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 “y00tlist scholarship”, a unique whitelist management system from the project. 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 have to connect their Solana wallet using the “apply” button on the project’s website. Then, they have to connect their Twitter profile to verify their identity. Finally, they have to answer a few questions about themselves. Once accepted, all applicants will be 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.
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 55,000 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.
All in all, y00ts NFT is an exciting new project to watch out for this year. However, it is yet to announce the mint dates.