DeGods Co-Founder Departs Amid Falling NFT Prices and Pushback

On Aug 18, 2023

Finn DeGods, the pseudonymous co-founder of DeLabs, announced his departure from the company. This announcement comes at a time when the NFT market, particularly around DeGods, is experiencing considerable volatility. This article delves into the details of Finn’s departure, the timing, the recent decisions by DeLabs, and the market reactions that followed.

Co-Founder’s Departure

Finn DeGods declared his intention to step away from the company after nearly two years. He stated on Twitter that it was time for him to move on to the next chapter, while still expressing bullish sentiments on DeGods and y00ts.

After co-founding DeGods almost 2 years ago in a small apartment with a few friends, it’s finally time for me to move on to the next chapter.
I’m forever grateful for this community, all the memories, lessons, and the amazing friends and teammates I’ve had the privilege to work…
— FINN (@finnydegods) August 16, 2023

Rohun “Frank” Vora, a prominent DeGods co-founder, mentioned that the timing was not ideal but clarified that Finn’s departure was due to a misalignment with the company’s growth. He emphasized that Finn’s skill set did not scale with the project’s expansion.

Strategic Migration and Content Drop

DeLabs recently announced significant strategic decisions, including the migration of its y00ts PFP collection from the Ethereum scaling network Polygon to the Ethereum mainnet. This migration led to the return of a $3 million grant from Polygon Labs.

Furthermore, DeGods revealed its “Season 3” content drop, introducing features such as the ability for NFT holders to upgrade their PFP artwork and participate in a game that rewards staking. These announcements, however, were met with sharply downward market movement for both y00ts and DeGods.

Price Fluctuations

The floor price for DeGods has seen a dramatic decline, from around 8.7 ETH to 4.3 ETH. The floor price for y00ts also fell from 1.7 ETH to 1 ETH. This collapse was partly attributed to a single wallet that held about 200 DeGods NFTs and dumped them onto the market. Additionally, entrepreneur and trader Jeffrey “Machi Big Brother” Huang’s large-scale trades contributed to the price drop.

The DeGods community’s dissatisfaction with the “Season 3” announcement prompted DeLabs to pivot the planned artwork into a “downgrade” with simpler, brighter color schemes. Despite these adjustments, the NFT prices continued to decline.

Conclusion

In just over a week, DeGods’ floor price has fallen by 50%, reflecting the sensitivity and complexity of the NFT market. Finn’s departure, although in motion well before the recent drama, adds to the turmoil around the typically vibrant NFT collection. The events surrounding DeGods offer valuable insights into the challenges faced by NFT projects and the intricate dynamics of leadership changes, strategic decisions, and market behaviors.