y00ts NFTs: Creating More Than Just NFT PFPs
If you're an NFT enthusiast, you've probably picked up on the excitement around y00ts. Want to learn more? You're in the right place. Read on to discover what it is, the team behind it, how to make money with it, how to buy it and much more.
What Is y00ts?
y00ts is a new non-fungible token project that allows users to make and sell PFPs. As a bonus, it's on the Solana blockchain — one of the fastest in existence.
This NFT project is by Dust Labs, which is also the team behind the famous DeGods NFT collection that recently hit an all-time high price in SOL.
The y00ts NFT collection is centered on a sheep avatar, with layers of metadata to give y00ts their unique characteristics. There are a total of 15,000 NFTs in this collection, each one available to mint for 375 DUST tokens.
What Are NFT PFPs?
NFT PFPs are pieces of NFT art designed for use as profile pictures. Designs generally feature images of characters or avatars, making them popular among fun-loving internet surfers and individuals who'd rather not use their own photos.
Their status as NFTs differentiates them from other profile picture artworks, which creates serious appeal for collectors within the NFT space. The exclusivity of using an NFT image is exciting enough to entice even celebrities to display them.
Numerous PFP NFT projects within the overall NFT market have come and gone, but this one seems like it's here to stay.
The Story of y00ts
Initially, this Solana NFT project wasn't meant to be y00ts at all. The DeGods developers planned a project called Duppies, which would have been an expansion collection within the DeGods ecosystem. However, the creators realized Duppies didn't go far enough. According to the y00ts white paper, y00ts aims to be "a common-sense version of copyright & ownership for NFTs."
The founders' vision involves y00ts functioning like a regular copyright, but with a few differences. Typically, one entity handles intellectual property rights. In the case of y00ts, the NFT collection will function as a governing body to do that job in a decentralized manner.
With y00ts, intellectual property (IP) rights aren’t specific to one holder; instead, they’ll exist in a registry listing, where everyone can see who’s approved to use each NFT's IP. Nobody can be sure whether this founding vision will catch on, but y00ts will be a fascinating test of this new licensing implementation method.
The y00ts Solana NFT project is the brainchild of Frank, the founder of DeGods, and Kevin, the CEO of Dust Labs.
Solana project DeGods is a digital art collection, but it's also a community full of developers, creators, artists and other innovators. Dust Labs, meanwhile, is a software company that specializes in benefiting holders by raising the value of NFTs. Considering the success of both DeGods and Dust Labs, it's hard to think of a better founding duo.
Why Are y00ts NFTs So Popular?
The popularity of these NFTs is undeniable, even though the project hasn't yet launched. That's obvious when you visit the website and see that applications for scholarships to mint y00ts NFTs are no longer being accepted.
That popularity is based partly on the success of earlier projects from the founders. Frank and Kevin's transparency on Twitter doesn't hurt, either. And that's not all: y00ts stands out for its sole focus on PFPs and its attempt to change the copyright game. Often, PFP projects are afterthoughts in broader projects. But that's not the case here.
y00ts Store
The y00ts store is a marketplace where PFP holders will be able to customize avatar traits. Artists who create them can earn royalties from the sale of the traits they’ve created. Of course, artists can also choose to make the trait free of charge.
It’s important to note that eligibility to use the store won't be automatic. Instead, you’ll need to stake a y00ts NFT for 30 days before you can earn the ⓨ token which will allow you to shop.
Customizing y00ts
Each PFP will be highly customizable. When someone wants to create a custom y00ts trait, they can submit it for approval. There are a few restrictions, though:
The new trait has to match the dimensions of the original; for example, you can't turn a halter top into a coat.
The trait has to be identifiable by the original metadata tag (a tiara can't turn into a graduation cap).
Traits can't include hate speech or pornographic images.
Traits can't utilize the copyrighted IPs of others.
The quality of the traits must match that of the collection.
Creators whose traits are approved will own the ⓨ (y00ts copyright) of the IP.
Earning Money with ⓨ
There are two notable ways to earn money with ⓨ. Being an artist is the obvious one. Fortunately, non-artists can make bank, too.
Earning Money as an Artist
y00ts artists' wallets won't be complaining about the numerous ways to make money.
After a trait receives approval, the creator owns the license. That means they can set their prices, decide whether to accept SOL or DUST (the DeGods community token), and earn 5% royalties on every sale. They can even sell the license in its entirety if they want to. It is important to note that the DUST Protocol mentioned that the DUST token has no economic value. Instead, the price of the token is determined by the free market. As of now, the price of one DUST token is approximately $1.51.
Artists can also pick the quantity available, giving them control over the supply and, hopefully, creating more demand for rare traits.
The fun doesn't stop there. Creators can also design fashion brands for the collection, and apply them to numerous traits.
Last but not least, artists will have the opportunity to complete paid commissions for y00ts holders.
Earning Money as a Non-Artist
Artists shouldn’t get to monopolize all the financial fun. Fortunately, enterprising individuals can earn significant cash without creating a single trait.
Users will be able to make traits for six months. After that, the y00ts store will stop accepting them. Once that happens, holders can divide their y00ts into parts. They can then sell the individual items, which will be in limited supply. y00ts holders can also trade for other traits.
Additionally, non-artists can create y00ts clubs — sub-communities based on commissions of custom sets of traits. They only need to pick an artist from the y00ts store. Holders can then register their clubs with ⓨ and add their own logos.
The y00ts developers envision clubs revolving around things like memes and common interests, though y00ts holders will undoubtedly come up with surprises.
All traits within a registered club fall under one y00ts copyright, so a club creator can monetize the entire sub-community. They'll receive royalties from every y00ts sale of a trait from their club. Alternatively, club owners can sell the rights to traits for DUST or SOL.
y00ts NFTs Breakdown
This is the general breakdown of y00ts' rarity structure, give or take a couple of percentage points:
90% common
9% rare
1% unique (1/1); with double staking for DeadGods + y00ts owners
The launch date for y00ts was supposed to be September 2, 2022, which has come and gone. The delay occurred because, for reasons that are still unclear, Twitter briefly suspended the accounts of several members of the y00ts team on August 31. Twitter is the primary method through which the y00ts team communicates, and the account suspensions made it challenging to complete all necessary pre-launch tasks.
The new launch date was purported to be Sunday, September 4, at “like 2 pm.” However, the mint was once again pushed back after the team ran into a blocker bug, as shared on their Twitter page. If a fortune teller were here, they could tell you the market cap and the most expensive sale; alas, they are not. To get that information as soon as possible after launch, you can check here.
So far, 200 SOL is the highest sale price these NFTs have reached. There are, however, secondary market listings offering them for prices as impressive as 800 SOL. At the collection's highest floor price, its market cap reached almost 2.8 million SOL.
y00ts NFTs Floor Price
After starting at 124 SOL upon launch, the floor price quickly reached 186 SOL (about $6,138 at the time) within 24 hours, with only a brief dip to 129 a little after 6 a.m. on September 6. The floor is now 136 SOL ($4,243).
If the DeGods comeback taught us anything, it's that Frank — the founder of both y00ts and DeGods — knows how to lift floor prices. You can see how much DeGods’ floor rose in just the past three months right here.
With a cofounder like Kevin, who specializes in raising NFT value, it's fair to say that y00ts' floor price could continue to rise. Displays of eager anticipation from those who wish to buy y00ts tokens further emphasize how well things might go.
Where to Buy/Mint y00ts NFTs
The first people to get their metaphorical hands on y00ts were scholarship recipients. Minting cost them 375 DUST (currently around $725, though the value was higher at launch), the DeGods system's native token. There were originally 15,000 NFTs available, though many have now been minted.
Despite the fact that scholarship winners got the first chance to mint y00ts, that's not the only way to get them. DeGods holders also had a shot at getting them early. Fortunately, the rest of us have options, too.
y00ts Scholarship
Individuals had to apply for a scholarship to get on the “y00tlist” — similar to a presale list — and mint an NFT. If you're reading this article, it's too late for you to get a y00ts scholarship, since the collection has already launched. However, it would have been too late even if you'd attempted it a couple of days before launch. The applications closed on September 2, two days earlier than expected. That was likely an unpleasant surprise to anyone who had heard earlier statements that applications would close September 4.
The scholarship was an interesting choice on the developers' part. Let's talk about how it works.
The team members behind this Solana NFT project say they chose applicants based on merit. In this context, merit means people they believe will actively participate in the community while adding value. Developers expect that a curated community will help y00ts flourish.
Some have worried that "merit" might mean "has a big Twitter following," but that's not the case. People with small follower counts received fair consideration as well.
The scholarship process involved checking to ensure applicants had enough SOL or DUST to mint their project. It also required applicants to verify their social media accounts and answer several relevant questions. Each person had to state which category they fall under: Artist, meme creator, etc.
Anyone who didn't make it to the y00tlist must turn to the open NFT market.
Purchasing on NFT Marketplaces
If you can't manage to get a y00ts NFT in the primary market, you can always head to a secondary market. Magic Eden, Solana’s top NFT market, is a particularly good option. Its biggest draw? Low transaction fees. Magic Eden also has the best attributes filter around.
A new NFT market seems to pop up every second, but sticking with a well-established, trustworthy choice like Magic Eden is wise.
OpenSea is another popular platform where you can find these NFTs. Rarible now has a large selection, too.
Are y00ts NFTs a Good Investment?
As stated previously, unless you're a fortune teller, you can't be sure that y00ts NFTs are an excellent long-term investment. But anyone who's paying attention can make an informed guess that they will be. Here's why:
y00ts has an impressive team with a track record of success.
The launch was one of the most eagerly anticipated in NFT history.
The curated community of scholarship recipients is bound to start the endeavor off on the right foot.
y00ts minted by individuals will be limited to 15,000.
Users will only be able to make fresh traits for six months.
There are several ways for both artists and non-artists to make a lot of money.
The launch was a smashing success.
y00ts has already created $6 million in secondary sales.
Another reason for high hopes is one that’s too big to include in a bullet list. Dust Labs, the software company behind y00ts, recently raised $7 million. The funding round saw investments from Chapter One, Foundation Capital, FTX Ventures, Jump Capital, Metaplex and Solana Ventures. A belief in y00ts' future success played no small part in confidence among these investors.
Closing Thoughts
y00ts has the potential to become a game changer in the NFT PFP world, wildly surpassing other PFP projects. Its novel approach to managing intellectual property rights, singular focus on PFPs and insistence on creating a great community from Day 1 make it stand out in a saturated field.