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69 DeGods NFTs swept in massive buy

Greg Jackson Greg Jackson on January 24, 2023

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DeGods: NFT whales are individuals or entities that own large amounts of NFTs, which are digital assets that are unique and cannot be replicated.

They may be collectors, investors, or creators of NFTs, and they often have significant influence in the market.

Due to their ownership of a large number of NFTs, they can potentially control the supply and demand of certain NFTs, as well as the prices.

One NFT whale spent a bulk to obtain 69 DeGods NFTs through Magic Eden, intending to bridge them to Ethereum.

DeGods NFT

In the Solana NFT space, DeGods have become one of the most prominent NFTs, racking the most trading volume in SOL than other projects.

DeGods is a Solana-based NFT collection of deflationary art comprising 10,000 virtual gods.

The NFT project plans to make the switch to Ethereum, attracting the attention of a prominent player in the space.

DeGods NFTs launched in late 2021 but only rose in prominence and value in 2022.

DeLabs developer, under Rohun Vora or the pseudonymous Frank, debuted a reward token.

It also rolled out new art pieces and bought the rights to a BIG3 basketball league team.

Finally, DeLabs launched y00ts, a follow-up project to DeGods.

The news

On Monday, Pokeee, a pseudonymous NFT trader, spent almost $1 million to buy 69 DeGods NFTs.

He bought the NFTs via the Magic Eden marketplace with tools that allow buyers to “sweep the floor,” otherwise known as buying specific amounts of NFTs from a project.

Traders typically purchase amounts of low-priced NFTs in a project as an investment, especially in the event of the collection becoming a future success.

Purchase buildup

On January 13, Pokeee promised to make the massive purchase if his tweet reached 1,000 likes .

He said he would buy 69 DeGods NFTs to support the project’s switch to Ethereum.

Three days later, he made the purchase for over $900,000.

Read also: Build Your Realm draws similarities to Game of Thrones’ final season

The marketplace

Previously, Magic Eden only allowed 50 NFTs to be purchased at a time with its bulk buying feature.

However, a prospective buyer prompted the marketplace to upgrade its functionality and enable the larger mass purchase.

The buyer urged the marketplace that the change was of “ultimate inconvenience.”

Pokeee

The massive DeGods buyer claims to own the Pokeee.eth Ethereum, holding three valuable Bored Ape Yacht Club NFTs, the titular Ethereum Name Service (ENS), and other NFT collectibles.

In addition, Magic Eden posted through its website, saying Pokeee claimed he runs a private crypto fund.

The NFT collector also confirmed he bought the NFTs to aid the move to Ethereum.

“My purpose of this investment is actually to have them bridged to ETH,” said Pokeee.

“Due to on-chain risks, I wasn’t able to deploy larger portions of my portfolio into Solana.”

“I was having fun in Solana on smaller NFTs and mints back then.”

Trading volume

According to CryptoSlam data, DeGods have garnered over $135 million worth of trading volume.

The NFT project’s total USD trading value beat projects like Solana Monkey Business and Degenerate Ape Academy, both of which were popular SOL had more value.

As a result, DeGods tops all SOL projects with 3.7 million SOL worth of trading.

The switch

In late December, DeLabs announced that the DeGods NFT project will be bridged to Ethereum’s mainnet.

Meanwhile, y00ts will head over to Polygon, an Ethereum sidechain.

DeLabs plans to complete the switches by the end of the current quarter.

In addition, they disclosed that they received a $3 million grant from Polygon Labs, allowing y00ts to switch over to Polygon.

DeLabs will put the funds into hiring efforts and later launch a crypto incubator as a means to support the NFT ecosystem.

References:

A Bored Ape whale just spent nearly $1 million on DeGods NFTs

Polygon paid y00ts NFT collection $3 million to leave Solana

Yuga Labs’ founders stand with creators for marketplace creator royalties

Greg Jackson Greg Jackson on January 16, 2023

Image source: The Cryptonomist

Yuga Labs’ founders, the people behind the Bored Ape Yacht Club, are calling out marketplaces rejecting creator royalties.

The founders defended NFT creators in an issue causing marketplaces to reject them.

The Yuga Labs’ founders proposed a community-governed ‘allowlist’ model that allows creators to decide the marketplaces that can handle secondary sales of their works.

Royalty

The top NFT marketplace OpenSea made the rounds over the weekend when it said it might follow the current trend to reject royalty for NFT creators.

The trend includes the absence of enforcing creator royalty on secondary sales.

As a result, many creators are opposing their decisions.

In a turn of events, Yuga Labs’ founders also join their cause.

Founders Wylie “Gordon Goner” Aronow, Greg “Garga” Solano, Kerem “Tomato” Atalay, and 10KTF CTO Randy “Melonpan” Chang published a post recently.

The post says that the Yuga Labs’ founders are decrying the industry’s shift from honoring creator royalties.

Instead, they proposed a technical solution to enforce creator royalty.

Read also: Yuga Labs co-founders share plans of turning ‘Otherside’ into a Web3 Roblox for adults

The proposal

The Yuga Labs’ founders suggest an ‘allowlist’ model that lets creators approve secondary trades through marketplaces that honor royalties.

If a marketplace’s smart contract is listed, the transaction goes through; if not, it won’t.

However, standard wallet-to-wallet transfers will remain unaffected.

“The NFT ecosystem would be a tiny fraction of what it is today if it weren’t for creator royalties,” the Yuga Labs’ founders wrote.

“The leading marketplaces of the past couple years would be nowhere if they hadn’t supported them.”

They noted that when the Bored Ape Yacht Club NFTs launched last year at $220 worth of Ethereum, they set a 2.5% creator royalty on secondary sales.

The founders explained that it’s the amount OpenSea charged for its marketplace fee.

The royalty fee is lower than what other NFT creators chose, which is often between 5% and 10% of the sale price.

“The end result has been that OpenSea has made around $35 million dollars from Bored Ape sales on its platform, not including any of our other collections,” they wrote.

“We’ve never met the founders, but perhaps they have a beach house somewhere with a plaque for us.”

Yuga Labs

According to Galaxy Digital, the BAYC founders earned more than $147 million from creator royalties on secondary sales last month.

However, NFT royalties today aren’t as durable.

While creators can set them in smart contracts, they aren’t fully enforceable on-chain.

Marketplaces should honor them as most have until recently.

Read also: ApeCoin price drops after reports of a Yuga Labs investigation surfaces

The marketplaces

In the Solana NFT space, almost all secondary sales take place on platforms that either reject creator royalties or make them optional.

The move came after Magic Eden made them optional after losing market share to rivals.

Meanwhile, in Ethereum, marketplaces like LooksRare, Blur, X2Y2, and Sudoswap also took a similar approach.

OpenSea always honored creator royalties, but the firm acknowledged the shift in the space.

They said that it might make creator royalties optional for traders and that exploring new enforcement models or only requiring royalties for certain projects.

Creators in the Web3 space didn’t take to the OpenSea news well.

Yuga Labs’ founders joined the cause, saying the rejection of creator royalties is a “race to the bottom” they believe OpenSea will participate in.

Reference:

Bored Ape Founders propose NFT royalties model, decry OpenSea’s stance as ‘not great’