August 13 marked a milestone for the NFT project DeLabs, launching its highly-anticipated DeGods Season III project. This debut was poised for success over enriched ‘Downgrade’ digital artworks with simplified yet vibrant colors and fresh traits. However, the project’s reception fell short of expectations.
Despite surfacing just four days ago, the floor prices of DeGods, its sister project, y00ts, and native coin $DUST have dropped by more than 50%. Further casting a shadow over DeLabs’ collectibles, trading volume for the DeGods NFTs has also dipped by as much as 17%.
This surprising turn of events goes against the projected outcome of many Web3 investors who predicted a price upswing. Where did DeLabs go wrong?
The entire Degods ecosystem is down at approximately the same level:
Dust Protocol down 59.11%
Degods down 54%
Y00ts down 50% pic.twitter.com/dCTfGSCFHx— ΛBBΛƧ – ΛＷΛ〽️ (@NFTMillionaire) August 15, 2023
Potential Hiccups in DeLabs’ Strategy
Several factors potentially triggered these downturns. First and foremost, the broader NFT market is experiencing a sizeable decline. It has been in a bear market since June 2022, raising concerns among long-term NFT investors and potential buyers since.
Moreover, the DeGods III project’s Points Parlor — designed for DeGods holders to earn loyalty points in return for rewards — is facing criticisms following flaws, like lousy perks and eligibility restrictions. Additionally, y00ts switched from Polygon to Ethereum, likely disappointing fans of the former blockchain network.
Notably, the project’s objective to debut Female DeGods was also postponed, with the project highlighting the need to listen to the insights of its female community members before making such steps. Yet again, showcasing the importance of community collaboration before making false promises — like Azuki’s recent snags.
DeLabs’ foundational intention is to overcome these obstacles and grow long-term within the scope of these challenges. Regardless of the team’s notable efforts to connect with community members and evolve imperfections, the sunken value of DeLabs’ NFTs suggest a complicated synergy between market forces, internal initiatives, and the need for adjustments to reignite drive.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Digital art fanatic who brings a unique perspective to NFT news.