Degen Zoo
Crypto Overview
Overview
Degen Zoo is a cryptocurrency token created as part of a decentralized NFT game inspired by Squid Game. The project was launched in 2023 by social media influencer Logan Paul, who created it as a parody of his previous controversial NFT project CryptoZoo.
Purpose and Utility
The stated purpose of DZOO is to serve as the in-game currency for the Degen Zoo game, where players can mint NFT animals, burn them for DZOO tokens, and participate in a deflationary gameplay mechanism. The actual current usage aligns with this intended purpose, as users are actively participating in the NFT minting and burning mechanics.
Business Model Analysis
The core business model revolves around NFT trading and token mechanics within the game ecosystem. The project does not involve any interest-bearing mechanisms, gambling elements, or prohibited activities. The deflationary mechanism is based on actual asset exchange rather than zero-sum betting.
Development and Adoption
The project maintains active development with regular updates to the smart contracts and game mechanics. While adoption is still limited, there is verifiable on-chain activity showing users participating in the intended NFT and token mechanisms.
Token Distribution
Token distribution appears to be relatively well distributed, with no concerning concentration in founder wallets. The project implemented fair launch mechanics and does not show signs of being designed primarily to enrich founders.
Crypto Impact
To assign a comfort level investing in Degen Zoo from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Degen Zoo.
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