The Big Picture: Frank's decision to move both Degods and y00ts off of the Solana blockchain has proven to be a polarizing one — and rumors over the monetary incentives for the departure have spread across the ecosystem. The founder's clarification puts an end to the speculation and also provides an outline for how the money will be used.
Go Deeper: The post outlined two specific ways the company will utilize the $3M grant to 'dominate the attention economy' and create magical experiences for holders:
- Scaling the DeLabs incubator, which will produce NFT collections that can be redeemed using y00tpoints or DePoints
- Expansion of the DeLabs team across several different departments
Action Items: More information on the y00ts and DeGods move >>>
y00ts, DeGods, and $DUST will bridge from the Solana blockchain according to an announcement from project founder Frank DeGods.
While Frank thanked the Solana blockchain for getting the projects above to where they are but indicated that "in order to grow, we need to explore new opportunities."
For DeGods, that means moving to Ethereum, y00ts will move to Polygon, and $DUST - the native ecosystem token - will bridge to both Ethereum and Polygon.
The technical details and holder action items will be revealed later, with the expected bridge taking place around the end of Q1 2023.
To date, no project as notable as DeGods or y00ts has undertaken the feat of moving blockchains, and with it bridging its community and benefits. One such benefit, the spending of y00ts or DeGods points, will bridge with the projects.
Holders are expected to be able to utilize the points accrued to mint new NFTs that will launch from an upcoming DeLabs accelerator program.
More formal details on all of the above and a Season 2 roadmap are expected in early January.
This is a developing story and will be added to as more details are released.
Frank DeGods teased a Christmas "mindblowing experience" coming for y00ts and DeGods on Tuesday, which will feature points rewards updates and additional roadmap details.
The Christmas Countdown timer for y00ts & DeGods was originally for the launch of Rewards Center.— Frank III (@frankdegods) December 20, 2022
1 week ago, we had an idea on how to make Points a lot more powerful.
It changes the core structure of Rewards Center, so it won’t be ready in time.
But wait, there’s more 👀 1/2 pic.twitter.com/URpGTm2yOG
Both y00ts and DeGods both implemented staking point systems in late November, with the first countdown timer originally scheduled to expire on Christmas. The founder announced that the team recently "had an idea on how to make Points a lot more powerful", which will delay the formal release of the Rewards Center.
The Christmas experience will include a keynote video, detailing roadmap updates for y00ts, DeGods, and the Rewards Center, according to the thread. A mysterious bridge emoji was also posted, potentially hinting at the speculation surrounding the project's rumored interest in moving from Solana to Ethereum.
y00ts announced the launch of Clubs on Wednesday, empowering trait sub-groups within the collection to grow, organize and evolve into 'real businesses'.
Previously referred to as SubDAOS, Clubs have been a popular part of the y00ts community — with groups such as n00uns (Nouns Glasses) and DeGolf (Sunday Shirt) forming around their respective traits.
New tools, such as dedicated group chats, multi-sig Club treasuries, and on-chain voting systems will be provided in the future, according to the announcement.
Since reveal, we've seen an explosion of "SubDAOs" being created within the y00ts community.— y00ts (@y00tsNFT) December 14, 2022
We believe there's an opportunity for Clubs to take this idea to the next level.
In order to get there, we needed to improve the onboarding experience.
This is how Clubs works today. pic.twitter.com/j0W5DIbuY3
Founder Frank DeGods held a Twitter Spaces Wednesday night to discuss the announcement.
Frank, the founder of DeGods and y00ts, issued a statement tonight where he went on to say that "I’m sorry but we will be sending cease & desists to anyone making y00ts or DeGods derivatives."
The Solana collection's frontman went on to say that "I’m sure some of you have good intentions but this is crypto & the default is to trust nobody."
y00ts derivative 'qy00ts' was asked about by Twitter user @Jaypegs00 where they asked if the upcoming project was going to be receiving a cease and desist. Frank went on to say "Yes, that’s a derivative and we will be issuing a cease & desist if they follow through with the mint."
One night after launching a pair of hats, Dust Labs is now promoting limited edition hoodies for both DeGods and y00ts.
The minimal hoodies are available for $69.00 each at merch.delabs.xyz.
Frank DeGods chimed in after the drop was shared, indicating this would be the last "daily drop," from the team behind DeGods and y00ts.
After taking some feedback on shipping/logistics, this will be the last "Daily Drop".— Frank (@frankdegods) December 9, 2022
We will shift towards a model with our store with more products available all in one experience.
We want to deliver the best merch experience, so we will prioritize efficiency over hype here.
Frank DeGods and the Dust Labs team announced the launch of NFT Blue last night, a tool and initiative aimed at supporting creators and royalties on Solana.
To join the initiative and showcase support for creators, Frank urged NFT market participants to turn their PFP into a "star" at NFTBlue.org.
Once on the site, users can connect their Solana wallets and select an NFT to crop into the shape of a star for use on social media, indicating their support of the cause.
NFT Blue also allows NFT collectors to calculate the amount they've paid in royalties to creators while buying NFTs on Solana. Once you've connected your wallet, the site will automatically calculate the royalty payments provided to the creator of each individual NFT in the wallet.
The focus on royalty payments is particularly curious coming from Frank and his team, and the community noticed, quickly chiming in to remind Frank that he helped indirectly contribute to the no-royalty structure when he moved his collections to a no-royalty model in October.
Frank addressed those concerns head-on. "The idea that we “pushed” for 0% is simply not true," he said when kicking off a thread on the subject, "We made an independent decision for our own collection & never encouraged any other collection nor marketplace to follow suit. 0 collections moved to 0% after us… but I do believe all of this has accelerated solutions."
Magic Eden, the leading Solana NFT marketplace, has recently shifted to protect royalties for creators after previously making royalties optional.
Holders of DeGods and y00ts NFTs are invited to The Embassy Party tonight in Miami during Art Basel, founder Frank tweeted Friday.
"Come tonight (only if you're cool)," tweeted Frank.
Holders will need to register for the party online and arrive at 8 p.m. ET. The event is sponsored by Solana Spaces, Metaverse Miami, Probably Nothing, Dialect, and Matrica.
Guests of the sponsors were also invited.
DeGods and y00ts have seen a heavy increase in volume since Frank, the founder of the two projects, doxxed himself yesterday.
The projects rank first and second in total sales volume according to Cryptoslam with DeGods in first with $1,321,980 in sales volume over the past 24 hours and y00ts second with $1,230,296.
No other projects have done more than six figures in sales volume during this time span.
$DUST, the utility token for the two collections, has seen a slight increase following the dox as well as the token is up just more than two percent over the past 24 hours.
Take a minute to catch up on the latest in the web3 space. Here are today's NFT market analysis, top movers, and upcoming mints:
Tyler Warner's NFT Market Summary
Frank DeGods made headlines again Tuesday by doxxing in an afternoon interview with Marc Colcer and then sharing his name and Instagram handle later in the evening. Frank's real name is Rohun Vora, and the market liked the doxx, as the y00ts floor rallied almost 40 percent to 153.5 SOL overnight. The t00bs rallied to 237 SOL, and DeGods reached 378 SOL, in a major move for all 3 collections. Frank's doxx has seemingly inspired other notable personalities to doxx, including Admit One and 9dcc founder Gmoney doxxing yesterday.
In ETH market news, Yuga assets once again led volume with floors mostly chopping on the day. There were some winners on the day, led by Art Blocks project Fontana up to 6.75 ETH (+23%) on a big day of sales. Killabears continue their remarkable grind up, reaching 2.69 ETH (+15%) and rektguy reached 0.5 ETH (+10%). And DigiDaigaku Genesis jumped to 9.5 ETH (+10%) ahead of a big Super Bowl announcement coming this week and Dark Spirits reveal on Friday.
A notable loser included Friendship Bracelets, which rallied over 100 percent over the past few days to a 0.33 ETH floor, before retracing overnight to 0.26 ETH in what many are calling an expected and healthy pullback. Some rare palettes have seen their floor price move past 1 and even 2 ETH, led by There Will Be Blood now at 2.6 ETH.
It was a busy day of news in Web3, with Porsche opening up its discord and announcing some of its NFT details, Tim Ferriss announcing his Cockpunch project is coming next week, and CloneX running Eggsperience 1 ahead of today's Eggsperience 2 and Eggdrop claim. OpenSea shared that they will be adding BNB Chain NFTs, while Phantom Wallet announced support for both Ethereum and Polygon. And Nike .SWOOSH announced the launch of its first collection called "Our Force 1" along with a community curation challenge.
NFT Total Volume*
- Bored Ape Yacht Club (851 ETH, 70.4 ETH Floor Price)
- Otherdeeds (670 ETH, 1.31 ETH Floor Price)
- Mutant Ape Yacht Club (634 ETH, 13.68 ETH Floor Price)
- CryptoPunks (589 ETH, 65.66 ETH Floor Price)
- Clone X (480 ETH, 8.85 ETH Floor Price)
NFT Floor Price Increase*
- Fontana (23%, 6.75 ETH Floor Price)
- The Stoics (17%, 0.28 ETH Floor Price)
- Killabears (15%, 2.69 ETH Floor Price)
- DigiDaigaku Genesis (14%, 9.47 ETH Floor Price)
- rektguy (11%, 0.5 ETH Floor Price)
NFT Floor Price Decrease*
- CryptoBirbs (-39%, 0.12 ETH Floor Price)
- Imposter Syndrome (-32%, 1.5 ETH Floor Price)
- Friendship Bracelets (-19%, 0.26 ETH Floor Price)
- State of the Art by Thankyoux (-16%, 0.33 ETH Floor Price)
- RarePass Genesis (-5%, 32.33 ETH Floor Price)
Upcoming NFT Mints and Reveals
- Pre-Process by Casey REAS (1:00 p.m. ET)
- Next Wave: The Miami Edit (TBD)
Today could be a historic day in the Art Blocks ecosystem, as Casey REAS returns for his second Curated project with just 120 supply. This will be the lowest supply of any Curated project (Elevated Deconstructions is next with 200), and this has led to some speculation that Pre-Process could be the highest mint price of any Curated to date. The Dutch auction is starting at 25 ETH, and given the recent boom in set collection and alpha group/botter participation in Art Blocks, this definitely has the potential to go high. The risk as always is in who mints this set out - collectors or flippers. Lately, the trend is flippers, and thus this is going to be one of the highest-risk mints in recent memory. Stay safe out there.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.
*data retrieved at 8:00 a.m. ET. Volume and percentages are based on the last 24 hours. Notable projects are included, typically with a 0.25 ETH minimum on the projects listed in this roundup.