y00ts announced enforcing royalties with Magic Eden. They are expected to allocate the entire portion of royalties for two purposes: buying y00ts and endorsing their creators through an X badge, with X formerly being Twitter.
Candidates can be picked up in two ways. One, y00ts holders can nominate a candidate who has the capability to bring value to the community. Second, the team will self-pick a creator who is already in the community. Once chosen, they will be given an official X badge that helps them to amplify their reach. The end goal for y00ts is to enhance its brand value.
Winners will be chosen from among those nominated by holders based on the holder’s reputation rather than the quantity of nominations. That is, winners will be chosen if the person who nominated them has a positive reputation in the community. This applies regardless of how many holders designate them.
The team will eventually give out y00ts for free and endorse creators, helping them expand their current reach for their growth and the brand.
y00ts will not be tradable when Magic Eden goes live. Items will be tradable only if royalties have been enforced on them. y00ts announced a bonus as well. It enables users to get a 50% boost on their holdings that are traded on Magic Eden this week.
Magic Eden has confirmed the announcement on X. The platform has also announced that the team is celebrating the launch of their Ethereum marketplace by lowering the royalties to 2.5% and 1% for royalty-enforced collection and legacy collection, respectively. The celebration is valid for 69 days, effective from the original time of the announcement by Magic Eden.
The development of Magic Eden comes at a time when it has announced welcoming TOONZ to the Ethereum blockchain. Magic Eden will now be their preferred marketplace. This means that all the collections of THE TOONZ are exclusively tradable on Magic Eden. This includes present and future collections.
Collections from other platforms will be removed, and users have been recommended to delist during the transition time.
As for the announcement by y00ts, the community has started to nominate their respective candidates. They are also expressing their optimism about the development. Many members of the y00ts community have called this announcement a big win, while others have appreciated their efforts to empower the creators.
Some members have put forward their opinions for y00ts to review. They have urged the team to help more than just a few people who already thrive in the community. Instead, the team should focus on giving 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 as the team itself works to make a couple of picks.
