y00ts: Solana's Most Anticipated NFT project

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TikurCrypto

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2 years ago

Topics: Solana, NFT, Y00ts

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There was a huge hype concerning Solana's NFT project, y00ts back in September. And after a delay, it finally completed its rollout which led to a substantial increase in NFT sales on the Solana's marketplace. So why the current hype?

What is the y00ts Project?

y00ts, originally named 'Duppies' is an NFT collection on the Solana blockchain that was created by Dust Labs. Dust Labs are also known for their other successful NFT project on Solana called DeGods.

The y00ts collection contains 15,000 NFTs and they are all based on a sheep with different features and characteristics added to it. The initial costs of these NFTs was around 375 DUST (DUST is the native token of DeGods ecosystem) each which was equivalent to around $800-$1000 back in September.

The project managed to raise $7 million from venture capital firms such as FTX Venture and Solana Venture which helped it become one of the biggest NFT Profile Picture Project (PFP) on the Solana blockchain.

The project was very successful in catching the eyes of a lot of people including celebrities like football's superstar Wayne Rooney. But there were some hiccups that led to a delay of the full rollout till now. The project was going to be fully operational after the September's mint but the creators decided to scrap all for the existing NFTs and create a new collection. As a result, there was a delay till November.

After the announcement, trades on the Solana marketplace showed increase and registered over $2 million total transaction. This a great news for Solana as it was facing a serious competition from Aptos.

Wrapping Up

The complete rollout of the y00ts project is great news for the project, the Solana blockchain and the overall NFT ecosystem. The secondary market will be seeing a large number of transactions on these NFTs and hopefully it will do its part in resurrecting the current bear market of NFTs. But it is also worth mentioning the price of DUST (the native token of DeGods ecosystem) has shown substantial fall after September. Only time can tell the effect it will have on the overall y00ts and DeGods ecosystem.