DeGods Make All NFTs Equal After Claiming Existing Model is ‘Communist’

Multi-chain NFT project Degods is betting it all on a new token.

Through SolSniperXYZ’s “Floor Pool” function, Degods, Y00ts, and $DUST token holders can convert their Degods ecosystem assets into the official token, which launched under the ticker DEGOD

The mechanism acts similarly to the ERC-404 standard popularized by Pandora, which launched in Q1. Instead of a Solana-native 404 standard, the assets are compressed through SolSniper and exchanged for DEGOD.

Controversially, NFT rarity has zero impact on the token distribution.

Degods founder Roshun Vora, aka Frank, took to social media to explain the distribution method. On rarity, he said, “DeGods is a capitalist community. The existing model of NFTs is communist. Floor price, by definition, optimizes for the lowest common denominator.” He went on to say, “Even if we did anything related to rarity, people would find a way to complain…My response to anyone upset about rarity is to buy more $degod to make up the difference.”

Ironically, after claiming the pre-existing rarity model of NFTs is “communist,” the launch of $DEGOD ensures that all Degods NFTs are now worth the same amount.

A content creator known as CryptoGorilla responded to the post, “If I paid a large premium for a 1 of 1 and read this, the entire DeGods ecosystem would be dead to me. People are down tens of thousands from a team decision, and the response is “buy more”? Seems like a lack of empathy towards people willing to make a large bet on DeGods/Yoots.”

Frank did not immediately respond to The Defiant’s request for comment.

Degods was one the most popular NFT collection on Solana during the 2021 NFT boom, with its first official token, $DUST. However, they announced their migration to Ethereum after the collapse of FTX in December 2022 and successfully bridged in April 2023. In Q2 2024, the team deployed a multi-chain bridge, allowing Degods to move freely between Ethereum and Solana.

The DEGOD token flew as high as a $100 million market capitalization after its launch, but has since fallen back to $60 million.