Degen Dogs is a Metaverse project that combines non-fungible tokens (NFT) and decentralized finance (DeFi) to create more utility for holders. The non-fungible token (NFT) space continues thriving despite the current general market downturn, with its market value expected to reach about $147 billion before the year 2026.
Factors accelerating the NFT growth include celebrities’ NFT adoption, growing demand for digital artwork, the Metaverse, move-to-earn (M2E), and play-to-earn (P2E) functionalities.
It is worth noting that blockchain developers are increasingly launching more new NFT projects to create more earning opportunities and attract mainstream users. Unfortunately, many upcoming NFT projects in the market only focus on NFTs enthusiasts, neglecting the majority of decentralized finance (DeFi) users.
However, Degen Dogs Club has successfully unleashed a new non-fungible token (NFT) project pushing the frontiers while merging the decentralized finance (DeFi) enthusiasts with NFTs users. Degen Dogs is the first NFT project to stream DeFi tokens to users.
Degen Dogs Overview
Degen Dogs is a Metaverse project that combines non-fungible tokens (NFT) and decentralized Finance (DeFi) to create more utility for holders. The new gameplay leverages virtual world functionalities “Metaverse” to offer NFT collectors, dog lovers, and DeFi users a series of dog-themed NFT collections.
The Degen Dogs will operate in the virtual world dubbed “Degen Metaverse.” The virtual world gameplay will become uninhabitable after its inhabitants exhaust all its natural resources. The ecological changes, including floods, high temperatures, and poor air quality, will make all other species extinct except 1,001 surviving dogs, which will also be unable to live on the surface.
The only way the remaining 1,001 dogs to survive is to go down to an underground habitation known as the “Canine Laboratory Underground Base (CLUB).” However, these dogs will only get down to the Club via an elevator one dog at a time.
Degen Dogs NFT Collection
The 1,001 surviving dogs make up the Degen Dogs NFT collection, each featuring a unique combination of characters. The Degen Dogs combine 12 dog body types paired with various accessories, including hats, glasses, and earrings. Each dog will have an algorithmically selected unique characteristic.
According to Degen Dogs Club, the new NFT will sell via open auction one Degen Dog at a time, revealing each Dog trait at the auction. Degen Dogs will send all bids to the Polygon Network in Polygon-based Wrapped Ether (WETH). Once the auction ends, the bid winner will receive the Degen Dog before the next auction begins.
In solidarity with Ukraine amid the ongoing Russian invasions, the Degen Dogs Club has prepared its first NFT “Degen Dogs #1, with unique body traits. According to the team behind the development, all proceeds from the auction of this NFT will go towards Unchain Ukraine Charity Projects.
New NFT, DeFi Integration
As part of its efforts to boost its utility and increase earning opportunities for NFT holders, the Degen Dogs Club will invest all the proceeds from the NFTs auctions in the DeFi space. The NFT project will deposit its WETH in the “Best Yield” vault on the DeFi protocol, Idle Finance.
Past Degen Dogs owners will receive 50% of the digital collectibles represented in vault shares, while the Degen Dogs Treasury will get 40%, with the remaining 10% moving towards charitable DAOs.
The major purpose of the whole initiative is to create a robust community that successfully integrates DeFi and NFT spaces in a new and unique way. Furthermore, the Degen Dogs initiative will increase the utility of the NFTs.
Degen Dogs DAO
Degen Dogs Club is a fully decentralized NFT project with a governing body known in this case as the Dog Action Organization (DAO). The more tokens a user has, the higher the voting rights.
The Dog Action Organization allows its members to propose new development plans for its ecosystem, vote on them, and decide the best way forward to reach their goals while protecting the interest of the NFT holders.
The Degen Dogs Club also features the Degen Dogs Treasury that holds governing tokens and executes the transactions approved in the DAO. Nouns, an Ethereum-based decentralized autonomous organization (DAO), has championed the introduction of DAO and Treasury in the Degen Dogs Club.
Dog Biscuits (BSCT) NFTs
All bidders for the Degen Dogs NFTs will receive Dog Biscuit (BSCT) regardless of whether their bids were successful. BSCT are tokenized assets (ERC-20) issued on 1000:1 based on the number of biddings submitted.
These tokens will help Degen Dogs grow strong and prepare them for the ecological challenges they will face. ERC-20 tokens will also help create a new community of holders, further boosting the ecosystem. Degen Dogs club drew inspiration from two popular Ethereum-based NFT projects, CryptoPunks, and Nouns.
