Latest Solana NFT Collection Gives Ethereum NFTs a Run for Their Money

The firm that brought you the most valued Solana NFT collection, DeGods, is at it again.

Dust Labs is in the midst of a frenetic week that includes a $7 million seed round and the launching of its newest NFTs, y00ts.

According to CryptoSlam data, the “y00ts mint t00b” collection has topped OpenSea volume rankings for the previous 48 hours, gathering 227 thousand solana (SOL), or more over $7.1 million in secondary sales at the time of writing. On Wednesday, its floor price reached 167 SOL.

The buzz surrounding y00ts, short for y00topia, stems in part from its scholarship whitelist program and custom copyright, which promise to overhaul the usual revenue method for NFT collections.

Only collectors who have been accepted onto the y00tlist are eligible to get a t00b NFT. T00bs are vials that can be burned to mint y00ts NFTs, essentially two separate collections.

To mint y00ts, DUST, the DeGods ecosystem utility token on Solana, is required.

The complete NFT unveiling has yet to take place, but a derivative collection known as y00ts Yacht Club has already been created and sold out.

The y00ts mint, which was supposed to launch on September 4, was delayed due to a “blocking bug” five minutes before the start time, according to the developers.

Since its launch on September 5, the project's volume has surpassed that of the Bored Ape Yacht Club (BAYC) collection in the last seven days.

Even the waitlist mint, set for September 6, was rescheduled due to unknown issues.

Despite the delays and problems, Twitter user alexjm.eth praised the project for “single-handedly igniting bullish enthusiasm in the midst of a brutal bear.”

Another NFT influencer, Franklin, opted to sell his y00ts mint slot for a profit of 90 SOL. With 60 BAYC NFTs in his collection, he is the sixth largest Bored Ape collector.

Frank, the founder of Y00ts and DeGods, responded to Franklin on Twitter, saying, “going to be hilarious when degods flip apes this year though.”

Foundation Capital, Solana Ventures, FTX Ventures, Solana NFT protocol creator Metaplex, and top Solana NFT marketplace Magic Eden were among the startup's investors.

The company stated on Twitter that it plans to launch a “B2B SaaS start-up to assist NFT projects in providing the maximum value back to their holders.”

An innovative approach to intellectual property

Dust Labs is testing a new copyright and ownership scheme for y00ts NFTs called y as a replacement for the more conventional copyright symbol c.

According to the y00ts team, the strength of y is that every active community member can create their own “club” or sub-community based on shared hobbies, memes, or items and register the derivative initiative with y.

Each sub-collection is governed by a governing body that can profit from royalties on every y00t that sells with any of their modified qualities. This method may also make it easier to approve or reject requests to use intellectual property owned by an NFT (IP).

This comes at a time when several major NFT collections are changing their terms of service regarding copyright and intellectual property rights.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!