A new NFT project, y00ts is garnering a lot of attention in the NFT space. Apparently, even Gary Vee has applied (and has been accepted) for the “y00tiist scholarship”, a unique whitelist management system from the project. Moreover, the project recently revealed a secondary NFT collection, t00bs, that brings additional value to all y00ts.
Created by the makers of hit Solana NFT, DeGods, y00ts aims to be the greatest PFP collection of all time. It is also taking a unique approach to NFT intellectual property rights.
So, let’s dive right in: What is the y00ts NFT collection all about?
What is y00ts NFT?
Reportedly, y00ts is a collection of 15,000 NFTs featuring yeti-like avatars on the Solana blockchain. While the project has only released a handful of art samples, it has mostly received positive responses from NFT Twitter.
One of the highlights of the project is the y00tlist (aka y00ts scholarship), the project’s unique whitelist management system. According to the project, this is a “simple & secure way for people to get access to the most exciting mints – based on merit”.
To apply for the y00ts scholarship, users had to connect their Solana wallet using the “apply” button on the project’s website. Then, they had to connect their Twitter profile to verify their identity. Finally, they had to answer a few questions about themselves. Once accepted, all applicants were transparent and public.
To be sure, this new method might be the solution to avoid spamming by bots. This might also prevent NFT whales from pumping and dumping NFTs.
The y00ts scholarship applications closed on September 4th. However, DeGods confirmed that the project’s roadmap also includes Scholarships V2, with more details soon to be revealed.
Who created y00ts NFT?
The y00ts NFT collection was created by the DeGods team, headed by founder Frank DeGod. DeGods is one of the most popular Solana NFT collections in the market, with a total sales volume of over 900,000 SOL (at the time of writing). With a total of 10,000 NFTs, the project describes itself as a “deflationary collection of degenerates, punks, and misfits.”
While originally called “Duppies”, the team rebranded the project to y00ts in late July. The backing by a well-experienced team is probably one of the main reasons for the hype around the y00ts collection. Already, it boasts close to 94,000 Twitter followers.
What is ⓨ?
Ⓨ is y00ts’ version of registering a copyright and ownership ⓒ with an NFT collection as the governing body. Currently in Web3, holders either get IP rights on their individual NFT or a Creative Commons license (CC0), wherein the rights are in the public domain. This is where Ⓨ differs.
As the project explained, “Each collection would have its own ⓨ registry, where it’s easy to track who’s approved to be using the NFT’s IP. This allows projects to approve & reject usage requests at Web3 speed.”
Furthermore, the project has set up the y00ts st0re, a marketplace for custom-made y00ts traits. Here, any artist can submit their own version of the traits. Those who own the ⓨ for a trait will be able to set the trait’s price in the store, determine its supply, and sell the ⓨ to someone else. Additionally, they can collect 5% of the royalties on every sale of the trait.
In essence, y00ts and t00bs are two different NFT collections, both built on Solana. The t00bs are basically vials that allow holders to mint y00ts NFTs. Each accepted scholarship applicant is eligible to mint a t00b on September 4th. The price per y00t NFT is 375 $DUST with a total of 15,000 NFTs available. Those who don’t mint their t00bs lose the chance to get a y00t NFT.
Accordingly, the team also saved 100 y00ts for rejected applicants. Collectors must buy tickets to join the raffle for 1 $DUST per ticket. The winners will receive their y00t NFT via airdrop.
In addition, DeadGods holders can claim a t00b NFT too. Those who claim their t00b NFTs before September 9th can get y00ts for 375 $DUST. Afterward, the price will increase to 500 $DUST per NFT and will continue to increase by 0.8325 $DUST daily until token emissions end. In other words, the earlier you claim your t00bs, the better the deal!
What perks do t00bs NFT holders get?
To begin with, each t00b holder will be able to trade their NFT one hour after the y00tlist mint ends. Collectors can burn their t00bs to mint a y00t whenever they want.
Many NFT community members believe the longer you hold on to your t00bs, the bigger the chance to get a rare y00t NFT. In fact, the RTFKT Clone X Mint Vial shared the same concept: collectors were able to trade Mint Vial NFTs that allowed minting RTFKT collectibles.
In that case, the strategy was remarkably successful, with some Mint Vials selling for more than 30 ETH. Either way, the practice adds value to both t00bs and y00ts collectibles in the long run.
Nevertheless, the t00bs NFTs will come with several other perks soon to be revealed.
All in all, y00ts NFT is an exciting new project to watch out for this year. Their clever minting plan, the additional t00bs NFT collection, and the ⓨ registry bring long-term value to each holder. Accordingly, the founding team will reveal more exciting surprises after the t00bs minting session ends, so stay tuned!