Key Points:
- Finn DeGods, the anonymous co-founder of DeLabs, leaves DeGods NFT project after 2 years.
- Departure underway since July; confidence expressed despite recent market challenges.
- Migration of y00ts to Ethereum mainnet and “Season 3” launch triggers market turbulence.
In a significant development, Finn DeGods, one of the anonymous co-founders of DeLabs, the entity responsible for the Ethereum NFT profile picture (PFP) collection known as DeGods and its associated project y00ts, has recently made an announcement about stepping away from the company. The decision, according to Finn, stems from a desire to embark on a new chapter in their journey.
The process of transitioning out of the company reportedly commenced in July. Despite the departure, Finn remains optimistic about the prospects of both DeGods and y00ts. However, the timing of this announcement has raised certain questions, particularly in light of the recent difficulties and market fluctuations experienced by these collections.
Co-founder Finn DeGods Departs from DeLabs, the Force Behind DeGods and y00ts NFT Projects, as a New Chapter Unfolds; Expresses Continuing Confidence. The DeGods NFT collection has encountered challenges amidst market volatility and resistance; Co-founder Rohun “Frank” Vora clarifies that Finn’s departure was already underway. The migration of DeLabs’ y00ts from the Polygon network to Ethereum’s mainnet, coupled with the release of “Season 3” content, has contributed to a downward trend in the market; This has also impacted the floor price of DeGods NFTs.
Finn DeGods Embraces a New Phase Amid Market Uncertainties The NFT market for PFP collections has encountered obstacles recently, with DeGods facing significant fluctuations. Co-founder Rohun “Frank” Vora reveals that Finn’s decision to depart had been in motion for a few months and was driven by practical considerations. Vora also emphasizes that the decision was not rooted in any animosity but rather in Finn’s skills not aligning with the growth direction of the projects.
The announcement from DeLabs about migrating the y00ts NFT collection from Polygon to Ethereum’s mainnet, along with the introduction of “Season 3” enhancements, seems to have triggered a sequence of challenges. This migration led to the return of a $3 million grant from Polygon Labs, which was initially allocated to support the migration. The introduction of “Season 3” content brought improvements for NFT holders but also faced resistance and resulted in significant market downturns for both DeGods and y00ts.
The floor price of the projects, representing the minimum NFT price on secondary markets, experienced a drop of approximately 50% within a week. Factors contributing to this decline included substantial sales by influential traders, such as Jeffrey “Machi Big Brother” Huang, who sold more than 325 DeGods NFTs within a span of 10 hours.
While Finn’s departure was already underway before the recent upheavals, it adds another layer of complexity to the challenges faced by DeGods. This decision comes amidst a competitive and unpredictable NFT market. As the NFT landscape continues to evolve, DeLabs and its projects navigate the world of web3 with determination. They grapple with the intricacies of market sentiment, technological shifts, and the constant demand for adaptability.
