Co-Founder of DeGods Departs from Project

Finn DeGods, one of the co-founders of DeLabs, the entity behind the popular Ethereum NFT profile picture (PFP) collection DeGods and the related project y00ts, has recently announced his departure from the company. Finn stated that he feels it’s time to move on to the next chapter of his career.

The transition away from the company began in July. Despite leaving, Finn expressed ongoing confidence in DeGods and y00ts. However, the timing of his announcement has raised some eyebrows, considering the recent challenges and market turbulence experienced by the collections.

The DeGods NFT collection, in particular, has faced significant difficulties amid the market turmoil. Co-founder Rohun “Frank” Vora clarified that Finn’s departure had been in progress for a few months and that there was no ill will involved. Vora also pointed out that the decision stemmed from Finn’s skill set not aligning with the project’s growth trajectory.

One factor contributing to the challenges faced by DeGods and y00ts was the migration of the y00ts collection from Polygon to Ethereum’s mainnet. This decision led to the return of a $3 million grant from Polygon Labs, which was initially provided to support the migration. Additionally, the introduction of “Season 3” content for DeGods resulted in pushback and significant market downward movement for both collections.

The value of the projects’ floor price, which represents the minimum price of NFTs on secondary markets, decreased by approximately 50% within a week. This decline was influenced by various market factors, including substantial sales by whale traders like Jeffrey “Machi Big Brother” Huang, who sold over 325 DeGods NFTs within a 10-hour timeframe.

While Finn’s departure was already underway before the recent turmoil, it adds to the challenges faced by DeGods. Navigating a competitive and unpredictable NFT market is undoubtedly a tough decision for the company. However, DeLabs and its projects continue to navigate the web3 landscape with resilience, dealing with market sentiment complexities, technological shifts, and the constant need for adaptability.

As the NFT industry evolves, it is crucial for companies like DeLabs to stay ahead. Despite the challenges, Finn’s departure marks a turning point for both him and the company, as they embark on new journeys. The NFT market remains a dynamic and ever-changing space, where only the most agile and innovative players can thrive.

Disclaimer: The opinions expressed in this article are not recommendations for investment or financial decisions. It is essential to conduct thorough research before making any investment choices.