DeGods Converts NFTs to Memecoins, Market Reacts Positively with 30% Rise to 34 SOL

Sep 15, 2024, 03:21 PM

DeGods, a prominent NFT project on the Solana blockchain, has announced a significant shift by converting its NFT collections into memecoins. This move, known as the '404' token standard, allows NFT holders to burn their NFTs in exchange for $DEGOD tokens. This hybrid token model aims to combine the strengths of NFTs and fungible tokens, offering a more liquid environment for both projects and holders. The market has reacted positively, with DeGods' floor price increasing by 30% to 34 SOL, y00ts rising by 60% to 8.15 SOL, and $DUST's market cap reaching $6.65 million. Frank, the leader of DeGods, has prepared the community for this pivot, and some members are bullish on 404s. While some community members are excited about the potential for increased liquidity and broader participation, others express concerns about the impact on the brand and the visibility of profile pictures (PFPs). DeGods is considered the first cult on Solana, and the success of this experiment could set a precedent for other NFT projects considering similar transitions.