According to a report by Chinese reporter Colin Wu, the popular NFT project DeGods, has seen an explosion of active loans in Blend, growing by 41% in the past week alone. SnowGenesis data further indicated that DeGods loan transaction volume surpassed 11,000 ETH, with nearly 2,400 NFTs participating in lending activities. This milestone comes despite a 50% drop in the floor price of DeGods over the past week.
In the past week, the active loans of DeGods in Blend increased by 41%, surpassing Milady Maker and Azuki, becoming the most active loan collateral in Blend currently. The loan transaction volume of DeGods exceeded 11,000 ETH. However, the floor price of DeGods fell by more than…
— Wu Blockchain (@WuBlockchain) August 16, 2023
DeGods is a deflationary collection of 10K Profile Picture (PFP) NFTs, showcasing gods donning modern streetwear blended with ancient-deity vibes. Launched in 2021, the project rapidly gained traction as one of the most popular NFT initiatives.
This rise in loan activity follows closely on the heels of DeGods’ announcement of Season 3 of its collection on August 13. A prominent highlight of this new season is the “art downgrade”, a novel concept aimed at reviving the existing DeGods collection with non-dilutive artwork inspired by 1960s pop art icons and classic American comic book illustrators.
The art downgrade presents a simplified, nostalgic aesthetic to the existing DeGods collection. According to the project’s parent company, [de]labs, the downgrade infuses the NFT space with “a burst of colour, excitement, and community engagement”. DeGods holders could now opt into the Season 3 upgrade for a fee of 333 $DUST, its native token, a cost that will decrease over time for broader accessibility.
Following the unveiling of DeGods Season III and the migration of its sister project, y00ts, to the Ethereum blockchain, the trading volume of DeGods rocketed above $16 million. The value represents a 500% surge from the previous week, as revealed by DappRadar.
DeLabs, the team behind DeGods, disclosed last week that y00ts would transition from Polygon (MATIC) to join DeGods on the Ethereum blockchain. This move, albeit controversial, was accompanied by the announcement of a postponing the new feminine avatar version under DeGods Season III.
1. y00ts will be migrating to Ethereum.
— y00ts (@y00tsNFT) August 9, 2023
The new collection, dubbed DeGods Season III, is set to introduce 20,000 generative art pieces on the Ethereum blockchain. The focus of this season is a “downgrade centered on simplicity”, a concept poised to redefine the NFT space.
