tl;dr
Renowned NFT project founder Rohun Vora, also known as Frank DeGods, candidly reflects on past decisions and community pressures, admitting to trying to please everyone during chaotic times, which backfired. He admits to succumbing to short-term pressures and seeks to rectify past actions by offerin...
Renowned NFT project founder Rohun Vora, also known as Frank DeGods, candidly reflects on past decisions and community pressures, admitting to trying to please everyone during chaotic times, which backfired. He admits to succumbing to short-term pressures and seeks to rectify past actions by offering an optional bridge back to Solana for the DeGods and y00ts NFT projects, emphasizing the importance of standing by convictions and building a strong, resilient community. His transparent reflection offers insight into the challenges of leading an NFT project and his commitment to learning from past mistakes.
In a candid tweet Thursday, DeGods and y00ts NFT project founder Rohun Vora (aka Frank DeGods) took a critical look at his previous decisions, especially those made during tumultuous times for the well-known collections. His reflection sheds light on the pressures of community expectations and being a founder. “I used to try to move mountains to appease the community in times of chaos," he began. "Every single time it's backfired." Throughout the years as the leader of DeGods, he has made many decisions to try and please his holders and keep the buzz going. For example, the team went through many art changes, including a planned upgrade and self-proclaimed art “downgrade.” On Thursday, the team said that it would make no further art changes to DeGods. But the biggest and most controversial move was bridging DeGods NFTs from Solana to Ethereum last year, along with y00ts from Solana to Ethereum sidechain network Polygon —though they then moved y00ts to the Ethereum mainnet and returned a $3 million grant from Polygon Labs.
Making the decision to bridge the projects off of the Solana blockchain happened as the community was in a state of panic following the collapse of crypto exchange FTX in November 2022, which preceded Solana’s price collapsing to a low of about $8—roughly 97% from its 2021 peak. Frank, feeling the pressure, made the call to move the projects to the Ethereum ecosystem, which houses the most valuable NFT projects. He framed the move at the time as one designed to elevate DeGods into the big leagues of NFT culture. "Like the bridge off SOL,” Frank wrote. “Everyone in the community was panicking (myself included) during FTX. I tried to fix their anxiety. In reality, I was just being a pussy."
Frank contrasted his past actions with his current mindset, emphasizing the importance of standing by your convictions. "The truth is, on the internet you either stand by your convictions or you're a pussy," he tweeted. Frank stressed that succumbing to short-term pressures and seeking immediate approval often backfires. It’s a lesson he learned by leading one of the most prominent NFT projects, and one that has faced considerable challenges—many self-inflicted, as he admitted. Frank recently announced the launch of an optional bridge back to Solana for both DeGods and y00ts. This move allows the community to decide whether to stay on Ethereum or return to Solana, reflecting his desire to provide flexibility and choice. There are no strong-armed incentives this time around. It's just an option.
"I said I want to allow our community to come back home, and I meant it. I still do,” he wrote, though they launched the latest bridge with decidedly less fanfare than the original. Decrypt reached out to Frank for additional comment, but did not receive an immediate response. Frank’s tweet offers a raw and honest look at the challenges of leading an NFT project amid the constant demands of holders, particularly amid a diminished market for such assets. The bridge back to Solana and increasing openness about the past appear to be moves to atone for lingering regrets, all while the projects attempt to move forward.
Looking forward, Frank expressed his belief in building a robust and resilient community, rather than one that constantly seeks validation through reactive measures. "I believe that antifragility is the answer,” he wrote. “That's my conviction. Not just building the best community, but the strongest one."
More about LTC Properties Inc
LTC Properties Inc Market Analysis LTC Properties Inc Market Analysis Summary
LTC Properties Inc (LTC) is a real estate investment trust (REIT) that focuses on senior housing and healthcare properties.
Industry: Real Estate & Construction
Sector: Real Estate Investment Trusts
Market Cap: 1,502,075,000
Stock Price: $17.99
Dividend Yield: 2.28%
P/E Ratio: 1.92
EPS: 4.672
Beta: 0.415
Volume: 194,919,000
52-Week High: $34.83
52-Week Low: -$0.3
Price Change (1 year): 0.066