issued with every new season. Holders can migrate their NFT to either of the seasons in exchange for a fee, paid in DUST tokens, the native token of the project.

Additionally, DeGods has issued 535 of its DeGods on the Bitcoin network.

The Bitcoin DeGods NFTs introduce a distinct touch to the collection, delivering a truly exceptional experience for collectors. The minting process on Bitcoin introduces an additional level of exclusivity to the collection, fostering an unparalleled sense of rarity within the NFT realm.

Owning an NFT is different than screenshotting a JPEG — just like holding an original Rembrandt is more valuable than owning a replica. As their name suggests, NFTs are non-fungible by design. This is different from digital tokens like Bitcoin and Ethereum.

Fungible assets can be exchanged for another asset of the same type, much like BTC, ETH, or even fiat. NFTs, on the other hand, are unique assets where their ownership details are documented on the blockchain, ensuring digital scarcity and unique attributes for each asset.

But how exactly is digital scarcity being enforced?

The concept of NFTs first emerged in 2012 with the creation of Colored Coins, which could be used to represent real-world assets on the blockchain. However, Colored Coins only worked in a permitted environment, making it more similar to a database than anything else.

As the crypto industry became more popular, people have continued to experiment with the idea of a digitally scarce asset. This led to the creation of ERC-721 and ERC-1155.

The ERC-721 standard is like a set of rules for making NFTs. These actions help in making special tokens with their unique information, making them different from one another.

Behind the scenes, ERC-721 smart contracts keep a list of who owns which token, making it safe to pass tokens from one person to another. The contract also keeps count of how many tokens there are altogether and how many each person has.

As previously mentioned, DeGods NFTs are secured by the Ethereum blockchain. Ownership and transaction history are publicly visible on the Ethereum blockchain along with other important info such as the NFT’s metadata.

Understanding how to access an NFT’s metadata is essential for holders to grasp the specifics of what they’re buying.

Metadata usually includes visual attributes like color, type, wearables, and so on. On the blockchain, it looks something like this:

DeGods have their own set of traits that make up their uniqueness. These are background, clothes, eyes, head, mouth, neck, skin, speciality, version.

Some traits are rarer than others, which makes a specific NFT stand out from the rest. For example, there are only 41 DeGods with Mythic Wings and 50 DeGods with Third Eye.

Rarity is determined by a combination of these traits. The rarer the combination, the more valuable the DeGods.

The DeGods NFT collection has been autogenerated. This means that out of the potential combinations, only 10,000 DeGods will ever exist!

What is the utility of DeGods?

DeGods make for an awesome avatar pic, but it’s also your ticket to the exciting ecosystem of DeGods.

Staking is one of the main features of DeGods holders. Introduced in January 2022, staking is a great way to access exclusive benefits within their ecosystem.

Staking requires holders to stake their NFT and receive DUST tokens in return. $DUST is issued by Dust Labs and capped at 33,300,000 tokens.

The staking system works like this: holders transfer their NFTs to the staking website (don’t worry, staking is non-custodial), and they then earn DePoints for every minute their NFT is staked.

DePoints can be spent on rewards such as airdrops, physical goods, and sponsored brand activations. This system rewards long-term holders and engagement with the DeGods ecosystem.

As the DeGods brand expands, NFT holders will be able to continually earn rewards. Whether you are hodling for a season or longer, the DeGods ecosystem continues to explore new ways of keeping holders engaged.

Who created DeGods?

DeGods was created by Frank DeGods in 2021. But before that, a couple of important events happened. Most events are related to the journey of Frank in the NFT space.

Rohun Vora, also known as Frank, grew up in Los Angeles surrounded by the glitz of the film industry. From an early age, he dreamed of making movies. He hustled hard, working on sets and climbing the ladder, but the glamour of Hollywood faded when he entered UCLA, leaving him feeling uninspired by the grind of the film business.

His interest shifted to entrepreneurship after stumbling upon Paul Graham’s startup essays. This discovery sparked Frank’s journey, leading him through ventures beyond the crypto world, including setting up a delivery service. It was during his time at Main Street that his fascination with Bitcoin and digital assets began.

Frank’s exploration in the crypto space ignited a creative spark, laying the groundwork for DeGods. Teaming up with his buddies, including Johnny, an art whiz and lead singer of a band, they set out to create something beyond mere digital collectables. Their goal wasn’t just about cool art but about crafting a whole world around these NFTs, giving them life and a captivating backstory.

For Frank, the idea was simple — building an entire universe where the DeGods weren’t just artworks but characters in an amazing story. He drew on his love for movies to bring this to life, blending storytelling with top-notch visual design, and connecting with the NFT community through the power of narrative and art.

When DeGods initially debuted on Solana back in October 2021, they were priced at a mere 3 SOL each. Unfortunately, due to administrative missteps and bot-related issues, the project quickly lost favor, leading many to accuse the team of a potential rug pull. By the end of that year, the collection was on the brink of collapse, with the developers contemplating calling it quits. The transformation from that low point to their current success is nothing short of remarkable.

One standout feature that contributed to DeGods’ initial buzz was their bold experiment, the Paper Hands Bitch Tax (PHBT). The concept involved imposing a 33.3% tax on any NFT sale below the prevailing floor price. Once the total taxes accumulated equalled the price of the cheapest DeGod available, that specific NFT would be instantly burned using a Burn Bot, effectively reducing the overall number of DeGods in circulation.

However, despite the initial excitement, it became evident after about two months that the PHBT concept wasn’t yielding the expected results. By January 1, 2022, the team decided to eliminate the 33.3% tax.

In November 2022, after preserving an anonymous identity for a considerable duration, Frank decided to reveal his true identity as Rohun Vora. This significant unveiling occurred when he shared a screenshot from his personal Instagram account. His announcement instantly sparked a Twitter trend with the hashtag #doxxwithfrank, coinciding with a remarkable surge in y00t’s floor price to 138 SOL and a spike in DeGods’ value to 349 SOL.

The Web3 community widely supported Frank’s choice to disclose his identity, viewing it as a positive move. It not only significantly increased the value of the projects but also bolstered trust within the community towards Frank. Similar to other Web3 founders who underwent doxxing, Frank experienced an upsurge in confidence from the community post-revelation.

Who is developing DeGods now?

DeGods is being maintained by Dust Labs, a Web3 company led by Kevin Henrikson. Dust Labs provides B2B Software-as-a-Service tools to other Web3 companies, with DeGods being a beneficiary.

Kevin Henrikson boasts an illustrious career, not just limited to his role at Dust Labs. His expertise spans the Web2 entrepreneurial domain, showcasing a remarkable history of successful ventures. Notably, he held the position of Director of Engineering at Zimbra, a software suite offering an email server and web client. Zimbra’s acquisition by Yahoo! for $350 million in 2007 stands as a testament to Henrikson’s significant contributions to the company.

In addition to his tenure at Zimbra, Henrikson co-founded Acompli, a pioneering mobile email application, and played a crucial role as its VP of Engineering. His instrumental work at Acompli led to its acquisition by Microsoft for a notable $200 million in 2014. Henrikson’s success in steering companies toward acquisition highlights his strategic and technical prowess in the tech industry.

His journey further extended to Instacart, a widely recognized grocery delivery service in the United States, where Henrikson served as the VP of Engineering. His substantial experience across multiple successful ventures underscores his invaluable contributions to the tech landscape.

Besides the technical aspects of DeGods, Dust Labs is also handling the art direction of its Intellectual Property. As such, Dust Labs is also in charge of derivative collections such as DeGoddess and DeadGods.

The idea behind “De Gods” is a bit of wordplay — using “De” for “degenerate,” which goes along with “degenerate gems,” and it’s also linked with “decentralized.” In the early days of DeGods, the focus was more on guys when making something that would catch the attention of the early NFT fans. So, Frank and his crew brainstormed about the idea of having a god in this space, a kind of top or “degenerate” god, diving into Greek mythology and the potential stories that people could get excited about.

But things are changing for the better. They’re getting ready to launch the DeGoddess collection in Season 3. Back then, the early art was more male-oriented, but now they’re changing that up. There’s a group called D Goddesses inside D Gods, working to mix it up. They’re planning to introduce new versions that include both males and females, letting people switch between the two. This will make the collection way more inclusive and flexible.

The new idea is about letting people switch between different kinds of art — from the original DeGods to Dead Gods, and later on, between male and female versions. It’s a pretty cool idea aimed at making the NFT experience better. The plan is to make sure everyone has their own kind of art, without making some types more special or rare than others. It’s a new way they’re trying out, wanting to give people the freedom to switch their art around according to what they like. It’s not ready yet, but it’s going to be a neat and inclusive feature for the folks in the DeGods community.

The Dead Gods, an intriguing facet of the DeGods collection, represents a distinct narrative in the project’s evolution. Initially, during an earlier phase of the project, an experiment called the Paper Hand Tax was initiated. This tax imposed a 33% royalty on NFT sales below the purchase price. Funds collected from this levy were utilized to repurchase NFTs sold under the minimum price, followed by their removal or burning from the collection. Consequently, a total of 535 DeGods underwent this process and were removed from circulation, deemed as “dead” from the main DeGods collection.

However, in February 2023, the team decided to breathe new life into these previously “dead” DeGods. They transformed these 535 DeGods into a distinct collection named DeadGods by encoding them as ordinals within a Bitcoin block. This resurrection story created an extraordinary chapter within the DeGods narrative, drawing attention not only to the revival of these “dead” tokens but also to the innovative method used for their reintroduction.

Upon their resurrection, the DeadGods were not only minted but also sold in a rather unique manner. All 535 DeadGods were auctioned off in a single block. This auctioning approach was an unprecedented method, different from traditional NFT drops, showcasing the project’s innovative and imaginative streak. It was not just about resurrecting the tokens but also creating an exclusive story that added a layer of excitement and novelty to the collection.

On August 9 and 10, 2023, DeGods made an eagerly awaited entrance with Season 3, spotlighting a significant artistic overhaul aiming to revitalize the project. This renewal focused on refining traits, enhancing backgrounds, and introducing female DeGods, providing holders with fresh and appealing choices.

The Season 3 debut stirred various sentiments within the community. While some commended DeGods for their innovative strides, others raised concerns about the art style and marketing direction. These mixed opinions led to fluctuations in the DeGods’ floor price. However, DeGods remained open to feedback and challenges, responding uniquely by introducing an “Art Downgrade.”

Taking inspiration from 1960s pop art and classic American comic book illustrators like Roy Lichtenstein, the Art Downgrade brought a nostalgic and simplified aesthetic to the DeGods collection. This revitalized the artwork, offering holders a choice to opt into the Season 3 upgrade for 333 $DUST per NFT.

Beyond the art overhaul, DeGods introduced the “Points Parlor,” a dynamic points system and gamified business model designed to reward NFT holders. Serving as more than just a rewards platform, it acts as an innovative advertising product connecting brands directly with DeGods holders. Players can leverage their loyalty points for the chance to win enticing brand-sponsored prizes, valued at over $250,000 USD.

DeDAO stands as a decentralized autonomous organization tasked with overseeing the entire DeGods ecosystem. Its structure includes three primary components: the DAO Leads, the Alpha Team, and the Divine Council.

DAO Leads: This group comprises the founders of DeDAO and community leaders from DeGods. They play a fundamental role in guiding the organization’s overall direction and governance.

DeAlpha Team: Comprised of experienced “Alpha Gods” possessing market expertise, this team assists in preparing and strategizing for various market conditions, offering valuable insights and guidance to the entire team.

Divine Council: Members of the Divine Council are elected by DeDAO members. Proposals are first meticulously examined by this council before being put forward for general voting. Their role involves rigorous assessment and approval before any proposal reaches the voting stage.

Both the DeAlpha Team and Divine Council collaborate in decision-making processes related to the allocation of funds within the DAO and essential acquisitions, thereby ensuring a comprehensive and careful approach to managing the organization’s resources and major decisions.

Funds for the DeDAO are primarily sourced from the DeGods marketplace fee, which amounts to 9.99% of sales. Within this fee, 6.66% is directly allocated to the DeDAO for its operations, while the remaining 3.33% is assigned to the DeGods’ core team.

Investors are also an important component of the DeGods ecosystem. Although they don’t get involved directly in the governance of the project, they do exert an influence over the brand’s expansion into the mainstream. In 2022, Dust Labs received a $3M grant from Polygon Labs to migrate from Solana to Polygon. One year later, Dust Labs migrated from Polygon to Ethereum and returned the grant.

In 2022, days after launching the y00ts collection, Dust Labs raised $7M from an array of venture firms. Notable participants in this round of investment encompass FTX Ventures and Solana Ventures, along with key contributors like Magic Eden, a leading Solana NFT marketplace, Metaplex, a prominent Solana NFT protocol creator, and established firms such as Foundation Capital and Jump.

How does DeGods make money?

Now, let’s get to the juicy part – how does DeGods make money?💰 (No, flipping and rug pulling are not the correct answers)

The answer to this question is strongly related to intellectual property.

Think of popular trademarks such as Mickey Mouse, Spider-Man, or Coca-Cola. Every time you see movies, books merch, or posters with them, know that the owners of the IP get a share of the profits. The same thing goes for NFT holders, in theory.

When it comes to NFTs, it’s quite challenging to fit them into the traditional framework of copyright law. To give more context, owning an NFT doesn’t mean holders have automatic control over the creative work. This creative control needs to be granted by the creator.

As such, NFT holders should pay attention to what IP rights, if any, come with owning the NFT.

Frank, the founder of DeGods, has authorized the use of the IP of any individual's owned DeGods. This means NFT holders have full commercial rights to the art in their owned wallets. There are no monetary limits on earnings from merchandise, derivatives, or other commercial uses.

The team plans to introduce a novel approach to IP rights for NFT holders sometime in 2024.

Another way of generating revenue is via royalties. As an experiment, Dust Labs has switched its royalties to 0% in 2022. OpenSea does, however, list a 0.5% royalty on the DeGods collection.

The mission of DeGods is to become one of the biggest IP brands in Web3 and beyond. To achieve its objective, DeGods is patiently building perks for the community before expanding its presence into the mainstream.

On April 12, 2023, DeGods announced DeNYC Treasure Hunt – a multi-day scavenger hunt that spanned across New York City and was open to the public, facilitated by PolygonLabs. Hundreds of 2 or 3-person teams participated. Prizes, exceeding $100,000 in value, included DeGods, y00ts, Apple devices, and more.

The unique aspect was that every prize was awarded in threes, ensuring that each team member received something. A DeGod was promised to every member of the winning team. To earn points, participants needed to tweet a picture or video proof for each challenge using their designated Twitter account, tagging @DeNYC2023. Additionally, they were required to pick up an official bandana at one of the check-in events, ensuring it was visible in the challenge proofs. The excitement and anticipation were palpable as participants geared up for this thrilling adventure across the city.

At the moment, DeGods only have a limited merch shop where holders can buy hoodies.

Where can I buy DeGods?

You can buy DeGods on OpenSea.