Basic info
Last updated: Sep 21, 2023
Originally launched on the Solana blockchain, y00ts is a digital, generative art collection consisting of 15,000 NFT tokens. It is the second NFT project created by Dust Labs, who also established the DeGods NFT collection. In a significant development in 2023, y00ts announced a migration from Polygon to the Ethereum blockchain, after initially accepting a $3 million grant from Polygon and migrating there earlier in the year.
Originally, the project was meant to be named Duppies and was to become an extended DeGods NFT collection, however after needing to postpone the minting date due to a Twitter hack, the team changed plans for the collection’s release and it was launched as a separate NFT collection with close ties to the DeGods ecosystem.
The y00ts collection was initially slated for release at the end of July or the beginning of August 2022. However, due to various issues including a Twitter hack, the mint date was postponed multiple times, with the collection eventually being minted on November 4, 2022. In 2023, y00ts migrated first to Polygon after accepting a $3 million grant, and later announced another migration to the Ethereum blockchain.
As there was a lot of buyers’ interest during the minting phase, the y00ts team decided to implicate an intricate whitelist, named y00tslist, where accepted people were given a so-called scholarship and then allowed to create a y00ts NFT at a mint price of 375 DUST tokens (DUST is the native token in the DeGods ecosystem). Furthermore, DeadGod NFT holders (DeadgGod NFTs are updated DeGods) were airdropped an NFT token called “t00bs” which can also be used along with 375 DUST tokens to mint a y00ts NFT.
The y00ts NFT collection contains 15,000 tokens. With the project's multiple migrations first to Polygon and then to Ethereum, the tokenomics and utility of y00ts are expected to continue evolving.
All y00ts NFTs are composed of a maximum of 6 attributes consisting of 178 traits. y00ts NFTs don’t yet have a rarity explorer tool, but the team plans to release one, similar to the DeGods rarity explorer, in the near future.
Due to a novel approach to Intellectual Property (IP) rights employed by the y00ts team, a platform named “y00ts store” allows artists to submit their custom versions of y00ts traits, and NFT holders to hire artists to do custom y00ts traits versions. These custom version traits’ IP rights are held by the artists that created them and can be purchased by NFT holders from the store. Later, y00ts holders can upgrade their NFTs’ artwork so long the trait matches the one originally present on the NFTs’ metadata. For example, an NFT with the “Happy Hoodie” trait can only be upgraded with a custom version of that particular trait, as the token’s metadata cannot be changed. Furthermore, to gain permission to update their NFTs, y00ts holders need to gain a special “ⓨ Token” with which the Intellectual Property rights are changed to allow the update. The token is obtainable after staking y00ts for at least 30 days.
After the success of DeGods, the team behind the collection established Dust Labs, through which the y00ts NFT collection was released. The y00ts team consists of the same people as DeGods led by pseudonymous founder Frank. The y00ts community has been growing since the announcement of the project and currently consists of around 30,000 Discord members and more than 102,000 Twitter followers. There is no information available on who the main y00ts artist is.
There is no information on partnerships established by y00ts so far, but the project has already applied for a “Y00TS” trademark concerning “Apparel” with the United States Patent and Trademark Office (USPTO), hinting at aiming at fashion for possible collaborations.
As the main idea of the y00ts NFT collection is to test the application of its team’s novel concept of NFT ownership and copyright – ⓨ, most of the y00ts value derived by holders is currently centered around it. Whoever holds the ⓨ rights to a trait on the y00ts store can manage various parameters of it, such as its price and supply, or just benefit by collecting the 5% royalties fee accrued on each sale of the trait, or selling the ⓨ rights to another community member.
Although at first, anyone will be able to submit a new design for y00ts traits, this will only last for six months after the launch of the y00ts store, when adding user-generated traits will cease. At that point, y00ts holders will be able to separate their NFTs from their traits and trade them if they wish to. Later, new traits added to the store will be through “limited supply collaborations with big apparel/lifestyle brands”, according to the ⓨ rights whitepaper.
Since gaining rights to upgrading y00ts NFTs requires staking them for at least 30 days, the mechanics of the process include earning ⓨ token rights for every 30 days staked. Every ⓨ token can be used to upgrade only one trait up to a maximum of six, however, ⓨ tokens can also be stacked and traded when an NFT is sold bringing more value to y00ts NFT holders.
Members of the community and digital artists creating y00ts traits can further benefit from creating fashion brands within the y00ts collection, incentivizing the formation of sub-communities within the broader y00ts ecosystem.
A 2023 y00ts roadmap is expected to be released soon. Given the recent chain migrations, the project is likely to undergo substantial updates in its future development plans.
Currently, y00ts can still be minted either through being part of the y00tlist or by using a y00t mint t00b NFT which is traded on some marketplaces such as Magic Eden. The current floor price of y00ts mint t00b NFTs is around 70 SOL or $1,340 at current market prices.
Presently, the y00ts floor price is about 0.85 ETH, meaning the cheapest y00ts NFTs are being traded for $1,410 at current market prices. NFTs from the collection are mainly traded on marketplaces such as OpenSea and Magic Eden. The most expensive y00ts traded so far is y00t #437 whose last sale was for 75 ETH.
https://docs.google.com/document/d/1X3BiIeoiLxVYhJ9zB7SDx7IsVoB36wuS9fzWPx63-is/edit
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Last updated: Sep 21, 2023
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