Frank's out. Rohun Vora, the figure who became the face of DeGods, is leaving his role. After three years, he’s passing the reins over to 0x_chill and Pastagotsauce. Fine. People move on. The timing reeks. On that fourth front, Solana sales have increased 101%. At the same time, Ethereum sales jumped an incredible 156%. Well, now you’re convinced it’s time for a new landscape altogether. Color me skeptical.

Is This Healthy Market Evolution?

To Vora, it’s simply time for a change. No misconduct, he insists. But come on, this isn’t a one-off lemonade stand. This corner of the financial world is extremely unstable and woefully unregulated. Billions of dollars change their ownership on this virtual market, fueled by Emma’s fandom and speculative enthusiasm. It sounds naive to just accept “I’m bored” as a reason, right?

Think about the parallels with traditional finance. Now imagine that CEO is of a Fortune 500 company. This bold step comes on the heels of a more than 1,000% increase in stock price, with a massive increase in trading volume. The SEC would be all over that. Investigations would be launched. In the NFT space? Crickets, mostly. This is where the “maturation” defense goes off the rails. Maturation means greater scrutiny, accountability, and investor safeguarding. What we’re witnessing with DeGods seems less like Wall Street and more like the Wild West.

As the new leadership continues to discuss the goal of maximizing cultural impact…Okay, great. But what about maximizing investor impact? What about transparency regarding the project's financials? How about a real plan for the future that includes more than just empty calls for “culture”? These questions need answers, and fast.

The Exit Scam Elephant In The Room

Let's not sugarcoat it. The NFT space has a checkered history. Projects rise and fall with shocking speed, and occasionally, those latter falls resemble quite a bit like… well, exit scams. I'm not saying that's what's happening here. Vora is entitled to his next chapter. But we, as a profession, must be asking these hard questions.

It is thrilling — perhaps a bit too thrilling to process. It’s easy to get seduced by the siren song of easy money and the opportunity to participate in something “disruptive” and “cutting edge.” That's exactly how scams thrive. They take advantage of our eagerness, our emotions, our greed and our desire to fit in. Which is exactly why the spike in sales prior to the announcement is so troubling. Who knew about what, and when did they know it? Did anyone profit unfairly from insider information? These are the questions that regulators should be ordering the day, if not asking—if they are not yet.

The data alone doesn’t tell us what happened, it’s up to us to look at that data with a critical eye. The past week’s spike, more than $450,000 worth on Solana and more than $250,000 worth on Ethereum, might be true enthusiasm. Or, perhaps, it is something much more nefarious.

  • Red Flags:
    • Sudden departure of founder after significant sales increase.
    • Lack of clear explanation for departure.
    • Shift in focus from product to "culture."
    • Minimal regulatory oversight.

What Does The Future Hold Now?

The fate of DeGods, and by extension, the NFT market as a whole, depends on how we handle moments like these. Will we keep looking the other way when we see these warning signs, or will we hold them to a higher standard? Will the regulators finally come in and add some long-required oversight, or will they remain behind the cutting edge of this innovation?

While the proposed tribute to the project’s long and winding path ahead sounds lovely, that isn’t nearly far enough. We owe investors more than a forlorn gaze into the rearview mirror. For that to happen, they require a compelling vision for the future and an ironclad promise that their investments are protected.

At the end of the day, DeGods is the most important test case. Are we better improving the industry, or are we improving at justifying the next possible rug pull. Whatever the answer, it will determine the future course of the NFT market. This will determine whether it becomes a vibrant, sustainable ecosystem, or remains a speculative and exploitive amusement park. And it will be your vigilance, your critical, skeptical thinking, that ensures it goes that way, and not some other, darker way. Don't just ape in. Think.