Galactic Brands: y00ts

The surge of NFT excitement has surprised everyone, with new collections gaining popularity at a remarkable pace. One such collection that has stolen the spotlight and surpassed even the established "blue-chip" NFTs is y00ts.

This week in Galactic Brands, let's dive deeper into y00ts NFT collection ->

The hype surrounding y00ts is such that it has become widely recognized. y00ts is an exceptional collection of NFTs developed by the team behind DeGods, a popular NFT project on the Solana blockchain. Initially, the y00ts NFTs were accessible to DeGods holders and those who had already secured a spot on the y00tlist.

Whether you were fortunate enough to acquire y00ts or not, it's worth understanding the factors that have piqued the interest of NFT enthusiasts in this collection, including the news of its migration from Solana to Polygon!

What is y00ts?

y00ts is an NFT collection on the Solana blockchain created by Dust Labs, the same team behind the DeGods NFT collection. Initially known as Duppies, y00ts was conceived as an expansion collection within the DeGods ecosystem.

However, in early July 2022, the team experienced a Twitter hack, leading to a plan change. They announced they would no longer proceed with the Duppies mint as expected and decided to embark on a new direction. They stated, "We tried some shit and learned some shit, and now we're trying some new shit."

The y00ts NFTs are characterized by a single image of a sheep, with various metadata layered to give each y00t its unique attributes. The collection has gained attention and popularity within the NFT community on the Solana blockchain and now thriving on Polygon.

Y00ts’ IP & Copyrights

The distinguishing factor of the y00ts collection lies in its unique approach to granting rights and permissions to NFT holders. In most NFT collections, holders typically secure intellectual property (IP) rights only for their own individual NFTs.

However, y00ts introduced a different system to benefit the entire collection and its holders. It can be understood as registering a copyright, with the NFT collection as the governing body. Each collection would have its ⓨ registry, making it easy to track who is approved to use the NFT's IP. This enables projects to endorse or deny usage requests in the Web3 ecosystem quickly.

By implementing this innovative approach to rights and permissions, y00ts targeted facilitating the development of businesses, sub-communities, fan art, and other endeavors around their NFTs, ultimately driving increased interest and value within the collection.

Y00ts Store

The y00ts store operates as a marketplace that enables the community to access personalized NFT traits. In this marketplace, holders can collaborate with artists and commission custom designs for their y00ts NFTs. While any creator is welcome to submit their pieces, there are specific criteria that need to be met for approval:

1. Size Consistency: Both the original y00ts trait and the customized trait should be of the same size.
2. Recognizability: Designs using the original metadata tag associated with the y00ts NFT should be easily recognizable.
3. Prohibited Content: Submissions containing hate speech or displaying pornographic imagery are prohibited.
4. Copyrighted Intellectual Property: Submissions must not directly use any existing copyrighted intellectual property without proper authorization or licensing.
5. Quality Standards: All submissions must meet a quality standard consistent with the overall collection, ensuring aesthetic cohesion.

By enforcing these approval criteria, the y00ts store aims to maintain the integrity and quality of the collection while providing opportunities for creators to contribute their unique designs and talents to the y00ts NFT ecosystem.

Once creators have passed the approval criteria, they will receive the Ⓨ symbol for their customized traits in the y00ts collection. Having Ⓨ offers several advantages, including:

1. Pricing Control: Creators have the right to establish the price for their y00ts traits, allowing them to determine the value of their work.
2. Limited Availability: Creators can control the number of customized traits available for purchase, creating a sense of scarcity and exclusivity.
3. ⓨ Ownership Transfer: If desired, creators can sell the entire ⓨ (including the rights to their traits) to another party.
4. Royalty Income: Every time a trait is sold, the creator receives a percentage (5%) of the royalties, providing ongoing income from the secondary market sales.

To protect intellectual property rights, the y00ts project strictly prohibits any form of copying or derivative works without permission. Violators who attempt to list unauthorized derivatives in the y00ts store will not be able to proceed.

It's important to note that user-generated traits can only be added to the y00ts store within six months after the initialization of the project. After that period, NFT owners can decide what to do with their y00ts traits. This includes options such as selling the traits or exchanging them for other pieces.

Furthermore, in addition to user-generated traits, the y00ts marketplace will feature collaborations with leading brands in the apparel/lifestyle industry, bringing a diverse range of traits to the collection.

By incorporating these features and partnerships, the y00ts project aims to provide creators with control over their work, foster a vibrant marketplace, and offer a variety of unique traits for collectors and enthusiasts.

Customization of y00ts

To obtain customization rights for their y00ts NFTs, holders must stake their NFTs for 30 days. After the staking period, a ⓨ token is added to the y00t's metadata. Each y00t can hold a maximum of 6 ⓨ tokens, indicated in the metadata, for example, "ⓨ Tokens: 1."

Once holders have obtained ⓨ tokens, they can apply customized ⓨ traits to their y00ts NFTs through the y00ts store. It's important to note that the new trait must match the attribute specified in the y00t's metadata. Holders can change the trait to the original y00t base once the ⓨ token has been utilized. However, if they want to apply a new customized trait, they must stake their y00t for another 30 days before doing so. Holders should be cautious in their trait selection due to the staking requirements.

If a holder decides not to use ⓨ tokens, the y00t will collect and retain them. As a result, the NFT may be sold with the tokens attached, potentially fetching a premium price.

It's worth noting that only the ⓨ token owner has the exclusive right to copy the trait, theme, style, or brand associated with the y00t. Any attempted derivatives that try to list unauthorized copies on the marketplace will not be approved. Additionally, the y00ts team has announced that no further user-generated traits will be added to the y00ts store after the initial 6-month period.

Creators can now divide y00ts into individual pieces, and holders can sell limited-supply items separately, such as a hoodie, or swap them for other traits. Moving forward, newly added traits to the y00ts store will come through limited supply collaborations with lifestyle brands and prominent apparel companies.

By providing customization options, staking mechanisms, and collaborations with established brands, the y00ts project aims to enhance the value and versatility of the y00ts NFT collection.

y00ts from Solana to Polygon

The FTX incident significantly impacted the Solana ecosystem, causing many projects, including DeGods and y00ts, to face substantial challenges. As a result, the teams behind DeGods and y00ts made an official announcement on December 25th through their Twitter accounts, stating their decision to migrate to other ecosystems, which took place in 1st quarter of 2023.

The motivation behind this decision, as expressed by Rohun Vora, the founder of DeGods and y00ts, is to explore new opportunities and support the continued expansion of the collections. In addition to the projects' migration, the DUST token, which is used for buying, selling, and minting NFTs on the DeGods network, will also be bridged onto Ethereum and Polygon.

Because prominent entities such as Disney, Adidas, Nike, and Reddit have chosen Polygon as their NFT platform, the move of y00ts to Polygon will likely be met with success. However, concerns about bridge vulnerabilities or potential hacks are valid; only time will reveal the outcome.

With Solana facing challenges, Polygon positions itself as a promising ecosystem for NFTs, second only to Ethereum. The success of Polygon in becoming a prominent NFT platform will depend on various factors, including its ability to maintain security and scalability, attract more projects and users, and provide a seamless experience for NFT enthusiasts and creators.

Conclusion

The y00ts NFT collection can potentially become another significant milestone for the team following the successful DeGods NFT drop. With the ongoing hype and enthusiasm among NFT enthusiasts, y00ts has the opportunity to surpass other trending collections shortly.

The project aims to provide new avenues for commercialization, benefiting both NFT holders and artists. With its unique concept and growing popularity, y00ts has the potential to make a notable impact in the NFT space, capturing the attention of collectors, enthusiasts, and artists alike. The future holds promise for the project as it strives to deliver new and exciting experiences for its community.