$DUST, the token associated with popular Solana-based NFT project, is up 170% since last month.
This follows the announcement that Dust labs, the group behind the $DUST token and the DeGods NFT project, will be using it as part of their latest mint.
Named y00ts, it aims to bring a “common-sense approach to NFT intellectual property”, according to their whitepaper.
NFTs With Identity (And IPS)
To attain their goal, the y00ts team have planned the following:
- Create a “y00ts store” for artists to submit custom traits
- Artists will own the IP and collect royalties
- Holders can purchase these traits and customize their NFTs once per month
- Community members can start sub-communities/sub-DAOs
The y00ts store is a marketplace for custom y00ts traits, where anyone can submit customizations of any original y00ts traits for approval.
Once approved, they will receive a token that acts similarly to a copyright, granting them 5% of royalities on every sale of the traits.
They can also sell the copyright to someone else, and nobody else can copy that style going forward.
To add one of these customized traits to your y00ts NFT, users have to stake their y00ts for 30 days. The total number of customizable traits a y00t NFT can have is 6.
Minting And Supply
Minting the Y00ts NFT requires 375 $DUST, or approximately $1125 at the time of writing.
$DUST can be bought on leading DEXs (Decentralized Exchanges) on Solana, or earned by staking Degods NFTs.
However, whitelists are carried out by either owning a DeadGods NFT, get a scholarship, or enter a raffle.
Y00ts have a maximum supply of 15,000, and the project is heavily over-subscribed.
Will y00ts Succeed?
DeGods has established its blue-chip status within the Solana NFT ecosystem, and has been amongst the top 10 traded on both OpenSEA as well as Magic Eden for awhile now.
Leading up to the y00ts mint, it’s floor price has shot up to 578 $SOL, or approximately $18000 at the time of writing.
The team at SolanaFM, the network’s leading blockchain explorer, wrote a thread on both the project as well as the $DUST token.
In it, they acknowledge that $DUST volume has a strong correlation with uptrends in price.
“The 50% rally in $DUST in early August driven by a 740% spike in txn volume“
While there is no certainty that $DUST will continue to soar post-mint, eyeing the transactions and sales arounds y00ts will be important.
However, it seems that both $DUST an y00ts may just be here to stay.
Their ability to involve the community has led to stronger traction and brand identity than many other NFT projects.
If it follows in the footsteps of its predecessor, y00ts has a strong chance of not only blue-chip status in the Solana ecosystem, but taking market share from Ethereum NFTs as well.
Also Read: Opensea Losing Market Share As NFT Trading Volume Falls 99% In 90 Days
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chaindebrief
