DeGods Community Split Over $degod Memecoin Shift

The DeGods community is currently experiencing a divide following a recent shift to a memecoin model, dubbed $degod. The change comes shortly after the DeGods collection returned to Solana from Ethereum, sparking discussions on whether this marks the end of @frankdegods's pattern of "chain-hopping.". 1

In an effort to streamline the DeGods ecosystem, deLabs founder Rohun ‘Frank’ Vora announced a strategic pivot to $degod in the community's Telegram group. This transition allows all DeGods and y00ts NFTs along with the native token $DUST to be exchanged for the new memecoin $degod. The rationale behind this move is to make the community more appealing and accessible to potential members by simplifying the entry process, as the high floor price of NFTs previously hindered many from joining.

Moreover, the move aims to unite a fragmented ecosystem that was once divided among various tokens and collections. The launch was facilitated by a partnership with SolSniper NFT marketplace, introducing the Floor Pool that allows holders to trade NFTs more easily. However, despite high profits for some, early traders experienced significant losses during the launch.

While some view these changes positively, others in the community, particularly rare NFT collectors, are frustrated by the perceived decrease in NFT rarity value. The one-way swap model has especially displeased holders of @y00tsNFT as these assets are permanently burned during exchange, unlike DeGods that retain their tradability.

Before the $degod announcement, DeGods NFT was valued approximately at 25 SOL ($3,286 USD), a figure that has seen a 27% increase since, trading now at approximately $4,200. Similarly, y00ts climbed around 42%, suggesting strong market support and potential growth for the new setup. As the community navigates these waters, other Solana NFT collections are contemplating similar shifts.