Solana-based NFT project DeGods has announced the launch of its new DEGOD token, sending prices of related NFTs skyrocketing. The token, which can be converted from DeGods, y00ts (Fuzzy DeGods), or DUST tokens, is part of a broader effort to integrate the entire DeGods ecosystem into a single asset.
According to the project’s token economics, each DeGods NFT can be exchanged for 550,000 DEGOD tokens, while y00ts NFTs can be burned to obtain 120,000 tokens. DUST tokens, on the other hand, can be burned to acquire 36 DEGOD tokens.
The majority of the DEGOD tokens will be distributed to existing NFT holders, with 85% allocated to this purpose. The remaining 15% will be divided among the DeGods foundation, a bonding curve, initial liquidity, and the partner NFT marketplace, Sniper.
News of the DEGOD token launch has had an immediate impact on the secondary market. The floor price of DeGods NFTs on Magic Eden has surged by over 36% in the past 24 hours, reaching a new high of 34.39 SOL. Similarly, the floor price of y00ts NFTs has seen a dramatic increase of 50.78%, currently trading at 7.701 SOL.
