Finn DeGods (a pseudonymous co-founder of DeLabs, the entity behind the NFT profile picture collection DeGods and the related project y00t) recently announced their departure from the company. They cited a need to move on to the next chapter.
The transition away from the company reportedly began in July. Moreover, Finn expressed ongoing confidence in DeGods and y00ts. Despite this, the timing of the announcement raises some eyebrows. This, considering the recent challenges and market turbulence experienced by the collections. So, what is happening with DeGods?
TL;DR:
- Co-founder Finn DeGods departs DeLabs, behind NFT projects DeGods and y00ts, citing new chapter and expressing ongoing confidence.
- DeGods NFT collection faces challenges amid market turbulence and pushback; co-founder Rohun “Frank” Vora notes Finn’s departure was in progress.
- DeLabs’ y00ts migration from Polygon to Ethereum mainnet and “Season 3” content drop contribute to market downward movement; DeGods’ floor price drops.
Finn DeGods Moves To His Next Chapter Amid Market Turmoil
The NFT market for PFP collections has faced headwinds. DeGods, in particular, has encountered notable volatility recently. Co-founder Rohun “Frank” Vora states that Finn’s departure had been in motion for a few months, with no ill will. Vora also highlights the decision stems from Finn’s skill set not aligning with the project’s growth trajectory.
DeLabs’ announcement regarding the migration of the y00ts PFP collection from Polygon to Ethereum’s mainnet, and DeGods’ subsequent “Season 3” content drop, seems to have sparked a series of challenges. The migration decision led to the return of a $3 million grant from Polygon Labs. This grant was allotted to support the initial move. The “Season 3” content drop introduced upgrades for NFT holders. Nevertheless, it also prompted pushback and significant market downward movement for both DeGods and y00ts.
The value of the projects floor price—the minimum NFT price on secondary markets—decreased by around 50% within a week. Market factors contributing to this decline also included substantial sales by whale traders, like Jeffrey “Machi Big Brother” Huang, who sold over 325 DeGods NFTs within a 10-hour timeframe.
While Finn’s departure was in progress before the recent turmoil, it also adds to the challenges faced by DeGods. This is a tough decision amid a competitive and unpredictable NFT market. As the NFT landscape continues to evolve, DeLabs and its projects navigate web3 steadfast.
