Degen Dogs Club: An NFT Project for DeFi and NFT

6/11/2022, 05:36 PM
Degen Dogs Club: An NFT Project for DeFi and NFT
The non-fungible token (NFT) market is booming, and it is expected to reach about $147 billion by 2026. Factors fueling NFT growth include celebrities’ NFT adoption, growing demand for digital artworks, the metaverse, and play-to-earn games.
Interestingly, as NFTs attract mainstream users, blockchain developers are launching new NFT projects to create more earning opportunities for avid collectors. However, most of the projects existing in the market only engage NFT enthusiasts while neglecting decentralized finance (DeFi) users.
Although non-fungible tokens are still enjoying hype these days, DeFi arguably remains the most prevalent application of smart contracts. Given the significance of DeFi in the crypto industry, it makes sense for NFT projects to integrate DeFi and vice versa. This is what the Degen Dogs Club is trying to do.
What are Degen Dogs Degen Dogs is an NFT project pushing the frontiers and merging decentralized finance with non-fungible tokens. It claims to be the first NFT project to stream DeFi tokens to users.
The platform adopts a metaverse storyline to offer NFT collectors and dog lovers a dog-themed NFT collection that will provide holders with several utilities.
The Degen Dogs is set on a metaverse planet dubbed Degen. The planet became uninhabitable after its inhabitants exhausted all its natural resources. Climate change is also not helping as the planet can barely support life due to floods, rising temperatures, and poor air quality.
Almost all species have become extinct except for 1,001 surviving Dogs, and they cannot continue to live on the surface. The only way for them to survive is to go down to an underground base known as the Canine Laboratory Underground Base (or the CLUB). But the Dogs can only get to the CLUB via an elevator that can take only one Dog at a time.
Degen Dogs NFT Collection The 1,001 surviving Dogs make up the Degen Dogs NFT collection, each having a unique combination of characters. The pixelated artworks are inspired by the design of the CryptoPunks NFTs.
The degenerative Degen Dogs combine 12 dog body types paired with various accessories, including hats, glasses, earrings, etc. The traits possessed by the Dogs are algorithmically selected, with extremely rare NFTs having unique characteristics.
The NFTs are sold via auction, with just one Dog being auctioned at a time. Each Dog’s traits are only revealed at the beginning of the auctions. Bids for the Dogs are sent to the Polygon Network in Polygon-based Wrapped Ether (WETH). Once the auction ends, the Degen Dog is sent to the winning bidder, and the next auction begins.
The rarest NFT in the collection is Degen Dogs #1, which features a unique “Ukraine Dog” body trait. It is the only Degen Dog NFT to possess this trait, and the project developers plan to donated 100% of the proceeds from the auction of this NFT to the Unchain Ukraine charity project.
Degen Dogs DeFi Integration The project invests the proceeds from NFT auctions in DeFi as part of its goal to provide holders with earning opportunities. It has partnered with popular DeFi protocols such as Aave, Compound, and Maker to offer yield farming and liquidity mining opportunities to NFT holders.
The Degen Dogs Club is also planning to launch its own DeFi protocol that will be integrated with the NFTs. The protocol will allow users to stake their NFTs to earn rewards. It is expected to be launched in the first quarter of 2021.
With the Degen Dogs Club, NFT holders can now enjoy earning opportunities usually reserved for DeFi users. The project is pushing the boundaries of what is possible with NFTs and DeFi, and it is expected to pave the way for more NFT-DeFi integrations in the future.