Finn DeGods, the co-founder behind DeLabs, the entity steering the coveted Ethereum NFT profile picture (PFP) collection DeGods and its sibling endeavour y00ts, has announced yesterday of his departure from the company after an approximate tenure of two years.
This transition has reportedly been in motion since July, unveiling a sequence of transformations within the DeLabs landscape. Finn has maintained his unwavering faith in the potential of both DeGods and y00ts, a sentiment that contrasts intriguingly with the timing of this disclosure.
The announcement surfaces amidst the winds of challenge buffeting various PFP collections in the NFT market and considerable market volatility encapsulating DeGods in recent times.
Notably, Rohun "Frank" Vora, a prominent co-founder of DeGods, conveys his perspective on the timing of Finn's revelation, acknowledging suboptimal timing while assuring the absence of resentment. Frank elucidates that the core rationale behind Finn's departure is an alignment issue with the company's evolutionary trajectory. His emphasis on Finn's skill set not scaling in tandem with the project's expansive growth carries substantial weight.
Vora expressed that, “It was something that happened a few months ago. [Finn] just wasn’t the right skill set for the company. He just didn’t scale with the growth of the project. It’s all love. I think it was tone-deaf posting it yesterday, but that’s all it is.”
The Changes and Challenges Leading Up to His Departure
DeLabs' recent proclamation about the migration of the y00ts PFP collection from Polygon to Ethereum's mainnet, coupled with the unveiling of DeGods' "Season 3" content release, has ushered in a sequence of intriguing challenges. The migration strategy yielded an unforeseen twist: the return of a $3 million grant initially awarded by Polygon Labs to facilitate the very transition.
The "Season 3" content drop, while heralding upgrades tailored for NFT holders, seems to have set off a ripple effect characterised by pushback and notable downward market movements, affecting both DeGods and y00ts.
In a noteworthy shift, the floor price recorded a staggering 38% decrease within the span of a week, and at the time of writing, it is 4.444 ETH. Peeling back the layers, we discover the contributing market factors that orchestrate this decline. One such factor takes the form of substantial sales by prominent traders, including Jeffrey "Machi Big Brother" Huang, whose disposition of over 325 DeGods NFTs within a mere 10-hour window offers a fascinating case study in the dynamics of NFT markets and whale trader behaviour.
Another such factor was traced back to a solitary wallet. This wallet made a decisive move by offloading these tokens onto the market, directing them toward bids on the marketplace Blur. This strategic move reverberated in a manner that significantly impacted the project's floor price, triggering a notable descent. Parallel to this, the associated DUST token, inseparably tied to DeGods, experienced a striking depreciation as a result of substantial sales.
Odd Departure Timing, Well Wishes, and Those Who Don’t Believe it at All
Some X users found Finn’s departure time a bit off.
While most wished him the best of luck.
And yet there were those that called his bluff.
This juncture marks a decisive crossroads within the context of a fiercely competitive and inherently volatile NFT market. Finn's departure, juxtaposed with the backdrop of an industry characterised by unpredictability and intense rivalry, adds layers of complexity to the situation. As the intricate landscape of NFTs continues its perpetual evolution, how will DeLabs, along with its array of projects, navigate the dynamic realm of Web3?
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