DeLabs co-founder Finn has announced his departure from the startup, exiting the company after nearly two years. The news comes as DeLabs’ flagship NFT collection, DeGods, faces intense community backlash and declining market value following recent project changes.
Finn’s sudden exit has raised concerns over the company’s leadership amid difficult times. However, they maintain their bullishness on DeGods despite the challenges. Let’s examine the issues plaguing the once-rising NFT project.
DeGods Co-Founder Finn Exits DeLabs Amid Market Headwinds
In a tweet, DeLabs co-founder Finn revealed they were leaving the company to “move on to new adventures.” They had transitioned away from an active role since July.
However, the announcement’s timing, coming amidst recent DeGods controversies, was seen as questionable by co-founder Frank Vora. He implied the departure actually occurred months ago and that Finn had scaled poorly with the project’s growth.
While Finn claims the exit is unrelated to current issues, it deals a reputation blow to DeLabs during vulnerable times. The leadership shakeup casts doubt over the startup’s direction.
DeGods Community Rebels Against Changes and “Downgrade”
DeLabs sparked community uproar by announcing an Ethereum migration and content “upgrade” for their y00ts NFT project. Holders rejected the changes meant to improve utility.
The company also faced backlash over the DeGods “Season 3” revamp, which introduced a points parlor mini-game for holders to upgrade artwork. But this perceived “downgrade” of the coveted collection was poorly received.
High-value NFT holders dumped their holdings in protest, cratering DeGods’ floor price. Critics accused DeLabs of disregarding community sentiment and compromising the brand.
DeGods Floor Price and Volume Plummet over 50%
The market quickly reacted to the DeGod’s turmoil, with its floor price tumbling over 50% from 8.7 ETH on August 9 to around 4.3 ETH.
Trading volume also steeply declined from 1,100 ETH on August 9 to less than 500 ETH, as per NFT Price Floor data.
Whale traders like Machi Big Brother further dumped DeGods holdings, exacerbating the price crash—the once blue-chip collection is experiencing a crisis in holder confidence.
Key Takeaways – Projects Must Prioritize Community Alignment
The DeGods saga demonstrates key lessons for NFT projects:
- Sudden leadership departures unsettle communities amid volatility
- Holders reject changes that compromise branding or assets
- Lack of consultation tanks trust and risks revolt
- Market values quickly react to a loss in community confidence
Ultimately, projects must align roadmap decisions with community values. Otherwise, they risk a backlash even among loyal holders. Open communication and transparency are essential, especially during turbulent times.
As DeLabs picks up the pieces, rebuilding trust and protecting long-term value should take priority over short-term moves. With considered leadership, DeGods can potentially bounce back. But more turmoil will only alienate its core community further.
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