Traders, whether retail or owners of large portfolios, continue to seek out the best or which NFT could return better value as the bear market bites harder. There are releases of NFT collections regularly that whoever is taking note of all will be busy all day but not a lot of them can achieve relative success and grab the spotlight.
Non-fungible tokens are mostly driven by narratives, and the stronger and more appealing the narratives can be and be adopted by NFT natives, the longer an NFT project will be. Report shows a significant number of NFT traders are in for profit and not to hold. But can a project encourage community members to hold and not dump causing a floor price crash?
The solution would be to give value to the holders such that the NFT acts as a ticket – albeit an expensive one to continually access value. The recent weeks have seen new collections come to make waves on social media. Pudgy Penguins is an example and of course, Moonbirds whose founder raised $50M.
This article explores what you should know about one of the trendiest NFT collections on Solana. Y00ts. Let’s go!
What are y00ts NFTs?
y00ts are non-fungible collections that are built on the Solana blockchain. It’s a project that was created by the team behind DeGods, and Dust Labs – Frank and Kevin. y00ts started as Duppies, and was intended to expand the DeGods ecosystem. However, there was a malicious hack of the team’s Twitter account in July. This led to a change of plan: from Dubbies to y00ts.
Features of the y00ts
According to the team, y00ts will have a total supply of 15,000 NFTs. To buy any of these 15,000 NFTs, intending users will need 375 $DUST, which is the native token of the DeGods ecosystem. y00ts are designed with unique copyright – ⓨ. The ⓨ copyright makes the y00ts collection the governing body of the y00ts NFTs instead of a central body as the governing agent.
Hence, in contrast with a project like BAYC that gives owners IP rights, y00ts allow each of its collections to have its ⓨ registry. This will make it easier to track “individuals or groups who are approved to use the NFT’s IP”.
Other implications of the ⓨ copyrights
To implement the ⓨ copyright, the team created the “y00ts st0re” where artists can submit self-designed traits that can be used on y00ts NFTs. The submissions of traits by artists go through screening with these criteria before they are approved:
- No use of hate speech
- No use of pornographic images
- Design must be of high quality as determined by the team
- No design is permitted to directly use an existing copyrighted IP
After the approval of a trait, the designer automatically owns the ⓨ for the approved traits. This gives the designer the right to:
- Set the price of the trait in the y00ts marketplace
- Set the supply of the trait
- Sell it to another person while collecting 5% royalties on each sale of the trait
After six months of being in operation, the team plans to discontinue the approval of new traits into the y00ts marketplace except it is done in collaboration with a big brand, and in limited supply. For more on the ⓨ copyright system, read this.
How to receive tokens to add traits on y00ts NFTs
Holders that stake their y00ts NFT for 30 days will receive a “ⓨ token” which will then be applied to their y00ts NFT metadata. Each y00ts NFT may earn up to six tokens for use. These tokens enable holders to add customized traits from the y00ts store to their respective y00ts NFT.
However, a user can only add a trait to the y00ts NFT that it already has. For example, a user can swap their black t-shirt trait for a customized t-shirt trait, but not a t-shirt trait for a customized hat trait. If desired, holders can always revert the traits of their y00t NFT. Once a customized trait token is used, holders must stake their y00ts NFT for another 30 days until they can apply a new customized trait to their y00t.
How to add traits to your y00ts NFTs
The first step is to buy a y00ts NFT and then stake it for at least 30 days after which a ⓨ token is added to the metadata of the NFT. Once done, you can use the token to add a desired trait to your NFT from the y00ts store. All y00ts NFT can only get 6 tokens at a time. If a user chooses to implement a different trait, then the chosen NFT must be reverted to the original state. But it will take another 30 days of staking. When users don’t use their tokens, they remain attached to their NFTs giving the NFTs a probable premium price tag if they choose to sell.
How to make money with y00ts NFT
Artists can design and sell unique traits in SOL and DUST; receive royalties for their work for life; collaborate with holders of NFTs and get paid in commission; and more. For those who are not artists, owning a ⓨ right can be used in creating communities and sub-communities where collaborations with top clothing brands can be struck. Another is through royalties paid for each NFT sold with a trait you own.
What is Dust and DeDAO?
DUST is the utility token of the DeGods community built on the Solana blockchain. It started off with a zero supply and will be capped at 33,000,000.
Staking DeGods or DeadGods NFTs earn holders DUST tokens. While staked DeGods gives 2.5 DUST per day, staked DeadGods gives 7.5 DUST.
DeDAO is the decentralized autonomous organization that directs the affairs of the project. It is funded from proceeds of the DeGods NFTs, and is made up of DAO Leads, The Divine Council, and the DeAlpha Team.
Y00ts NFTs have a unique copyright design that gives more ownership to holders.
Read this also:
What you should know about NFT Financialization
Common NFT Scams and How to Avoid Them
Top five (5) NFT Fractionalization Platforms
Nine Applications of NFT in Real Life
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