A unique collection of NFTs brought to you by the team behind Solana’s DeGods
The y00ts NFT collection is part of the DeGods universe and stirred interest across the crypto-verse since dropping. Learn everything about these collectibles, their two blockchain migrations, and their benefits for the community.
- What are y00ts?
- How much do y00t NFTs cost?
- Copyrights, IP and y00ts
- Projects and workflow for y00ts
- How does ⓨ make creators money?
- What’s the y00ts store?
- Customizing y00ts
- Can I make money if I’m not an artist?
What are y00ts?
y00ts is an NFT collection by Dust Labs, also the team behind the DeGods NFT collection. It was originally launched on the Solana blockchain and then bridged to Polygon in early 2023. However, in August 2023, DeLabs ust Labs announced that y00ts would be migrating once again, this time to Ethereum.
Holders are supposed to bridge their y00ts NFTs to Ethereum until 22 October. Those who keep their assets on Polygon after the date must pay a 33.3% trading fee.
Before the idea for y00ts came around, it was called Duppies. Dust Labs originally planned y00ts to be an expansion collection to the DeGods ecosystem called Duppies but later rebranded to y00ts. It seems their company motto is indeed how Dust Labs work. And that’s fine. Or is it?
“We tried some shit. We learned some shit. Now we’re trying some new shit.”Dust Labs motto
The collection of the y00ts NFTs appears to be crafted around a single image of a sheep with various metadata layered on top to give y00ts their characteristics.
How much do y00t NFTs cost?
Much like the NFT industry, y00ts prices vary greatly. At the time of writing, y00ts floor price stood at 0.79 ETH ($1,260).
Copyrights, IP and y00ts
The real juice in the y00ts collection is their approach to the rights and permissions they grant holders. The current setup for most NFT collections is that holders secure IP rights on just the single NFTs they hold. The alternative is CCO, or creative commons, which realistically means that an NFT holder’s assets are stored in the public domain.
When NFT holders want to build businesses, sub-communities, fan art, and more around their NFT, it usually drives increased interest and, in turn, increases the value of the NFT. However, the current setup doesn’t support the idea of the entire collection benefitting.
The easiest way to think about the system outlined by y00ts is that ⓨ is used as a way of registering a copyright, with an NFT collection being the governing body. Each collection would have its ⓨ registry, where it would be easy to track who’s approved to use the NFT’s IP. This allows projects to endorse and deny usage requests at Web3 speed.
The team behind the project claims y00ts is the testing ground for this new ⓨ system and is also transparent in its whitepaper that ‘this is a rough approximation of how we believe this system can work. Open to criticism and seeing how this plays out.’
Projects and workflow for y00ts
The main points of the project, the process flow, and how the team sees it working are below:
Create the “y00ts st0re” for artists to submit their custom versions of traits.
- Holders can also hire artists to do commissioned work for them.
- Artists will own the IP of their work and collect a % of royalties
- Holders can purchase the community-created traits from the store.
- Artists can also set the traits to be free, if they’d like.
- Holders can only apply one customized trait to their NFTs per month.
- The customized traits can not change the shape/size/name of the trait.
- A t-shirt can’t be changed into a fur coat (also must stay same size)
- Will not change the metadata
- The customized traits can not change the shape/size/name of the trait.
- Community members can create and officially register sub-communities/sub-DAOs
- They can charge DUST for entry
- Collect a % of royalties on all sales for their sub-communities
How does ⓨ make creators money?
With the ⓨ registration, the team at y00ts thinks they can unlock several monetization layers for every stakeholder involved. Independent and 1/1 artists can:
- make individual traits & charge DUST for them
- create fashion brands within the collection (spanning multiple traits)
- do paid (or free) commission work for holders
- collect money forever via % of royalties
Artists are incentivized to sell their work on the y00ts store because if they get their ⓨ registration, they can collect royalties on their work after the initial sale.
What’s the y00ts store?
The y00ts store is a marketplace of custom-made y00ts traits where anyone can submit customizations of any of the original y00ts traits for approval.
- must fit the same space as the original trait (can not turn a t-shirt into a fur coat)
- must be identifiable by the original metadata tag (a hat can’t become a crown)
- no hate speech or pornographic imagery
- no direct usage of existing copyrighted IP
- meet a standard of quality to match the collection
Once approved, the individual(s) that submitted will own the ⓨ for the trait(s).
Owning the ⓨ for a trait enables you to:
- set the price of the trait on the y00ts store
- set the supply of the trait available
- sell the entire ⓨ to someone else
- collect 5% of the royalties on every sale of the trait
Nobody else can copy this trait/style/theme/brand. If attempted derivatives try to list on the marketplace – they won’t be approved. Furthermore, the team states that no more user-generated traits will be added to the y00ts store after six months. At this point, creators can separate y00ts into their individual pieces.
You could sell your limited-supply hoodie separately or swap it for another trait.
From this point onwards, all the new traits added to the y00ts store will be via limited supply collaborations with big apparel and lifestyle brands.
To gain customization rights, holders must stake their y00ts for 30 days, then a ⓨ Token is added to the y00t’s metadata.
- There is a maximum of 6 ⓨ’s any y00t can hold
- Metadata Example: “ⓨ Tokens: 1”
Holders can use this ⓨ token to apply a customized ⓨ trait from the y00ts store to their y00t. Notably, the new trait must match the attribute their y00t has on its metadata. For example, swapping a black hoodie for a custom gold one, the metadata remains the same: hoodie.
Once the ⓨ token is used, y00ts holders can always swap any trait back to the original y00t base. But they must wait another 30 days of staking before applying a new customized trait from the y00ts store. Due to the staking requirement, holders must be careful what trait they choose.
Notably, If a holder never uses the ⓨ token, the y00t will collect them. As a result, the NFT can potentially sell for a premium with the tokens attached.
Can I make money if I’m not an artist?
Imagine if Eminem and Snoop Dogg were compensated for the value they brought to the entire BAYC collection and their unique traits. These two mega stars holding BAYC gives the collection more lure. However, the two celebs don’t get paid for that marketing assistance. Instead, they are free to use the BAYC they own in their creative works.
The real power of ⓨ is that it can supercharge the creation of smaller clubs within communities. Someone that wants to start a sub-community can use the y00ts store to find an artist and commission a custom set of traits with their logo or emblem and register the club with ⓨ.
Any active community member can start their club based on shared interests, memes, or anything else. The key is that since they own the ⓨ on the entire set of traits, they can monetize this sub-community. They can collect royalties on every y00t that sells with any of their traits. They can also charge an upfront cost of DUST for the traits.
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