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Everyone has been caught off guard by the unexpected surge of NFT excitement, but what grabs attention is how quickly new collections are acquiring popularity. The y00ts NFT collection is one such collection that has supplanted other “blue-chip” NFTs as the new talk of the town by stealing the spotlight.
While the DeGods NFT community has been shaking space in a big way for quite some time now, its creators have come up with yet another unique project called “y00ts”. Well, such is the hype that everybody now is well-aware of what a y00ts NFT collection is. However, let’s define them to leave no room for doubt.
y00ts is a unique collection of NFTs, developed by the team behind Solana’s popular NFT project, DeGods. Initially, the y00ts NFT will be available to DeGods holders and those who have already made it to the y00tlist, which has already maxed out. As such, all successful applicants will receive a notification through a Twitter account called the y00tlist.
Whether you are among those lucky ones that got their hands on y00ts or not, it’s still worth knowing what’s stirring interest among NFT hoarders for this collection.
y00ts is a collection of 15,000 NFTs on the Solana blockchain by Dust Labs which is the team behind the hyped-up DeGods NFT collection. The y00ts NFT collection features a single image of a sheep with various metadata layered on top to give y00ts their characteristics and attributes.
Previously, the y00ts NFT was known as Duppies whose original plan was to become the extended collection of the DeGods ecosystem.
The y00ts has undoubtedly emerged as a notable highlight in the NFT space, especially when it attracted the interest of several celebrities including Allen Iverson, Howie Mandel, Wayne Rooney, and more.
Back in July 2022, the project unfolded most unexpectedly, as the team announced Duppies mint at the end of July or early August. However, a Twitter hack spoiled the plans and the team declared, “We tried some shit. We learned some shit. Now, we’re trying some new shit.”
Seems like, the DeGods creators were right when they attracted the DeGods holders and NFT enthusiasts with a comeback. There now exists a robust community of 15,000 oddballs on Web3 who took part in the y00ts project using an innovative scholar system and transparent mint list.
With the massive hype surrounding the y00ts NFT, the DeGods soared to new heights while people continued to get their name on the y00tlist.
The y00tlist is the same as getting on a presale for an NFT project except in this process, users must submit an application that can either be approved or denied at the team’s discretion.
To participate in the y00ts mint, users must receive a scholarship for the y00tlist. The approved users will then need 375 DUST (the native token of DeGods ecosystem) to mint their y00ts NFT.
Note that, the y00tlist is now oversubscribed as collectors rushed to get a y00t NFT during the intense buzz surrounding the project.
Though, the team has set September 2, 2022, as the release date for y00ts NFT collection and September 5 to begin the minting process which got delayed due to Blocker Bug.
Consequently, the minting process has been rescheduled for 6 September at 8 PM PST which was also delayed further.
The collection of 15,000 y00ts can be bought using DUST, which as mentioned above, is the native token of the DeGods ecosystem. The DUST can be collected by staking DeGods NFTs. The NFT can also be purchased on the secondary market if you don’t have a DeGods NFT or DUST. Note that, each y00ts NFT costs around 375 DUST which is $1320 or about 36 SOL, at the time of writing.
The y00tlist is full and people are already waitlisted to mint a y00ts NFT. If you missed your chance to mint a y00t, then you can find y00ts NFTs on Solana’s secondary NFT marketplaces like Magic Eden.
Another way to enter into the y00ts ecosystem is through its secondary NFT collection called t00bs.
If you are waitlisted, then you can mint one t00b using 375 $DUST. The minting will be based on a first-come, first-served process. Remember, you can only mint a maximum of 1 t00b per wallet. The unminted t00bs will open to waitlisters once the y00tlist 19 hours have been completed.
The y00ts team or originally DeGods creators are experimenting with the idea of a new copyright and ownership system called ⓨ for NFTs. This idea will be a custom replacement for the commonly seen copyright symbol ⓒ.
The team is also transparent in its whitepaper while emphasizing that “This is a pretty rough approximation of how we believe this system can work. Open to criticism and seeing how this plays out.”
The current setup for the majority of NFT collections is that holders gain IP rights on just a single NFT they hold. However, CC0 or creative commons is an alternative that allows NFT holders’ assets to be owned by the public domain.
An NFT holder can create businesses and sub-communities, as well as commercialize their NFT through fan art and other means. With this, usually, there is an increased interest in people while the value of the NFT boosts up.
Despite that, the current setup doesn’t support the idea of the entire collection benefitting. In layman’s term, the y00ts setup leverages ⓨ to use it as a way of registering a copyright with an NFT collection being the governing body.
Each collection would have its ⓨ registry, making it easy to determine who has the permission to use the NFT’s IP. As a result, projects can approve and reject usage requests at Web3 speed.
The y00ts team has introduced a fresh concept of ‘y00ts st0re’ for artists to submit their custom versions of traits. Before we learn more on this, you must understand what y00ts store is and how it works.
The y00ts store will be a marketplace of customized y00ts traits. Anyone can submit customizations of any of the original y00ts traits for approval within the y00ts store. For approval, one must fit the same space as the original trait and must be identifiable by the original metadata tag.
After approval, the individual(s) that submitted will own the ⓨ for the traits.
Under its ambit, holders can tap artists to do commissioned work for them. In this way, artists will own the IP of their work to collect a % of royalties.
Once it’s done, holders can purchase the community-created traits from the y00ts store. However, artists can also set the traits to be free as per their purpose and preference.
Note that holders can only apply one customized trait to their NFTs each month. Customized traits can’t change the size/shape/name of the trait. For instance, a t-shirt can’t be changed into a fur coat and the size should also stay the same. Moreover, metadata can’t be changed.
Moreover, community members can create and officially register sub-communities or sub-DAOs. They can charge SOL for entry and can also collect a % of royalty on all sales for their sub-communities.
To obtain customization rights, holders must stake their y00ts NFT for 30 days, then a ⓨ Token is added to the y00t’s metadata. Any y00t can hold a maximum of 6 ⓨs. Metadata Example: “ⓨ Tokens: 1”
Holders can use the obtained ⓨ token to apply a customized ⓨ trait to their y00t NFT via the y00ts store. Remember, the new trait must match the attribute their y00t has on its metadata. Holders of y00ts may always change any trait back to the original y00t base once the ⓨ token has been utilized.
Nevertheless, they will have to wait for another 30 days of staking before applying a new customized trait from the y00ts store. Holders must be careful what trait they choose due to staking requirements.
If a holder decides to never use ⓨ tokens, the y00t will simply collect them. As a result, the NFT potentially sells with the tokens attached for a premium.
Notably, nobody else other than the ⓨ owner can copy the trait/theme/style/brand. If attempted derivatives try to list it on the marketplace then they will not be approved. Furthermore, the team states that no more user-generated traits will be added to the y00ts store after 6 months.
Creators can now divide y00ts into their individual pieces. Also, holders could sell their limited-supply hoodie separately or swap it for another trait. From this time onwards, the newly added traits to the y00ts store will be through limited supply collaborations with lifestyle brands and big apparel.
Owning the ⓨ for a trait allows users to set the price of the trait on the y00ts store and set the supply of the trait available. Users can also sell the entire ⓨ to someone else or collect 5% of the royalty on every sale of the trait.
With the ⓨ registration, many monetization layers can be unlocked for every stakeholder involved. Independent and 1/1 artists can make individual traits and charge SOL or DUST for them. They can also create fashion brands within the collection covering multiple traits.
As per y00ts whitepaper, Artists can “do paid (or free) commission work for holders” to enjoy a new stream of revenue via % of royalties. Additionally, artists are incentivized to sell their work on the y00ts store. By doing so, if they have their own ⓨ registration, they will get % royalties of their work after the initial sale.
The real power of ⓨ is that it can accelerate the creation of “clubs” within communities. Anyone who wants to build a sub-community can use the y00ts store to find an artist and commission a custom set of traits with their emblem/logo and register the club with ⓨ.
Now, any active community member can start their own club based on memes, shared opinions, interests, or anything else.
As long as they own the ⓨ on the entire set of traits, they can monetize this sub-community. They can also collect a % of royalties on every y00t NFT that sells with any of their traits. Moreover, they can also charge an upfront cost in $SOL or $DUST for the actual traits themselves.
Conclusion:
The y00ts NFT collection could be another milestone after the successful DeGods NFT drop for its team, Dust Labs. The y00ts has the potential to topple other trending collections in the coming days if they continue to enjoy the hype among NFT enthusiasts.
Undoubtedly, the project has so much in store as it’s still developing to offer new commercialization ways for holders and artists alike.
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