Last updated: Sep 21, 2023
Degenerate Ape Academy is a captivating NFT collection featuring 10,000 unique tokens on the Solana blockchain. Designed by a pseudonymous team, the project aims to offer holders not just digital art but a community-driven ecosystem known as the Degeniverse, complete with real-life events and a DAO for governance.
Degenerate Ape Academy was launched on August 14, 2021, selling out almost immediately. The initial Degenerate Ape Academy mint price was set at 6 SOL per token, allowing early adopters to become part of the Degeniverse from the get-go.
The Degenerate Ape Academy collection is fixed at 10,000 tokens, commonly referred to as "Degen Apes". There is a 4.2% creator fee on each trade applicable on some NFT marketplaces. The collection has found homes across 3,992 unique owners, making it one of the more diversified NFT offerings in the market.
The collection adheres to the widely used Solana-based Metaplex token standard. Each token has seven distinct Degenerate Ape Academy traits, adding complexity and rarity layers to the collection. The project team has continued to be actively involved, introducing new utilities and keeping the community engaged.
The team behind the project operates under pseudonyms. The Degenerate Ape Academy artist, known as Monoliff, also serves as the Creative Director. The project boasts a vibrant and active community, as evidenced by their Discord and Telegram channels.
In the beginning of November 2021, the team behind the Degenerate Ape Academy project, released a collection named Degenerate Trash Pandas, consisting of 20,000 tokens. Every holder of a Degenerate Ape NFT was airdropped a so called “Candy Machine” token (used on the Metaplex dApp to mint new NFTs) per each Degenerate Ape NFT they were holding unlisted for trading, that they could use to redeem an NFT from the Degenerate Trash Pandas collection.
As announced at the launch of the new project, each holder of an NFT from either of the collection receives the utility benefits provided by the other as well. Meaning that Degenerate Ape NFT holders are also entitled to the utility provided from the Degenerate Trash Panda collection, even if they don’t own an NFT from that collection, and vice versa. Furthermore, the team behind the project announced that holders of NFTs from both collections were entitled to “their own unique rewards” – which are being added over time.
A game named “Trash with Frens” is still being developed exclusively for holders of both Trash Pandas and Degen Ape NFT holders. In it, players scavenge for treasures spread on various tiles via collectible maps. The treasures consist various items that can be used in mini-games which are to be developed in the future, but also for a token named PANDA. The token is also used as a medium for exchange in the game, such as allowing players to explore new tiles.
Holding a Degenerate Ape NFT provides several value-added benefits. NFT holders can access the Degeniverse, a metaverse where they can participate in games and complete quests. Holders can also mint "eggs" through a special feature called "hatchening." Importantly, the intellectual property rights belong to Degenerate Laboratories Incorporated.
The project also runs a DAOO whose mission is to develop the Degenerate Ape Academy ecosystem, and also help other developing NFT projects on the Solana blockchain. The DAOO also organizes events and meetings for community members as well as various merchandise products.
A vulnerability was discovered in the Degenerate Ape Academy minting process on the launch day, August 14, 2021. The flaw allowed for an infinite number of NFTs to be minted. The issue was promptly addressed, and the API was taken offline. There is no public audit available, but the project runs a bug bounty program.
There is no formal roadmap for the Degenerate Ape Academy; however, the team has been proactive in releasing new features and updates, which are announced via the Discord channel.
You can acquire Degenerate Ape Academy NFTs on marketplaces like OpenSea and Magic Eden. The floor price at the time of writing this article is around 29.2 SOL, placing the cheapest Degenerate Ape Academy NFT in the $540 price range. The most expensive tokens listed for sale currently, besides the speculative listings with ridiculous values such as “99999” are set between 1000-5000 SOL.
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