DeGods’ token surged to a $330M market cap, then dropped to $70M within hours.
Liquidity snipers and scams plagued the DEGOD launch, causing massive trader losses.
Yuga Labs refuses to tokenize BAYC NFTs, resisting the growing NFT-token conversion trend.
Yuga Labs is taking a firm stance against converting its Bored Ape Yacht Club (BAYC) NFTs to tokens, even as the recent DeGods token launch faces challenges. The DeGods token soared to a $330 million market cap before crashing, leaving some investors with significant losses and opening the door for scammers who made off with $150,000.
Yuga Labs Co-Founder Rejects Tokenization
Yuga Labs co-founder Wylie Aronow, also known as Gordon Goner, reiterated his opposition to tokenizing BAYC assets, emphasizing the importance of maintaining their authenticity. His comments come as NFT-to-token conversions gain popularity, with projects like DeGods embracing this strategy.
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The DeGods token launch encountered turbulence after losing 75% of its value, sparking debate within the NFT and crypto communities. DeGods’ creator expressed fr…
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