Paperhand Bitch Tax was revealed for the first time by DeGods core team in Sept 2021. Once announced in particular, this idea sparked a chain-wide discussion and inspired projects across Solana to react and respond to this controversial idea – a 33.3% tax on paper hands that sold below a specified floor price.
This idea was too good to be true at the beginning, but it turned out to be a game changer. If you are a fan of NFT, you have probably seen it all from malicious rug pulls, to paper hand bitches damaging a promising project’s floor, which is quite fucking aggrevating.
DEGODS – Untold stories
DeGods is a Solana-based deflationary collection composed of 10,000 virtual gods showcasing artistry with their creative outfits and eye colors. But the success of Degod did not come easily.
On the day of first presale, their team ran into multiple issues with their NFT generator (Candy machine by Metaplex), which caused Frank to have to announce a 12-hour delay. All the while, scammers, bots and FUD plagued the internet in a cosmic battle of good and evil.
Mint day was so perfect for a Degod. The mint site was announced ahead of time, with the passwords being dropped right at 3PM PST. Unfortunately, the DeGods Discord was attacked with bots right before launch, causing chaos and many people didnt see the message in time. With the public mint selling out in moments, this left many people full of FUD, calling the project a rug, throwing spirits to all time low.
In the aftermath of the mint day chaos, those who did mint were now anxiously awaiting the custom DeGods marketplace to paperhand their blue chip NFT. The marketplace once again got delayed, the team decided to send SOL to random holders every hour until the Marketplace site went live. All the while, fake Degods NFTs were being sold to those of us with half a brain, and then those same people tried flipping them, getting hit with the PHBT and filling up the incinerator wallet with fakes.
Well, not see a shitties launch before, just look at this!
PHBT Fully Deployed
First, let’s talk about the smart contract. It is impressive, and something you most likely have not seen before, this smart contract has an agreement that sales under the floor or lower than last purchase price could get hit with a 33.3% tax. Game on.
For all that money collected due to the PHBT will go into a treasury wallet used to buy back the cheapest DeGods listed on the market. The fact that any DeGod bought from said treasury wallet will be burned. Gone forever, which leads us to DeGods motto… “Commons will be rare.” Think about it, if the floor consists mostly of commons, and the floor is being bought back and burned, that will significantly decrease the supply of DeGods while raising the value of them for holders.
The PHBT lives on!
- Degods Tokenomics
The DUST token powers the entire DeGods ecosystem. Interestingly, the supply of $DUST starts at zero, and can only be created by staking or burning. The DeGods economy exists in this really experimental state where people are incentivized to hold or burn their NFTs, empowering the intrinsic value of a DeGod substantially over time.
To be specific, after purchasing a DeGod, a holder can join the collection’s holders-exclusive Discord community and gain access to DeDAO channels. Holders can turn their DeGod into a ‘DeadGod’ by minting a special mixture called ”StarDust” for 1000 DUST tokens. DeadGods will not inflate the collection’s supply because DeGods and DeadGods are a unique entity. Holders who acquire a DeadGod will not have a new, separate NFT, but just another version of their DeGod. Holders can burn their DeGods and therefore eliminate them from circulation. This can help increase the value of the entire DeGods collection. By burning a DeGod with a DeadGod, holders can acquire double DUST tokens, compared when burning a DeGod alone.
The following rules apply:
- Every DeGod has the ability to mine 10 $DUST per day. The only way a DeGod can mine $DUST is via staking.
- Every DeadGod has the ability to mine 30 $DUST per day. The only way a DeadGod can mine $DUST is via staking.
- DeDAO is the collection’s own DAO.
- The DeGods marketplace fee of 9.99% funds it; in fact, 6.66% of this fee goes straight to the DeDAO, while the remaining 3.33% goes to the DeGods’ core team.
- Are there any other projects like DeGods
Buying and owning NFTs on Solana is no longer a strange thing for investors. The DeGods project is highly appreciated for its deflationary mechanism through the issuance of Paper Hand Bitch Tax, protecting the interests of investors. In addition, both DeGods and DeadGods appear in parallel, helping users hold more DUSTs, increasing the value of ownership.
It is for such reasons that Degods has created a whole new NFT movement. There are many other projects that have also caught this trend and optimized the mechanisms to bring more benefits to users.
One of them is a brand new project – World Cup Bear – built on top of Ethereum. This project also uses the very unique deflation mechanism called “Burn-to-Earn”. This mechanism only permits an NFT burning per day. NFT holders are required to place the NFT into the burning pots and first come first served. For those who are already in the pots waiting for their turns, you cannot use them to place a bet on Bear Exchange or earn any benefits. To learn more about the Bear World Cup project, follow their social channels:
Through the detailed information above, we hope you have understood what the DeGods project is and evaluated this investment opportunity in NFT. In the current downtrend market, owning NFTs should be considered carefully.