Solana's well-known NFT project DeGods recently announced that it will convert its NFT DeGods, y00st and token $DUST into token $degod, and launch a public sale of tokens this morning. (Preliminary summary: In-depth analysis of the true meaning of ERC404 "token conversion", will "semi-fungible tokens" become mainstream?) (Background supplement: New NFT competition pattern: What are DN404 and ERC-404? Key points and importance of innovation) In February this year, there was a wave of "graphic-to-coin conversion" craze in the encryption circle. This trend was triggered by the project Pandora_ERC404 developed on Ethereum by a former Coinbase engineer. This project realizes the conversion, destruction and minting between pictures and tokens. The launch of this innovative concept immediately triggered crazy hype in the market. However, the hype quickly faded, market focus quickly shifted to other narratives in March, and the concept of token conversion gradually fell into silence. Extended reading: Deeper into the true meaning of ERC404 "token conversion", will "semi-fungible tokens" become mainstream? DeGods promotes NFT token conversion. However, recently, this trend of token conversion seems to have spread to mainstream NFT. Solana's well-known NFT project DeGods recently announced that it will convert its NFT DeGods, y00ts and token $DUST into token $degod, and launch a public sale of tokens this morning (16th). According to the official website, the NFT and token conversion ratio is as follows: NFT DeGods can be exchanged to obtain 550,000 $degod NFT y00ts can be destroyed to obtain 120,000 $degod tokens $DUST can be destroyed to obtain 36 $degod Things to note Yes, DeGods-related assets on other chains need to be bridged back to Solana to support token conversion (DeGods on the BTC chain need to be invoiced and burned in the official discord). In addition, when exchanging DeGods (swap), you need to pay a fee of 3.33%, and unlike other assets that will be destroyed (burn), they will enter the Sniper market for other users to trade. In addition, according to official documents, in the Sniper market, the DeGods floor price will be dynamically adjusted based on the $degod price $degod token economics In addition, according to official documents, the total supply of $degod tokens is 10 billion, and the token The allocation is as follows: NFT, token holders (85%): For conversion by NFT (DeGods, y00st) and token ($DUST) holders, a total of 41,241 holders. DeGods Foundation (10%): allocated to the DeGods Foundation for all market making, exchange and growth opportunities Offering (5%): 3% allocated Bonding curve form offering (available to everyone); 1% allocated Raydium liquidity pool; 1% allocated to partners (sinper) $degod opened to exceed US$300 million. This morning, after the opening of Raydium (first conducting bonding curve fundraising on its official website), the price of $degod once rose to US$0.03267. The market value once exceeded US$300 million. After this sudden surge, the price quickly plummeted back to around $0.008, and then its price fluctuated within a narrow range between 0.006 and 0.01. It is now trading at $0.007804, up 9.97% in the past 24 hours. Yuga Labs co-founder: Will not let BAYC follow suit. With the NFT market in such a slump, DeGods adopted the method of token conversion to give NFT a new look, which aroused widespread discussion in the community. Many users believed that it was a good thing that DeGods had the courage to try. In response, Wylie Arnow, co-founder of Yuga Labs, the parent company of blue-chip NFT project BAYC, tweeted that although what DeGods is doing is indeed interesting, BAYC will not follow suit: I don’t know if this move by DeGods will be successful in the long term (almost nothing is long-term) ), I wouldn’t do that with BAYC either, but it’s fun to watch this project try something bold, and there’s clearly value in that. Good luck guys. No idea if the DeGods move is going to work long-term (almost nothing does) and I wouldn't do it for BAYC, but it's genuinely entertaining watching the project try wild shit. That's clearly worth something. Godspeed to the bros. — GordonGoner.eth (Wylie Aronow) (@GordonGoner) September 16, 2024 Related Reports Latest NFT report: Average lifespan 1.14 years, loss rate nearly 45%, what is the most profitable collectible? Make a lot of money! The buyer picked up the rare CryptoPunks NFT at 2% of the market price. God’s operation analysis. The new British law plans to include cryptocurrencies and NFTs as “personal property”: providing more flexible legal protection. DeGods promotes NFT “token conversion” to find a way to survive. Founder of Yuga Labs : BAYC will never follow suit! 〉This article was first published in DongZu BlockTempo "DongZu DongTen - the most influential blockchain news media".