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Blue Chip NFTs 101 – With Mint Imminent, Is y00ts a Blue Chip Lock?
Ours Blue Chip NFTs 101 the series is now approaching six months in production, and we’ve taken healthy deep dives into some of the biggest NFT projects on the market; While everyone has heard of Bored Apes and CryptoPunks, we have taken the time to provide solid due diligence on other major blue chip projects such as World of Women, Art Blocks, DeGods, Moonbirds and more.
We’re back in the mix and want to keep you on the cutting edge as an upcoming innovative for the NFT project ‘y00ts’ has generated so much traction and buzz, we suspect there could easily be a blue chip in the making. It’s currently invite-only whitelisting, which brings all the pros and cons of exclusivity, and especially the hype and anticipation that limited access can bring. Let’s take a deep dive into y00ts and what we’ve seen so far.
From DeGods to y00ts: Is Blue Chip Status Really That Easy?
It has been over three months since we published ours Blue Chip NFTs 101 share in DeGods, the outstanding Solana project that really took Solana-based NFTs over the top and helped boost the blockchain to the firm #2 position in the NFT market, second only to Ethereum. At the time, DeGods had a floor price of about 200 SOL (about $15K at SOL prices at the time). Despite an ongoing bear market for NFTs, DeGods collection today stands at nearly 600 SOL floors, which at today’s SOL prices equates to nearly $20K. Step aside, bear market, because the DeGods have weathered the storm.
Why do DeGods fit into the equation in this discussion? The team behind DeGods is mostly behind y00ts, with both projects led by increasingly popular NFT figure, Sincere. We’ve taken the time to thoroughly review DeGods, so let’s get back to y00ts; is Frank simply a community mastermind who understands the secret sauce of NFT projects, or is DeGods the exception to the rule, with y00ts riding the hype train? Only time will tell, but in the meantime, we can take an objective look at what has gotten so much excitement behind y00ts to carry it to where it is today. This year, DeGods has certainly exceeded many expectations, securing a solid position as the best Solana NFT project with few competitors even coming close.
Solana (SOL) has been showing real potential at being a top NFT blockchain; can y00ts help secure the blockchain's #2 spot, and even look to have Solana contest Ethereum in the NFT realm? | Source: SOL-USD on TradingView.com
Current movements as mint approaches
What’s the catch around all the current hype? Few NFT projects have had this much hype pre-mint, and you could argue that this will be the first NFT project on the Solana blockchain to bring this much pre-mint hype. Although the project is slated to go live by the end of this week (September 2, to be exact), the hype has been fueled by a whitelist application process in recent weeks. The window closed last weekend, but y00ts has announced big whitelist slots to recognizable talent and influencers – always a controversial strategy as normies feel left to dust with public coin. So far, however, it seems to have paid off for the project, which has also accepted a handful of applications from non-recognizable names – even in crypto.
In the meantime, the project’s vision outlined in the whitepaper is to challenge traditional thinking around NFT’s intellectual property rights. The project looks to integrate streamlined owner-first IP exploitation tools and build out a storefront that allows users to customize NFT assets at their discretion; in short, it’s a roadmap for what the project calls “y00topia.”
Meanwhile, y00ts filed a registered trademark earlier this month that may also provide additional perspective. The filing spans a variety of use cases, including broad software products, NFT-related retail and marketing efforts, digital assets and NFT marketplace classes, entertainment and education, and more. While projects and firms typically overindex (rather than the alternative) when it comes to trademark applications, the move also signals y00t’s desire to go big.
Stay tuned to see if y00ts can overtake DeGods for the top spot at Solana.
