All about y00ts NFTs

All about y00ts NFTs

All about y00ts NFTs

y00ts is poised to become one of Solana’s biggest NFT hits. Not just another pretty face, the y00ts project includes some groundbreaking ideas for ensuring a fair mint, and letting owners customize their y00ts and maintain more control over the intellectual property rights.

But what’s the difference between y00ts and t00bs, and how does the project work?

    What is y00ts?

    The y00ts NFT collection includes 15,000 avatar-style graphics featuring drawn images of sheep faces, with multiple metadata layers giving each y00t its unique appearance. It was launched on the Solana blockchain on September 6, 2022.

    The project is the brainchild of Dust Labs, whose previous project, DeGods, has been probably the most successful Solana NFT collection so far. According to y00ts founder “Frank,” Dust Labs is a “tech company spun off” from the DeGods project, rather than a parent company like Yuga Labs of Bored Ape Yacht Club fame.

    In fact, y00ts NFTs were originally known as Duppies and planned as an expansion collection for DeGods. The y00ts collection was created so that fans priced out of the DeGods market could become part of the community.

    a y00ts sheep NFT

    How y00t NFTs were minted

    Dust Labs developed an experimental whitelist management platform called The Scholarship that enables NFT projects to select minters for upcoming launches more fairly. The y00ts NFT mint was the first test of the program.

    Applicants had to verify their Twitter identity and answer some questions, to demonstrate they were real and were adding value. This helped eliminate problems with botters and potential pump-and-dump buyers, where crypto whales buy up whitelisted accounts and then immediately sell the minted NFTs on secondary markets, crashing the floor price.

    Accepted Scholarship applicants were able to mint “t00bs,” a separate Solana NFT known as a “mint vial.” These can be burned to create a y00t once the minting period is over. Originally scheduled for September 4, a bug in the software delayed the mint for two days.

    How the y00t mint works - IMG SRC

    y00ts NFTs were sold for 375 $DUST, the native Solana token used in the DeGods ecosystem, or about $850 at the time. The process went reasonably smoothly considering the number of users hitting the server simultaneously. Notably, the Solana network had no trouble processing the high volume of transactions quickly and without high fees.

    The development team reserved 100 y00ts for a raffle for rejected Scholarship applicants. Winners of the raffle were airdropped their NFTs.

    A week after the mint, t00bs were selling on secondary Solana NFT markets like Magic Eden with a floor of about 130 SOL ($5,000).

    What are t00bs? - IMG SRC

    The actual y00ts artwork remained something of a mystery, with only a dozen images initially released to the public. Developers said the “art reveal” would take place later in September, and that the quality would be worth the wait.

    What makes y00ts special?

    One of the most unique characteristics of the y00ts NFT project is its whitepaper, which defines a new system of copyright and licensing, using as substitute for the standard copyright symbol. Dust Labs said y00ts is a test case for this new this model.

    Instead of the usual practice, where a central organization holds the copyright for a collection and assigns intellectual property rights to users for individual NFTs, each collection has its own off-chain registry that tracks who’s authorized to use an NFT’s IP, enabling owners to approve or reject usage requests.

    A “y00ts st0re” will encourage artists to develop customized traits for their y00ts NFTs. They will own the rights to their work and can collect a percentage of royalties, or make the customizations free to the community.

    How to buy Solana and get y0ur y00t NFT

    During the mint, Y00ts were sold for $DUST. But if you want to pick one up now on a marketplace like Magic Eden, you’ll need some actual Solana (SOL) coins. Fortunately, Exodus makes the whole process easy.

    With Exodus, if you don’t already have crypto, you can use the Ramp network to buy SOL using a credit/debit card, bank account or Apple Pay. For a simple, step-by-step guide to buying cryptocurrency in Exodus, head to our knowledge base.

    Exodus hosts over 230 different crypto assets, and you can also trade Bitcoin or other cryptocurrencies for Solana (SOL) within Exodus, either using the built-in exchange app or linking your wallet with the FTX exchange.

    Buying a y00t NFT is even easier, and can be done on Exodus desktop, mobile, or within the Exodus Web3 wallet for Chrome or Brave. Just click the Magic Eden Marketplace button to take you to their website. Clicking on Connect Wallet will detect Exodus and suggest it as an option.

    Make sure the “prioritize Exodus” option is selected, so that whenever you choose MetaMask or some other wallet in a Web3 app, the Exodus wallet extension will open instead!

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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