Solana Sunday: y00ts and Their New Approach to IP Rights
The upcoming y00ts collection on Solana is making waves in the web3 community for its new approach to IP rights which has become an increasingly important utility for NFTs. The concept first originated with the Bored Ape Yacht Club when they gave away their IP rights to token holders.
Now, the team at DeGods, who is developing the y00ts collection, is taking those IP rights a step further by implementing a new trademark system which will allow artists to own the IP to individual traits.
Ⓨ - A new trait copyright
The Ⓨ is a unique take on the trademark system which will allow artists to develop different art styles for certain traits within a collection. According to the y00t collection’s whitepaper, artists will be able to take traits such as a hoodie or hat and modify it with different artistic qualities in order to develop branding capabilities for the collection.
The traits will then be swappable through the y00ts store (which approves the artwork) where token holders will be able to buy different cosmetic versions of the traits that exist on their token.
To be specific, the metadata of a token will not change, but the ability to render different artwork through the traits listed on the metadata will be possible which opens the door for dynamic NFT artwork.
Branding potential
Essentially, the Ⓨ will allow artists to create brands and fashion lines for the avatars that are within the collection. While this first instance is still in the concept phase, the idea opens the door to a much wider range of potential in the future of web3 and metaverse capabilities.
The Ⓨ is giving artist the ability to begin creating their own fashion brands for avatars which will appeal to many people who use their NFTs as social status online. Artwork from the BAYC, Moonbirds, and Doodles all carry distinct recognizability and would be a powerful vehicle for artists to build and showcase their web3 brands.
DeGods Team
As ambitious as the project is, the fact that the y00ts collection is being developed by the DeGods team means that quality will be assured. DeGods has quickly become one of the flagship NFT collections on the Solana network and has steadily pushed through the bear market.
The team already has a solid community set in place, ready to dive into the new functions being created with y00ts. They have the brand awareness necessary to attract new artists and understand what is required when operating an NFT business.
Use of $Sol and $Dust
Moreover, the y00ts store will accept both $SOL and $DUST which is the primary token that DeGod holders earn. Within the new y00ts store, these holders are now being given a token which has retail value to associate with their NFTs.
Tokenomics are one of the most difficult aspects of an NFT project to pull off correctly because it requires the consistent ability to earn and spend those tokens as a commodity. With y00ts, DeGods now have the ability to provide holders with something valuable to exchange.
Similar to Yuga Labs and Apecoin, the $DUST token is opening a world of possibilities for the Solana network where holders can help develop a community-generated economy. As technology on Solana develops, a metaverse-based ecosystem centered around the DeGods community has serious potential.
