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Wednesday, February 15, 2023
HomeNewsBlue Chip NFTs 101 - A Transient Look At Solana's 'DeGods'

Blue Chip NFTs 101 – A Transient Look At Solana’s ‘DeGods’


In our newest installment of ‘Blue Chip NFTs 101,’ we’re taking a dive into non-Ethereum chain NFTs; we’ll be working our manner by way of high 10 blockchains and their largest NFT initiatives, all whereas nonetheless highlighting main noteworthy initiatives which are on Ethereum.

In our first piece within the sequence, we coated the outstanding rise of ‘Moonbirds,’ the most recent NFT mission that has seemingly skyrocketed to blue chip standing virtually in a single day. Let’s check out

The Fundamentals: Solana’s NFT Status

Solana has had it’s fair proportion of critics in recent times – the chain has had durations of intermittent downtime, and it’s typically criticized as carrying extra centralized qualities relative to comparable and competing chains. The goal of this write-up isn’t to guage the character of the chain, however reasonably to hone in on one of many largest NFT initiatives within the ecosystem. We’ll depart a deep dive of Solana’s blockchain construction for an additional day, as a result of one factor leaves little questioning – Solana was an early mover in being an Ethereum competitor that supplied an NFT ecosystem with inexpensive gasoline costs.

At present standing, the new trending subject in Solana NFTs is undoubtedly Okay Bears – a more moderen PFP NFT mission that has gained traction because the Solana ecosystem has grown.

DeGods: Current Standing

DeGods have far and away the very best ground worth within the Solana NFT ecosystem, persistently commanding north of 200 SOL whereas routinely sustaining a high 5 place in every day quantity. The 10,000 mint mission has a market cap that encompasses almost 20% of the full Solana NFT market cap, in keeping with knowledge from Solana NFT aggregator Hyperspace.

DeGods has a bit extra of a ‘legacy’ standing within the Solana ecosystem, however as with all early mover, it may be tough to keep up the standing as challengers emerge. The largest challenger in current weeks has undoubtedly been Okay Bears, which have been the face of Solana on communities like NFT Twitter, and has blown away Solana quantity over the previous week with over $40M price of Okay Bears being purchased and bought. DeGods actually have the next ceiling, however having lower than 10% of that quantity over the identical timeframe means that Okay Bears may very well be gunning for the highest spot because the Solana panorama continues to develop.

Solana (SOL) would not have the legacy standing in NFTs that Ethereum has, however the blockchain has seemingly secured the #2 spot relating to NFT communities. | Source: SOL-USD on TradingView.com

Related Reading | Tron Is Trading Within It’s Triangle Pattern; What Awaits The Coin Next?

Recent Buzz: A Major Acquisition

What is DeGods doing to cement it’s positioning as a Solana ‘blue chip’? It’s simpler stated than carried out, however the DeGods neighborhood not too long ago made a splash and made some headlines by dispensing roughly $625,000 for a group acquisition in Ice Cube’s ‘BIG3’ basketball league. The league brings 3×3 half-court basketball with a twist, and has persistently hosted ex-NBA athletes and ex-college stars (a few of which have even returned to the NBA ground after showing for the BIG3, a la Joe Johnson).

DeGods bought 25 NFTs of the BIG3’s ‘Killer 3s’ group at $25,000 a bit, in a call made by the NFT neighborhood’s DAO late final month. Almost equally impactful may very well be the strikes that comply with swimsuit. Announced over the weekend was an identical transfer from music mogul (and well-known crypto fan) Snoop Dogg, who teamed up with PayPal co-founder Ken Howery to buy 25 NFTs of their very own, this group for the league group ‘Bivouac.’ This sponsorship mannequin from the BIG3 is particularly distinctive, and the league has opened up it’s personal Ownership Model Twitter web page, in addition to a devoted whitepaper outlining how the sponsorship mannequin operates. Crypto and blockchain expertise is operating rampant by way of the BIG3 and DeGods can safely contemplate themselves ‘early.’

There’s lots extra on the horizon for DeGods as effectively. In a current ‘State of the Union‘ handle, the group addressed a local token (and among the feedback of skepticism round it), occasions, and a devoted clip across the logic behind the DAO buying the BIG3 group.

Little is definite within the NFT panorama, however DeGods is seemingly well-positioned to be a Solana staple with it’s present engaged neighborhood and energetic, aggressive strategy.

Related Reading | APE Takes A Beating As It Sheds 50% Of It’s Price

Featured picture from degods.com, Charts from TradingView.com
The author of this content material is just not related or affiliated with any of the events talked about on this article. This is just not monetary recommendation.

*The author of this content material doesn’t personal any of the NFTs talked about on this article, nor do they maintain SOL or another Solana-based NFTs at time of publishing. This content material is produced solely for instructional and informational functions.


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