The global crypto market cap stands at over $950 billion and layer 1 blockchain tokens like SOL, AVAX, ADA, and more are on the rise. While the bear market shook things up for many projects, there was one segment of the crypto domain where profitability was never under doubt. The NFT market has been on a steady incline lately as more collectors and traders are getting into the thick of it.
According to a report by Verified Market Research, the global NFT market is expected to cross $230 billion by 2030. Currently standing at over $10 billion, it is safe to say that the NFT market will keep on rising. And prominent brands Coke, Gucci, Balenciaga, and more joining the NFT bandwagon is a testament to that.
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Here Comes the Giant
However, the potential of NFTs is not being realized by popular brands alone. Over the last couple of years, countless new NFT projects have launched and are thriving. One of the most recent among them is DeGods which has taken the NFT market by storm with its priceless digital art collection.
Earlier this month, the floor price of the Solana-based NFT collection went north of $17,000 (Almost 530 SOL). This also caused the collection to list in the top five most valuable collections which came after the likes of Moonbirds, CryptoPunks, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club.
So, let’s take a deeper look at what DeGods is all about and how it is that the Solana-based collection is ruling the NFT market lately.
What is DeGods?
DeGods, a Solana-based NFT project is a deflationary digital art collection of 10,000 vibrant, virtual gods, each dressed ingeniously. The trade volume for this NFT project is among the highest.
The creator of DeGods is a person who goes by the name of Frank. It originally surfaced on Twitter in March 2021. The idea put out was a deflationary NFT, which creatively applied game theory to offer a distinctive experience. It’s a collaborative initiative that has received support from programmers, artists, athletes, and a wide range of other people.
Solympus came into existence in September 2021. This is where initial members of the community could accomplish unique tasks, or bounties, in order to gain early access to the DeGods NFTs. Soon after, a number of videos were made available to generate buzz, one of which particularly demonstrated the novel burning process.
Numerous famous people and crypto influencers expressed a lot of interest in these NFTs over the following few months. A man leaping out of an aircraft while dressed as a DeGod and another eating 100 chicken nuggets also contributed to the buzz surrounding the NFTs. The staking system became online by late January 2022.
This was when more than half of the supply was staked for DUST in just a single day. For more than 30 days, the Solana-based NFT project had the greatest trading volume and topped the rankings in March 2022.
DUST Protocol and Its Relation to DeGods
DUST Protocol acts as a utility token for Solana. Holders of DeGods NFT can profit from their collections thanks to DUST tokens. Moreover, the ability to get up to 10 tokens each day for holders supports a passive revenue stream. A 33,300,000 DUST supply limit is what the team is aiming for.
One can only mine DUST by staking a DeadGods or DeGods NFT. Those who stake DeGods receive 2.5 DUST every day, whilst those who stake DeadGods receive 7.5 DUST daily. DUST, however, can be purchased with SOL as it is listed on the decentralized exchange, Raydium.
What is DeDAO?
The community’s decentralized autonomous organization is called DeDao. It receives revenue from the marketplace charge paid by the DeGods, which is divided into two halves. 3.33 %goes straight to the core staff, whereas DeDAO gets 6.66% to aid in funding project development.
Additionally, the DeDAO leadership, which includes the DeAlpha Team, the DAO Leads, and the Divine Council, organizes community raffles and collaborates to make acquisition decisions. DeDAO, for instance, purchased a basketball franchise in Ice Cube’s Big3 Basketball League during one of these purchases.
What Sets DeGods Apart?
At first glance, DeGods NFTs could be contrasted with other well-liked products on the NFT market, such as Solana Monkey Business and BAYC. However, these NFTs stand out due to their strategic advantages in a number of important areas.
DeGods NFTs are deflationary, which means that the value will continue to increase since it is possible to burn DeGods. They are accessible in a far greater quantity than the numerous monkeys produced by algorithms seen in Solana Monkey Business and BAYC. When a DeGod token is destroyed or burned, it does not circulate.
Rather, it gets upgraded to a DeadGod and remains highly uncommon, adding a game element to this NFT collection. NFTs have recently gained popularity with the general public because of marketing campaigns including sweets, restaurants, and other venues.
NFTs have recently been promoted in mainstream culture through marketing with sweets at restaurants and other venues. Specialized beer can art from barrelDAO has helped this Solana NFT initiative gain more recognition. A very small quantity of this brewery’s Solana Summer Shandy was offered through Magic Eden. It is a locally owned and run business.
More than 300 cases of 16-packs were for sale. The cans showcase well-known NFT series from the Solana NFT market that is held by barrelDAO and others and for which they have a special license, such as Solana Monkey Business, Okay Bears, and DeGods.
How DeGods is Substantiating their Stand
While the concept behind the DeGods NFT collection is unique in its own right, relentless promotional efforts are among the primary reasons behind the project’s success. Be it influencer and PR campaigns with the likes of Magic Eden, Matt Blockchain, and Marc Colcer or solid community marketing and management. The Solana-based NFT project has covered all grounds in terms of marketing.
With the launch of the y00ts mint earlier this month, DeGods’ popularity rose even further. Not only is the project catering to what its target audience is interested in, but they are also ensuring that the project’s reach grows to another level by incorporating innovative marketing strategies.
Marketing in the blockchain, crypto or NFT domain has never been easy even for the most seasoned players. It is hard to pick the right marketing channel, devise a strong strategy, and achieve the desired goals within a set time frame. While all this is possible with an in-house marketing team working round the clock, most projects don’t have the luxury of having such cogs.
However, this is another aspect where DeGods has triumphed over the market. Their marketing tactics along with their offerings are what have caused them to rank among the top NFT collections. All this clearly shows that having a unique concept or an ace up your sleeve does not mean anything unless you execute it right or reveal it at the precise moment. So, let’s take a look at how the same can be achieved.
Its Bleeding Red and Green
After bleeding red in the crypto market, this NFT could be a particularly savvy investment given its deflationary base has emerged as a great redemption move. The ability to eventually transform DeGods into DeadGods generates even more of DUST, adding perks of ownership.
DeGods holders can also benefit from other NFT market news and events. This is especially demonstrated by the recent launch of y00ts, created by the same mastermind behind DeGods, and DeGods has received more attention as a result of its launch. Future market events may trigger additional hype around this NFT. With all these factors in mind, DeGods NFTs could be a smart long-term investment.
How Can Other Projects Follow in DeGods’ Footsteps
As mentioned earlier, marketing is not everyone’s cup of tea, especially in domains like blockchain. Different projects appeal to different audiences. And it is essential, albeit tough, to reach out to a wider audience in the early stages of the project. This is where marketing plays a crucial role for projects like DeGods, and if done right, it can establish projects in the long run.
However, most, if not all, projects suffer from a lack of understanding when it comes to blockchain, crypto, or NFT marketing. On the other hand, the ones that have a grasp on the fundamental concepts lack the resources to promote themselves properly. This is where a marketing firm like Blockwiz can prove to be highly resourceful.
Blockwiz has been in the blockchain marketing industry since 2019 and has helped hundreds of projects like DeGods achieve their goals. The marketing agency offers services like influencer marketing, social media marketing, community management, PR, SEO, consulting, content marketing, and more.
Collaborating with such a firm can be highly beneficial as they can help projects with a marketing scheme similar to that of DeGods. Projects that do not have an in-house marketing team or the required resources to better promote themselves can work with such agencies and streamline their marketing journey.
In a Nutshell
DeGods emerged as a phoenix with its unique offerings and became an instant success because the project was able to reach out to a wider target audience. However, the Solana-based project did not stop and continued to offer more to its community, while attracting hundreds of thousands, if not millions, of members.
Among the many reasons behind DeGods’ glorious journey is a successful marketing strategy. Moreover, the NFT project made sure that their promotional tactics reach and appeal to a vast audience, and work in their favor. Therefore, be it with the help of an in-house team or a firm like Blockwiz, having a marketing plan at every stage can make all the difference.
