New collection, same team. Y00ts is a project to be released by one of the OG teams in the Solana NFT space with a phenomenal track record. And it has brought not only unique art, but also tools that could help the entire ecosystem flourish (if it works).
The next sections will cover what makes y00ts stand out from 99% of NFT projects, and determine why many enthusiasts and investors across Solana and Ethereum are competing to get whitelisted in its upcoming mint.
What is y00ts?
y00ts is an NFT brand that consists of 15,000 yeti-like avatars launched by the same team that develops DeGods.
Y00ts is deployed as a separate collection for “less degen” and more casual collectors. As Frank stated in an interview on Overpriced Jpegs, Y00ts is geared towards people who are less hardcore on NFTs, “maybe even someone whose business is outside” of web3.
Y00ts gave way for eager enthusiasts who wanted exposure to the DeLabs team but were priced out of DeGods, which, according to Frank, is geared towards the more “degen” side of the community.
The Scholarship is an experimental whitelist management platform created by y00ts that will enable up-and-coming NFT projects to better handpick minters for their upcoming launch. The team will test out the Scholarship program on its own y00ts collection first, which would serve as a proof-of-concept. Click here to learn how to participate in the y00ts scholarship.
The program is designed to allow projects to choose the most suitable and deserving individuals to join their community during pre-mint days. Applicants would need to provide a clear idea as to what value they can bring before being accepted. This could solve a few notable problems across the Solana space, particularly botters and pump&dumpers, since each minter can be verified.
Many NFT projects have faced great hurdles with the current whitelist setup, where whales get to buy up whitelisted accounts (or find other methods to mint more) and then dump all their minted NFTs on secondary markets, crashing the floor price in the process. y00ts aims to fix this.
If it succeeds, projects may be able to form better communities than ever before, and y00ts will also earn more since many projects would want to use their platform.
What is ⓨ?
Ⓨ is a derivative of the traditional copyright and ownership ⓒ applied to the web3 space, with NFT collections as the governing body. It serves as a way for the community to embrace intellectual property (IP) rights.
NFT projects have massively grown in the last year and a half, yet current standards still don’t fully support copyright and ownership; the only thing available is IP rights for individual NFTs like with BAYC or a Creative Commons license (CC0), which would surrender rights to the public domain.
Ⓨ is slated to y00ts solution, providing every NFT collection with its own copyright registry. Projects can easily monitor usage requests at web3 speed. Its initial step would involve y00ts, where the potentials of the mechanism will be tested.
The y00ts st0re
The y00ts store is a marketplace where the community can access personalized NFT traits. Holders can also work with artists and give commissions for their designs. Any creator is allowed to submit their pieces, but there will be approval criteria to be met:
- Both the original and customized y00ts trait must be of the same size;
- Designs should be recognizable using the original metadata tag;
- Content that includes hate speech or displays pornographic imagery is not permitted;
- Submissions must not directly use any existing copyrighted intellectual property; and
- All must meet a quality standard consistent with the rest of the collection.
If the creators passed the approval criteria, they will get the Ⓨ for their customized traits. There are advantages to having Ⓨ, including the following:
- You have the right to establish the price of your y00ts trait;
- Control the number of the trait available for purchase;
- If you choose, you can sell the entire ⓨ to another party; and
- Each time the trait is sold, you will receive a percentage of the royalties (5%).
Since the model involves IP rights, no one is allowed to copy the works of others in any way. The violators who attempt to list the derivatives in the y00ts store won’t be able to proceed.
Note that the project will only allow the addition of user-generated traits to the y00ts store within six months after initialization. In the succeeding months, NFT owners can decide what to do with the traits of their y00ts. For example, they can sell the trait or exchange it for another piece.
Lastly, all other traits in the marketplace will come from collaborations with some leading brands in the apparel/lifestyle industry.
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