y00ts has announced it will be collecting royalties with Magic Eden. They are expected to allocate the full share of royalties for two purposes: buying y00ts and endorsing their creators via an X badge, where X was previously Twitter.
Candidates can be picked up in two ways. First, y00ts holders can nominate a candidate who has the ability to add value to the community. Secondly, the team itself chooses a creator who is already a member of the community. Once chosen, they will receive an official X badge that will allow them to increase their reach. The end goal of y00ts is to increase brand value.
The winners are selected from those nominated by the holders based on the holder’s reputation and not on the number of nominations. That is, winners are chosen if the person who nominated them has a positive reputation in the community. This applies regardless of how many holders appoint them.
The team will eventually distribute free y00ts and support creators, expanding their current reach for their growth and the brand.
y00ts will not be tradable when Magic Eden goes live. Items are only tradable if royalties have been applied to them. y00ts has also announced a bonus. This allows users to get a 50% boost on their assets traded on Magic Eden this week.
Magic Eden confirmed the announcement on X. The platform also announced that the team is celebrating the launch of their Ethereum marketplace by reducing royalties to 2.5% and 1% for royalty-enforced collection and legacy collection, respectively. The celebration is valid for 69 days from the original time of announcement by Magic Eden.
The development of Magic Eden comes at a time when it has announced that it is welcoming TOONZ to the Ethereum blockchain. Magic Eden will now be their marketplace of choice. This means that all THE TOONZ collections can be traded exclusively on Magic Eden. This includes current and future collections.
Collections from other platforms will be removed and users are advised to remove them during the transition period.
Regarding the announcement by y00ts, the community has started nominating their respective candidates. They also express their optimism about the development. Many members of the y00ts community call this announcement a big win, while others appreciate their efforts to empower creators.
Some members have submitted their opinions to y00ts for review. They urged the team to help more than just one Some people who are already thriving in the community. Instead, the team should focus on providing platforms to those who are new to the ecosystem and truly deserve recognition. y00ts has not yet responded to this statement, but is certainly looking forward to receiving nominations from holders while the team itself works on making a few choices.
