Written by: 0xLaughing, Rhythm BlockBeats
Written by: 0xLaughing, Rhythm BlockBeats
"Paper Hands" is a slang term that first became popular in the r/WallStreetBets subreddit on Reddit to refer to investors who are risk-averse and immediately close their positions at the slightest sign of volatility By. In the NFT market, "paper hand" is used to describe investors who sell NFTs quickly or panic sell when the market price falls. No long-term holding confidence. In contrast, "Diamond Hands" are those who plan to hold NFTs for a long time, and they believe that the value of the NFTs they hold will increase significantly in the long run, enabling them to sell in the future for high returns. returns, so they don't care about short-term market conditions.
But what would be the effect of punishing the paper hand? DeGods, the NFT project with the largest market value in Solana, did this experiment.
Introduction
DeGods is a deflationary NFT collection on Solana. As early as September 17, 2021, the first tweet was posted on its official Twitter, announcing that DeGods will be released soon. The accompanying article introduced the "Paper Hand Tax" they set up. The innovative penalty mechanism has aroused extensive discussions. The public sale will be completed at a price of 3 SOL in October 2021, with a total of 10,000 tokens. After purchasing DeGod, the holder can join the Discord community and verify the assets, thus gaining access to the DeDAO channel. After the launch, the launch of the $DUST protocol and the DeadGod plan have been pushed forward in an orderly manner.
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DeGods can currently be traded on four NFT platforms: Alpha Art, Magic Eden, Solanart, and Opensea. In addition to carrying out DeGods Week, community competitions, token burning and other activities, the artistry of DeGods' works, innovative mechanisms, and wealth effects that have increased by more than ten times have made DeGods one of the most powerful communities in the entire Solana NFT ecosystem. At the same time, its market value also ranks first among Solana NFT.
PHBT that punishes paper hands
What is paper tax?
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High taxes and fees are imposed on "paper hands", and the taxes and fees will be used to purchase Degods at the floor price of the pending order and destroyed
DeGods believes that paper hands will destroy the NFT community. As long as there is one person in FUD, there may be a cascading effect, which will destroy the healthy and orderly growth of new projects. To solve this problem, DeGods set up a special PaperHand Bitch Tax (PHBT) to punish paperhands. When DeGods initially completed the public sale at a price of 3 SOL, if any DeGods were sold at a price lower than the floor price (the initial value was 3 SOL), a 33.3% paper hand tax was required.Alpha.ArtCollaborate to deploy in their markets.
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Why the launch price is set at 3 SOL
DeGods' paper hand tax is more of a social experiment, a question of whether people will come to a consensus and choose to hold on to assets and refuse to sell at a loss. This mechanism protects NFT from selling at a price lower than the floor price to a certain extent, and perhaps it will make the price of DeGods snowball. In fact, things went so well initially that the floor price of DeGods skyrocketed from 3 SOL at launch to 15 SOL. However, after the slowdown in trading volume, DeGods' floor price began to decline.MagicEdenIt may be difficult to migrate and adapt to various NFT trading platforms due to the difficulty of paper hand tax contracts.Before the release on , the DeGods community voted to cancel PHBT and tax it at a flat tax rate of 9.99%, of which 6.66% was allocated to DeDAO and 3.33% to the core team. Used to destroy DeGods, according toIt shows that 535 DeGods have been burned so far.
33.3% became a meme
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Many DeGods holders on social media spontaneously changed their name suffixes to (33.3%)
$DUST agreement
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On January 1, 2022, DeGods launched the Solana-based SPL token $DUST. Unlike most Tokens, the supply of $DUST starts from 0, and the supply limit is 33,300,000. There is no IDO and no VC participation. In this way, the fair distribution of tokens is completed. $DUST will have three halving periods, each of which will reduce the token’s staking rewards by 50%. Currently $DUST can be traded on Raydium and Jupiter.
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Generation of $DUST
Burn NFT
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"Exiled" DeGods Can Be Burned
There are initially 2,500 "exiled" DeGods that cannot be traded on the market. They originated from two pre-sales of DeGods, using different Candy Machines, but due to a bug on Metaplex, the team was unable to sign and update the metadata of the first 2500 DeGods on the Candy Machine, and finally they were judged as "Exile "DeGods.
Pledge DeGods
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Each staked DeGod can earn 10 $DUST per day, while each staked DeadGod can earn 30 $DUST per day.
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Application scenarios of $DUST
DUST store
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How does the DUST Store work?DeVaultDeDAO will allocate part of the funds from the national treasury to the DeAlpha team in the community to purchase potential NFTs and store them inIn, $DUST can be used inDUST store
Upgrade DeGods
artistDelilahCreated the DeadGods series, the NFT keeps both the original DeGods version and the brand new DeadGods version, a zero-inflation update. All 153 original attributes have been recreated one by one in the DeadGods version.
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DeadGodDeGods can be upgraded to DeadGods after using StarDust
When mint is opened on March 31, 2022, holders of DeGods need to spend 1000 $DUST to purchase a StarDust to upgrade DeGods to DeadGods, and holders can complete the upgrade without releasing the pledge. In the beginning, everyone didn't have enough $DUST to upgrade their DeGod. Once they have both versions, holders can switch between DeadGods and DeGods at any time, but only DeGods can be traded on the market, DeadGods are not allowed to trade.
Later, the team changed the price of StarDust from 1000 $DUST to 3.33 $DUST per day, and now it has changed to 1119.88 $DUST, which is equivalent to increasing the cost in disguise to encourage holders to complete the upgrade as soon as possible.
The DeDAO program will actively seek opportunities to integrate $DUST into other projects in the Solana ecosystem, such as PvP and P2E NFT games, gambling platforms, and more.
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Powerful community DeDAO
DeDAO, a decentralized autonomous organization established by DeGods, is funded by 9.99% of taxes and fees generated by DeGods transactions: 6.66% is allocated to DeDAO, and the remaining 3.33% is allocated to the core team of DeGods.
DeDAO uses this part of the funds for project development, including providing liquidity for $DUST’s LP pool, supporting talents in the community, and purchasing other NFT assets on the market for sweepstakes and auctions.
Create a Solana Getting Started Blog
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Blog site De.xyzDe.xyz, this website has many articles on how to get started with Solana, including how to understand the Solana blockchain, how to buy Solana NFT, and how to use CandyMachine. These articles are intended to be available to those interested in Solana NFTs, all of which are free to read.
Buy BIG3 League Basketball Team
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DeDAO officially announced the purchase of a professional basketball team
In 2017, American rapper and actor Ice Cube and entertainment tycoon Jeff Kwatinetz co-founded BIG3, a 12-team basketball league that uses the NFT ownership mechanism. According to an announcement on April 28, 2022, the DeGods DAO purchased NFT ownership shares of all 25 "fire-tiers" in a team called Killer 3s. Each NFT costs $25,000, for a total of about $625,000.
With this acquisition, the DeGods community now has some power over the basketball team, including the roles of CEO, president and vice president. It will also license DAOs to be able to develop legally licensed projects due to intellectual property rights. The Killer 3s official game jersey will feature the DeGods NFT project logo, which will also appear on live TV. Additionally, DeGods NFT holders will have the chance to earn 500 whitelists to win one of Killer 3's 975 gold-rated NFTs.
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Summarize
Using vulgar language and an attitude of indifference to everything, coupled with art that matches this "IDGAF" mood, DeGods has created a culture of his own by blending the project's tone and unique marketing style. In addition to the distinctive cultural characteristics and vibrant community, the playability of NFT is constantly being explored through paper hand tax, repurchase burning, NFT and Token pledge incentives, and the expansion of DeadGods.
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NFT volume on Solana is on the rise
