August 13 marked a milestone for the NFT project DeLabs, the launch of the highly anticipated DeGods Season III project. This debut was poised for success due to enriched downgraded digital artwork with simplified yet vibrant colors and fresh features. However, the reception of the project fell short of expectations.
Despite only surfacing four days ago, the rock bottom prices of DeGods, its sister project, y00ts, and native coin $DUST are down more than 50%. Further casting a shadow over DeLabs collectibles, trading volume for the DeGods NFTs is also down a whopping 17%.
This surprising turn of events goes against the expected outcome of many Web3 investors who predicted a price increase. What went wrong at DeLabs?
The entire Degods ecosystem is at about the same level:
Dust protocol down by 59.11%
Degods down 54%
Y00ts down 50% pic.twitter.com/dCTfGSCFHx— ΛBBΛƧ – ΛＷΛ〽️ (@NFTMillionaire) August 15, 2023
Potential hitches in DeLabs strategy
Several factors may have caused this downturn. First and foremost, the broader NFT market is experiencing a significant downturn. It has been in a bear market since June 2022, which has been worrying long-term NFT investors and potential buyers ever since.
In addition, the DeGods III project’s Points Parlor — designed for DeGods holders to earn loyalty points in exchange for rewards — is facing criticism after flaws such as worthless perks and eligibility restrictions. Additionally, y00ts switched from Polygon to Ethereum, likely disappointing fans of the former blockchain network.
Notably, the project’s goal of debuting Female DeGods was also postponed, with the project emphasizing the need to listen to the insights of the female community members before taking such steps. Once again, the importance of community cooperation is demonstrated before false promises are made, such as Azuki’s recent troubles.
It is DeLabs’ fundamental intent to overcome these obstacles and grow within the scope of these challenges over the long term. Regardless of the team’s remarkable efforts to connect with community members and develop imperfections, the sunken value of DeLabs’ NFTs suggests a complicated synergy between market forces, internal initiatives, and the need for adjustments to revive the drive. blow.
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*All NFT Plazas investment/financial opinions are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research each product before making any kind of investment.