NFT upstart y00ts: New Yuga Labs with $7M in funding

22-09-06 19:01
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 Written by: 0xLaughing, Rhythm BlockBeats


The price of Solana has been falling all the way


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Since entering the crypto winter, the price of Solana (SOL) once fell below $30, a drop of more than 90% from the highest point of $260. At the same time, Solana was exposed one after another DeFi data fraud and Large-scale coin theft incident and other scandals, and the rise of new public chains such as Aptos and SUI, which further launched a siege against Solana, many of which previously supported Solana Organizations, development teams, and even Solana's own employees are turning to Aptos and Sui.


Solana is facing these "internal and external troubles", and the former "Ethereum Killer" seems to have long been glorious no longer.


y00ts climbed to the top of the OpenSea trading list in 2 hours


here In this context, Solana's NFT series DeGods with the highest market value released their second season NFT y00ts this morning. It took only 2 hours after the release to reach the top of OpenSea's 24-hour leaderboard with 62656 SOL (approximately 2.042 million US dollars).


Dust Labs' two major NFT series, DeGods and y00ts, are quite influential. System $DUST has a wealth of use cases, with the positive news this morning of  Dust Labs' $7M funding roundReleased, this set of punches, the "Solana version of Yuga" created under the leadership of the founder Frank  Labs" has taken shape.


What are DeGods?


DeGods uses "Paper Hand Tax" to buy back and destroy NFT


BlockBeats previously published "Attack on Solana NFT: DeGods with Deflation Punishment" The article introduces the DeGods NFT project in detail. Its total sales amount is 10k (535 were destroyed afterward).It relies on the innovative "paper hand tax", the deflation mechanism of repurchase NFT destruction, and the unique meme , the positive circular $DUST Token economic system and the influential community DeDAO have become Solana's most valuable and influential NFT brand.


It is worth mentioning that DeGods is nothing compared to NFT brands on Ethereum Not so good, according to report, DeGods’ floor price keeps hitting new highs , the total market value of all NFTs ranks among the top five, second only to Bored Ape Yacht Club, CryptoPunks, Moonbirds and Mutant Ape Yacht Club.


What are y00ts?


  NFT image of y00ts


y00ts is launched by DeGods The NFT series of the PFP category in the second season, formerly known as Duppies, due to the hacking incident, Duppies changed official Twitter account. In July it was announced that the second season would be renamed y00ts.


y00ts Whitelist Assignment


The total amount of y00ts is 15k, each DeadGods holder can mint one y00ts, a total of 8956 . The remaining places need to apply for the "y00tlist scholarship" to obtain casting qualifications. In addition, there are 100 places for the lucky draw, and the lottery tickets need to be purchased with $DUST. All those eligible for minting will need to pay 375 $DUST to mint y00ts NFTs.


Currently those who have passed the y00tlist can only cast t00b


In fact, after the opening of the casting today, people who have passed the y00tlist can only cast one t00b. These  t00b are equivalent to the blind box stage, and the blind box can be traded and circulated in the secondary market. On September 9th, you can choose to burn t00b and exchange it for y00ts, which is similar to manually opening maps.


y00tlist: a unique application-based whitelist distribution form


y00ts has adopted the "y00tlist Scholarship" method to issue its whitelist qualification y00tlist, applicants need to connect Solana wallet official website (you can verify whether you hold DeGods/DeadGods and a full amount of $DUST), and at the same time verify the identity of Twitter, and need to answer a few questions.


After filling out the application form, the team will decide whether to apply through y00tlist according to the filled content. At the same time, keep the application open and transparent on y00tlist's official Twitter.


Equal opportunities, low threshold for newcomers


 "A community of 15,000 of the coolest people in Web3"  


Currently each new NFT When the project is released, it basically adopts the previous white list allocation method, that is, draws with cooperative projects, conducts activities in Discord, and so on.


The blue chips such as BAYC, Doodles, Azuki, Moonbirds, etc. The airdrop method is generally adopted.


The second generation of NFT uses the airdrop method to make the chips still concentrated in the initial stage In the hands of the original holders, the original holders will set the market price, which may make NFT players who want to join this ecology discouraged by the high price, and the circle expansion effect is poor; at the same time, the indiscriminate airdrop cannot distinguish between diamond hands and Short-term airdrop hunter.


And y00ts hopes to establish a "by the most 15,000 Web3 A community composed of cool people",The application system can judge whether each person's advantages can be used by the community, and at the same time use each Solana wallet/Twitter account to correspond to a real user as much as possible, avoiding the "waste of white list" ”, everyone has an equal opportunity to get the whitelist.


Let many celebrities and KOL become "walking billboards"


Many celebrities, NFT KOLs, project parties and institutions


y00ts has many celebrities participating, such as Football player Wayne Rooney, rapper Lil Baby and basketball player Allen Iverson, to name a few. This is due to DeGods' rich Web2 resources. As early as April, DeDAO acquired a BIG3 league basketball team, Killer 3s, which made it famous, which further expanded the brand's popularity.


At the same time, many NFT KOLs of the ETH chain have also joined y00tlist, such as Sibel (Founder, For The Culture), Franklin (BAYC 6th Big Whale), cygaar (Azuki dev) and more.


Because y00ts uses an application system to obtain whitelist qualifications, so you can choose The "invisible" NFT KOL passively became the "billboard" of the y00ts project, thereby reaching many NFT players who did not understand the Solana NFT market, further expanding the influence of the DeGods ecosystem.


COPYRIGHT AND OWNERSHIP MODEL LICENSE : Committed to creator economy and community co-creation


At paper It is described like this:  is our general knowledge version of NFT copyright and ownership.


Generally speaking, the NFT collection is regarded as a management organization, and Work as a "registry", each NFT collection Both can have their own copyright and ownership registry, which can easily track those individuals or institutions approved to use NFT's IP, and y00ts will be used to test this "governance-registry" model.


y00ts implemented this model by y00ts st0re


y00ts will first use "y00ts st0re" to implement this new type of license, you can understand this "y00ts st0re" as a "dressing store", and the items bought and sold in this store are the characteristics of each part of y00ts (such as hairstyle, skin color, clothing style, etc.).


To "ship" (submit features) to this store, the following requirements need to be met:


 Must fit in the same space as the original features (can't turn a t-shirt into a parka)

 Must be accessible through the original Metadata tags to identify (hats cannot be turned into crowns)

 No hate speech or pornographic images

 No direct use of existing copyrighted IP

 Meets quality standards that match the collection


Features submitted by artists Will be reviewed by the team and once a feature is approved, the corresponding artist will have the license for that feature (or ), and has the right to set the price and quantity for that feature in the y00ts store, and earn a 5% royalty on each sale thereafter. The artist who licensed the feature could also sell the entire license if he wanted to.


At the same time, the team plans to stop approving users to continue generating features in the store after six months, that At this time, the holder can divide his y00t into separate parts, that is, he can sell a certain feature on this NFT or replace it with other features. After stopping the submission of user-submitted features, all subsequent sources of new features will be limited joint brand cooperation.


How do holders add features to their y00ts?


Pledge y00ts, get 1 Token every 30 days of pledge, each y00t can be up to Holds 6 Tokens. Through the corresponding Token ID, you can purchase the features of the corresponding position in y00ts st0re (you can always change back to the original basic features after changing the new features).


This Token can choose not to use. For example, a holder can pledge one of his y00t for 180 days to get 6 Tokens, and then can use his basic fund y00t Packaged and sold together with these 6 Tokens, this may bring a certain premium to the original NFT.


How do you make money with this new type of licensing?


 Indie and 1/1 Artists can make and charge for custom features

 Create a fashion brand within the collection ( across multiple features)

 doing paid (or free) commission work for the holder

 fee via copyright


The team encourages artists to sell their work on y00ts st0re, as if they get their registration they will be able to collect royalties on their work after the first sale.


Summary


y00ts This new license of copyright and ownership will be adopted first. On the one hand, it can attract outstanding artists to participate in the y00ts ecology, "not for nothing", and artists will also receive corresponding royalties. truly co-creating the creator economy and the community Landing. At the same time, holders of y00ts can freely match the characteristics of their NFTs, giving NFTs more composability and gameplay. This new type of license also facilitates the integration of Web2's existing well-known brands and IP into y00ts and other NFTs that adopt this model in the future, which may build a bridge for the cross-border joint name of Web2-Web3.


$DUST Token system has more use cases


On January 1, 2022, DeGods launched the Solana-based SPL token $DUST. Unlike most Tokens, the supply of $DUST starts from 0, and the supply limit is 33,300,000. There is no IDO and no VC participation. In this way, the fair distribution of tokens is completed. $DUST will have three halving periods, each of which will reduce the token’s staking rewards by 50%. Currently $DUST can be traded on Raydium and Jupiter.


There are only two ways to generate $DUST: burning NFTs (rarely) and staking DeGods (mainly source).


There are three main application scenarios for $DUST before: DUST store, Upgrade DeGods and Solana ecology.


(Note: The DUST store here is different from the y00ts st0re above, mainly using $DUST to participate in the NFT lottery of treasury repurchase)


For the token system, please refer to The contents of "Attack on Solana NFT: DeGods with Deflation Punishment Paper Hands".


Casting y00ts rewards diamond hand and avoids airdrop hunter

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Staking NFT is the main source of generating $DUST


Now it costs 375 $DUST to mint one y00ts , there are mainly four roles involved in the market:


  Diamond hands who have staked DeGods for a long time. For these people, they can be "self-sufficient" without additional purchase of $DUST from the market, and they can even sell part of it in the market to make a profit after $DUST rises;


  TemporaryPeople who buy DeGods in exchange for y00ts casting qualifications. Due to lack of pledge/staking time, these people can only buy $DUST from the market to meet the casting conditions, which is equivalent to giving back to the DeGods ecology;


< p>  People who are not DeGods holders but have obtained whitelist qualifications by applying for the "y00tlist Scholarship". Same as 2, you also need to purchase $DUST from the market to meet the casting conditions;


  Failed to pass the "y00tlist scholarship" the person who applied. They join the waitlist and can buy tickets through $DUST to draw, the prize pool is those unminted, remaining y00ts minting qualifications.


became the transaction currency of y00ts st0re


In y00ts st0re, there is a chance to become a transaction currency for buying and selling features in the future, that is, $DUST needs to be paid/received when buying and selling features.


Conclusion


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Solana is in the NFT market in all public chains Still No. 2


There were rumors before that: Frank, the founder of DeGods, will also "escape from Solana" , chose to sell Duppies (formerly known as y00ts) on the ETH chain. With the release of y00ts, the rumors are self-defeating.


With DeGods among the top five in NFT market value, the second generation of y00ts has excellent market performance and influence, and the new copyright ownership license is also full of creativity , practically practicing the concept of community co-creation and creator economy, not to mention the favorable blessing of 7 million US dollars in financing. The DeGods + y00ts + $DUST token system forms Dust Labs, and its influence will radiate to the entire NFT field. The "Solana version of Yuga Labs" has taken shape.


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They are not afraid of the "public chain siege", backed by the powerful DeDAO community, in the "Social Experiment Home" Frank seems to only want to do one thing: Make Solana Great Again.

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