TL;DR: With a new update or NFT collection being released almost every day, it’s clear the crypto ecosystem is constantly evolving. y00ts is one of the NFT collections paving the road to the digital universe — but it’s just the beginning. Knowing what brought it here and why it was created will lead you to make better decisions when investing or simply interacting with y00ts.
In this article, we’re gonna dive into the y00ts lore, answer all the y00ts related questions and even more. Prepare yourself for a fantasy story and a journey to the future of y00ts!
What is y00ts?
y00ts is an NFT collection of 15,000 avatars that live on the Ethereum blockchain.
The heart of the y00ts NFT collection lies in a single image of a sheep. Initially known as Duppies, y00ts was conceived to extend the DeGods ecosystem, presenting an exciting vision for an expanded NFT collection.
A turning point for y00ts was its remarkable rise in the NFT space, catching the eye of several celebrities like Allen Iverson, Howie Mandel, Wayne Rooney, and many more, cementing its position as a standout project.
In an unexpected twist in July 2022, the project, once called Duppies, had plans for a mint towards the end of July or early August. However, an unexpected Twitter hack disrupted these plans, prompting the team to regroup and reevaluate their strategies. Learning from this experience, they boldly declared, “We tried some shit. We learned some shit. Now, we’re trying some new shit.”
This adaptability and resilience showcased by the DeGods creators drew the attention of DeGods holders and NFT enthusiasts, fostering a strong and vibrant community of around 15,000 unique individuals in the Web3 community.
Owning an NFT is different than screenshooting a JPEG - just like holding an original Rembrandt is more valuable than owning a replica. As their name suggests, NFTs are non-fungible by design. This is different from digital tokens like Bitcoin and Ethereum.
Fungible assets can be exchanged for another asset of the same type, much like BTC, ETH, or even fiat. NFTs, on the other hand, are unique assets where their ownership details are documented on the blockchain, ensuring digital scarcity and unique attributes for each asset.
But how exactly is digital scarcity being enforced?
The concept of NFTs first emerged in 2012 with the creation of Colored Coins, which could be used to represent real-world assets on the blockchain. However, Colored Coins only worked in a permitted environment, making it more similar to a database than anything else.
As the crypto industry became more popular, people have continued to experiment with the idea of a digitally scarce asset. This led to the creation of ERC-721 and ERC-1155.
The ERC-721 standard is like a set of rules for making NFTs. These actions help in making special tokens with their unique information, making them different from one another.
Behind the scenes, ERC-721 smart contracts keep a list of who owns which token, making it safe to pass tokens from one person to another. The contract also keeps count of how many tokens there are altogether and how many each person has.
As previously mentioned, y00ts NFTs are secured by the Ethereum blockchain. Ownership and transaction history are publicly visible on the Ethereum blockchain along with other important info such as the NFT's metadata.
Understanding how to access an NFT's metadata is essential for holders to grasp the specifics of what they're buying.
Metadata usually includes visual attributes like color, type, wearables, and so on. On the blockchain, it looks something like this:
y00ts have their own set of traits that make up their uniqueness. These are the background, clothes, eyewear, face, fur, and head.
Some traits are rarer than others, which makes a specific NFT stand out from the rest. Specifically, 90% of the y00ts are common, 9% are rare, and 1% are unique.
Rarity is determined by the mix of the traits. For example, there are 47 y00ts with bone fur. Out of the bone-furred y00ts, only one y00t wears a bear coat.
The y00ts NFT collection has been autogenerated. This means that out of the potential combinations, only 15,000 y00ts will ever exist!
What is the utility of y00ts?
y00ts make for an awesome avatar pic, but it’s also a way for the holders to become part of a passionate community and earn.
The mission of y00ts is to change the copyright frame. This mindset has led to the creation of an innovative earning method for y00ts holders.
y00ts can be personalized to create y00ts with unique traits. Anyone can propose a new y00ts trait, adding a sprinkle of personal touch. But, there are a few rules to play by: the new trait must maintain the essence of the original and abide by common sense rules.
If the trait proposal meets these guidelines and is approved, the creator gains ⓨ (y00ts copyright) over the IP.
Delving into the y00ts store is like entering a vibrant marketplace for PFP holders. Here, the canvas is yours to customize, and artists reap rewards for their creative ingenuity.
Artists who craft these distinct traits can earn royalties from the sale of their creations. Additionally, they have the option to offer their traits for free, fostering a sense of artistic community and generosity.
To unlock the store's offerings, one must demonstrate commitment by staking a y00ts NFT for 30 days. This loyalty is rewarded with ⓨ tokens, granting you entry into the world of shopping and artistic expression within the y00ts store.
Both artists and non-artists find avenues to flourish and earn their share of the spotlight.
For artists, the canvas is vast and the opportunities are abundant. Approvals for unique traits unlock a world of financial possibilities:
Licensing Empowerment: With a trait's approval comes the right to set prices, choose payment in SOL or DUST, and earn a 5% royalty on every sale. Artists can also sell the license to their creations if they wish.
Tailored Supply: Artists control the availability of their traits, influencing rarity and enhancing demand for specific, rare traits.
Fashion Forward: Creating fashion brands for the collection and applying them to various traits opens doors to additional revenue streams.
Commissioned Artwork: Artists can earn by completing paid commissions for y00ts holders.
Even if artistic skills aren't your forte, y00ts provides opportunities for non-artists to engage and profit:
Trait Creation: Individuals can craft traits for six months, trade, or sell them once the y00ts store halts new submissions.
Club Ventures: Establish y00ts clubs around specific themes, partnering with artists from the y00ts store. Monetize the sub-community and receive royalties from each sale within the club.
Trade and Profit: Engage in trading, turning limited-supply items into potential earnings.
As the y00ts brand expands, NFT holders will be able to continually earn rewards. Whether you are hodling for a season or longer, the y00ts ecosystem continues to explore new ways of keeping holders engaged.
Who created y00ts?
y00ts was created by Rohun Vora (aka Frank DeGods) and Kevin Hendrikson in early July 2022. Before we delve into the creation story of y00ts, let’s learn about the background of the founders.
Frank DeGods, an alias adopted by Rohun Vora, is a former film student at UCLA who holds a remarkable position in the world of NFTs on Solana. He is the visionary behind two distinguished NFT projects—DeGods and y00ts. Choosing the moniker "Frank" was a nod to the musician Frank Ocean, reflecting Vora's creative inspiration. Hailing from Los Angeles, this NFT pioneer had early exposure to movie sets at the age of 15, sparking his passion for film studies. However, he opted to leave UCLA to chase his entrepreneurial ambitions.
One of Frank's early ventures was Duffl, a creative initiative involving hacked Bird e-scooters to facilitate grocery deliveries to customers. His journey took a significant turn when he was accepted into the Y Combinator startup fund and program, successfully raising $1.3 million. Following this, he dived into coding through a boot camp and secured a role at Main Street, a software development company.
Remarkably, as a lone marketing force, he propelled the company's valuation to an impressive $500 million. Subsequently, Frank immersed himself in the Solana ecosystem and gained considerable recognition by founding DeLabs. His contributions to the ecosystem, particularly with DeGods and y00ts, have solidified his reputation as a notable figure within the blockchain space.
Frank's 2022 marked a pivotal moment when he decided to reveal his true identity in November, departing from the anonymous persona he had maintained. This revelation came through a tweet sharing a screenshot from his personal Instagram account, unveiling his true identity as Rohun Vora.
The Web3 community overwhelmingly supported Frank's decision to dox himself. Interestingly, this move enhanced the community's trust in him, showcasing a trend seen with other doxed Web3 founders. Even after doxing, Frank maintained a candid and lighthearted tone, humorously noting the upside: "On the bright side, [I] won’t have to wear a mask to the Art Basel events, lol," he shared on X app.
The second founder of y00ts is Kevin Hendrikson. He boasts an illustrious history in the Web2 entrepreneurial realm. He notably held the position of Director of Engineering at Zimbra, a comprehensive software suite inclusive of an email server and web client. Zimbra was acquired by Yahoo! in 2007 for a staggering $350 million. Additionally, Henrikson co-founded Acompli, a pioneering mobile email application, where he assumed the role of VP of Engineering. Acompli later caught Microsoft's eye and was acquired for an impressive $200 million in 2014. In his most recent role, Henrikson served as the VP of Engineering at Instacart, a highly popular grocery delivery company in the USA.
Hendrikson currently serves as the founder and CEO of Dust Labs, the software company behind y00ts and DeGods.
The y00ts NFT collection came after DeGods had already taken over the Solana ecosystem. While the founders were still pseudonymous at the time, the community rallied behind DeGods and managed to become the most popular NFT collection on Solana in the span of a few weeks.
Given the reputation of Dust Labs, it was no secret that y00ts would become an overnight phenomenon in the NFT circles.
The y00ts minting process was initially set for September 4th at 2 PM PST. However, the minting steps were more than a simple whitelist – users had to prove a lot more commitment in order to get their hands on a y00t.
Members had to be part of an exclusive whitelist dubbed the “y00tlist scholarship.” The y00ts team fostered a transparent NFT community, introducing a public VIP list, accessible to everyone. Inclusion on this list guaranteed a y00tlist spot for all those mentioned.
3,000 minting slots were dedicated to recipients who applied through this scholarship. The application process saw an overwhelming response, with a staggering 70,000 individuals vying for a mere 3,000 spots.
The selected individuals included a diverse array of talent: celebrities, artists, creatives, entrepreneurs, collectors, and business builders. Remarkably, among them were many with fewer than 100 followers on Twitter, highlighting the team's commitment to recognizing and uplifting emerging voices and talents within the community.
Anticipation and excitement were brewing as they prepared for their highly awaited minting event. An exclusive page was designated to track the accepted scholarship applicants for the y00tlist. Regular tweets from this account provided updates on those fortunate enough to make it onto the y00tlist.
Accepted applicants eagerly awaited the minting process for t00b, a secondary NFT collection granting entry into the y00ts ecosystem. Each t00b was priced at 375 $DUST, setting the stage for a wave of activity in the y00ts realm. However, there was a time constraint — those accepted had a narrow window from September 4th to September to complete their minting. Any delays or missed opportunities within this timeframe would result in the loss of their spot.
On the flip side, for those who didn't secure a spot and found themselves on the rejected list, a raffle offered a chance to win 100 y00ts, fueled by $DUST. The process was set for September 4th, promising an exciting opportunity for those yearning for a connection to the y00ts ecosystem.
Yet, fate had other plans, and the carefully organized events faced unexpected hurdles. Technical glitches disrupted the anticipated minting process, leaving both whitelisted (y00tlist) and waitlisted applicants in limbo. The project encountered a “blocker bug” that stalled the minting process, much to the disappointment of eager y00ts enthusiasts.
The stress was so high that Frank took a break from social media to be able to focus on y00ts. Furthermore, the team promises to refund anyone who lost money on the mint.
Despite these initial setbacks, the y00ts mint finally found its moment on September 7, garnering extraordinary numbers. In less than 24 hours, the hyped-up y00ts project saw an astounding 190,000 SOL in volume, equivalent to approximately 6.1 million. This propelled the y00ts NFT collection to the top of the volume charts on OpenSea, boasting a floor price of 160 SOL ($4,900 at the time).
These staggering statistics underscored the immense popularity and demand for the y00ts project within the NFT community. However, the delays led to a struggle for waitlisted y00ts fans attempting to mint their NFTs. To address this, the y00ts team announced a 24-hour heads-up for these dedicated fans.
As the community grappled with the nuances of the whitelist versus the waitlist and the intricacies of the minting process, diverse experiences were shared. Some found the process lengthy and challenging, while others navigated it smoothly. The founder, known as Frank, acknowledged the challenges, stating, “Admittedly, minting has never been our strong suit, mint has always just been a vehicle to get there”. Despite the hurdles, the fervor for y00ts remained undiminished.
Who is developing y00ts now?
y00ts was built by Dust Labs, a technology company that builds B2B SaaS tools for other Web3 companies. Dust Labs offers a wide range of tools that are mainly focused on enhancing the NFT space.
Their plan is to create a system that helps businesses handle their customers and operations in the emerging Web3 space. It will work like popular customer management tools but for Web3. Dust Labs is already partnering with some businesses. Eventually, they aim to make this a simple, do-it-yourself service that companies can use monthly, making things easier in the evolving world of NFTs.
Dust Labs has built an explorer for the y00ts collection. Usually, when browsing an NFT collection on a marketplace, you can only see the NFTs available for sale there. But with Explorer, you get to explore the entire digital art collection. It provides insights like the NFT with the highest rank and which traits are currently the most valuable.
On June 5, 2023, Dust Labs introduced v0.1 of de[id], an innovative platform set to revolutionize user interactions within the Web3 ecosystem. The platform focuses on three main aspects: wallet security, Twitter integration, and user profiles.
In the wallet domain, de[id] significantly enhances authentication for Ethereum, Polygon, and Bitcoin, addressing security concerns prevalent in the industry. Notably, it pioneers wallet delegation, allowing users to authenticate their cold wallet just once, reducing the need for repeated access to secure storage solutions and mitigating associated risks.
Additionally, de[id] seamlessly integrates with Twitter to facilitate swift community building. When users link their Twitter accounts, they automatically gain followers from DeGodsNFT and y00tsNFT. Future updates will introduce a convenient one-click follow feature for all verified DeGods and y00ts NFT holders.
Dust Labs revealed in December 2022 that y00ts and DeGods would transition to new blockchains—y00ts to Polygon and DeGods to Ethereum. These transitions were set for March 2023.
Dust Labs, initiated the migration for y00ts. It involved a “burn and mint” process where holders burned the original Solana NFT and received a newly-minted Polygon version via the Wormhole-based bridge.
Remarkably, within just over 24 hours after the bridge went live, over 75% of y00ts NFTs (11,362 out of 15,000) had migrated to Polygon. To encourage a swift migration, DeLabs provided incentives. Those migrating within the first 24 hours received reimbursement of network gas fees by marketplace Magic Eden, along with $5 in USDC for listing the Polygon-based NFT on the same marketplace. Additionally, they enjoyed fee-free y00ts trading for 30 days.
On August 10, 2023, y00ts announced they are leaving Polygon for Ethereum. As part of the move, Dust Labs would return the $3 million grant it received from Polygon when they first migrated.
The idea is to unite y00ts and DeGods on the same network. In a statement, Rohun Vora aka Frank DeGods, expressed his appreciation for Polygon Labs, referring to them as an "incredible partner for y00ts." However, he emphasized the strategic decision for y00ts to be on the same chain as DeGods.
"But ultimately, we believe it makes the most sense for y00ts to be on the same chain as DeGods," said Vora. He expressed gratitude for the collaboration with Polygon Labs and the exciting prospects this shift holds.
Polygon co-founder Sandeep Nailwal showed support for this decision, commending Vora and his team for their contribution to expanding Polygon's NFT ecosystem.
Investors are also an important component of the y00ts ecosystem. Although they don’t get involved directly in the governance of the project, they do exert an influence over the brand’s expansion into the mainstream. Dust Labs had raised $7 million in funding before the y00ts collection launched.
How does y00ts make money?
Now, let’s get to the juicy part – how does y00ts make money?💰 (No, flipping and rug pulling are not the correct answers)
The answer to this question is strongly related to intellectual property.
Think of popular trademarks such as Mickey Mouse, Spider-Man, or Coca-Cola. Every time you see movies, books merch, or posters with them, know that the owners of the IP get a share of the profits. The same thing goes for NFT holders, in theory.
When it comes to NFTs, it’s quite challenging to fit them into the traditional framework of copyright law. To give more context, owning an NFT doesn’t mean holders have automatic control over the creative work. This creative control needs to be granted by the creator.
As such, NFT holders should pay attention to what IP rights, if any, come with owning the NFT.
Ⓨ, represented by y00ts, introduces a novel approach to copyright and ownership within NFT collections. Unlike the typical scenarios in Web3, where NFT holders either possess individual IP rights or opt for a Creative Commons license (CC0), Ⓨ offers a distinctive model.
In Ⓨ, the NFT collection acts as a governing body and registry for copyright and ownership, akin to registering ⓒ (copyright). Each collection has its dedicated ⓨ registry, simplifying the tracking of authorized users of the NFT's IP. This streamlined approach enables projects to swiftly approve or reject usage requests within the Web3 space.
Moreover, y00ts has established the y00ts st0re, a marketplace where artists can submit their custom traits for y00ts. Holders of ⓨ a specific trait gain control over pricing, supply, and sales of that trait in the store. They can also sell ⓨ for the trait and earn 5% of the royalties from each subsequent sale of the trait. This empowers the community to actively participate and benefit from the y00ts ecosystem.
Additionally, y00ts NFT holders staking their NFTs for 30 days will receive ⓨ tokens applied to their metadata. Each y00ts NFT can earn up to six tokens, allowing holders to customize their NFTs with traits from the y00ts store. However, the customization is limited to the NFT's existing traits. For example, you can exchange a black Nike shoe trait for a customized golden shoe trait, but not for a customized hoodie.
If a holder wishes to revert their y00t to its base traits, they can do so. Moreover, prior to applying a new customized trait, the holder must stake their y00ts NFT for an additional 30 days.
Another way of generating revenue is via royalties. y00ts makes 5% off of each secondary sale of the y00ts NFTs,
Where can I buy y00ts?
You can buy y00ts on OpenSea.
