Background and History
y00ts (or Yoots,) initially named Duppies, was conceived as an expansion of the DeGods NFT ecosystem. Announced in early July 2022, Duppies aimed to broaden the reach and utility of the DeGods collection. However, following a hack and subsequent strategic shifts, the project was rebranded as Yoots on July 30, 2022. Yoots launched its 15,000-piece collection on September 5, 2022, on the Solana blockchain, quickly gaining prominence due to its strong community backing and the innovative approach of its creators.
Key Features and Technologies
Yoots is notable for its unique approach to NFT ownership and customization. The project introduced a novel concept of a decentralized intellectual property (IP) registry called ⓨ, which governs the use and rights of the NFTs within the collection. This model aims to balance individual ownership rights with community governance, ensuring high standards and compliance with specific guidelines.
Ownership and Customization
One of the standout features of Yoots is its trait marketplace, the y00ts st0re, where users can submit and purchase custom traits for their NFTs. This marketplace operates under strict criteria to maintain consistency and quality within the collection. Traits must adhere to the original metadata tags and quality standards set by the Yoots team, fostering a collaborative and high-quality community environment.
Migration to Polygon
In a strategic move, Yoots announced its migration from Solana to the Polygon network in December 2022. This migration was incentivized by a $3 million grant from Polygon, aimed at supporting the project’s growth and development. The migration process was designed to be seamless for holders, preserving the integrity and value of the NFTs while leveraging Polygon’s scalability and lower transaction costs.
Usage and Applications
Yoots serves as both a collectible and a utility within the NFT space. Its integration with the $DUST token, which can be earned through staking DeGods NFTs or purchased on decentralized exchanges, adds a layer of economic interaction and engagement within the ecosystem. The project’s governance and customization features provide additional use cases, making Yoots a versatile and valuable asset in the NFT community.
Governance Token: $DUST
The $DUST token plays a crucial role in the Yoots ecosystem. It is used for minting NFTs, purchasing traits in the y00ts st0re, and participating in various community-driven activities. The tokenomics of $DUST are designed to incentivize long-term holding and active participation, reinforcing the community-centric approach of the Yoots project.
Notable Events
- July 2022: Rebranding from Duppies to Yoots following strategic adjustments and a Twitter hack.
- September 2022: Official launch of the Yoots collection on Solana, with a mint price of 375 $DUST.
- December 2022: Announcement of the migration to Polygon, backed by a $3 million grant from Polygon.
