With so many NFT marketplaces popping up everywhere, you might be wondering why Yumi? What makes it special? Many things actually! This article will answer all your questions.
Introduction
Yumi is a high-speed, low-cost, and fully decentralized NFT marketplace built on Internet Computer (IC). All digital collectibles available on Yumi are hosted fully on-chain. The minting of NFTs is completely free for creators (no gas fees). In addition to NFTs, users trading on Yumi are awarded with Yumi Credit points, exchangeable for Shiku metaverse tokens (coming soon). Yumi provides a one-stop-shop experience for NFT enthusiasts.
Yumi’s Advantages
Yumi adopts the strengths and avoids the weaknesses of the existing NFT marketplaces. Yumi is an open, decentralized and secure platform that safeguards the interests of creators and users alike.
- True decentralization: Both the front-end and back-end are built on the IC blockchain.
- Privacy protection: Internet Identity developed by Dfinity protects users’ privacy.
- On-chain hosting: All NFT data (including the artwork itself) is hosted fully on-chain, rather than consisting of a hyperlink to an off-chain stored file. That means that no central authority can block access to your digital collectibles.
- Free minting & no gas fees: Yumi offers free minting for creators and features no gas fees (stable reverse gas model). Developers supply the funds needed to run the applications, which means zero gas/minting fee for users. The gas, known as “cycles”, is stable as1x1012cycles=1SDR (US$ 1.41).
- Review mechanism: Yumi reviews the art before it gets listed to safeguard the interest of creators and users, and prevent plagiarism and copy minting.
- Open NFT protocol: The NFT protocol supported by Yumi allows creators to list and trade their NFTs on multiple platforms. At the same time, said platforms still receive transaction fees, increasing the potential for exposure of individual collections.
- Yumi Credit: Whenever you trade NFTs on Yumi, you earn Yumi Credit points as trading rewards. Yumi Credit points will be redeemable for Shiku metaverse tokens (coming soon).
- Support for creators: Yumi helps artists and creators gain additional exposure at numerous stages of their project, including: warm-up, official launch, AMA sessions, and more.
Seamless Integration with the Shiku Metaverse
NFT collections listed on Yumi will be integrated in the forthcoming Shiku metaverse. Users will be able to explore and trade NFTs directly on Shiku. Yumi is the first NFT marketplace in the IC ecosystem to support the display and trading of NFTs in the Shiku metaverse. NFT owners and creators will benefit from an exciting new platform to interact, design, and collaborate with.
Create & Earn on Yumi
Yumi was created as an NFT marketplace, where all revenue shall be returned to creators, buyers and sellers, in the form of Yumi Credit in the first 6 months. Yumi encourages users to participate in two ways: during the primary market launch and secondary trading.
Primary Market/Launchpad
When creators initially launch their art on Yumi, the collections get listed on the Launchpad. Yumi then temporarily charges a 10% service fee, while the remaining 90% goes to the creator. In order to incentivise trading on Yumi's primary market, every 1 ICP Yumi receives is converted to 10 Yumi Credit points, 70% of which go to the buyer and 30% to the creator.
Secondary Market/Trading
When the owner lists their NFT on Yumi, the platform temporarily charges 3% for the handling fee (paid by the buyer); 90% goes to the seller and 7% serves as the creator’s royalty. Creators can adjust the royalty fee upon preference (0–10%). Just like in the primary market, in order to promote transactions on Yumi, every 1 ICP that Yumi receives is converted into 10 Yumi Credit points, 70% of which are awarded to buyers, 20% to sellers, and 10% to creators.
Yumi will use its ICP earnings to purchase Shiku tokens at the Shiku metaverse launch. This in turn will allow users to convert their Yumi Credit points into Shiku tokens. Top Yumi Credit holders will also receive NFT airdrops.
Safeguard the Interest of Creators and Collectors
The NFT space has been dominated by OpenSea for a long time. As the first NFT marketplace, OpenSea has attracted a high number of users and creators. A major downside of the platform's “complete” decentralization and the fact that any and every project can be listed, is that many of the listed items are “infringing” works. As a result of their policy, OpenSea is plagued by numerous lawsuits and cannot fully protect the interest of its users and creators. Absolute decentralization is, in our opinion, something to be handled with caution.
At the same time, NFT marketplaces within the IC ecosystem have become too centralized. Some of them have even formed a technological monopoly to an extent that has been troubling creators and users alike. NFT protocols created by these markets not only hold the control rights to the project, but also force the creators to pay handling fees to the platform, even when the creators' works get listed and traded on other NFT marketplaces. As a result, other IC-based NFT platforms have no incentive to list these projects at all. This policy significantly limits the creators by affecting their potential for exposure and earnings, as well as reduces inclusion and goes against a free market construct.
Support for Creators
Yumi helps artists and creators gain additional exposure at numerous stages of their project, including: warm-up, official launch, AMA sessions, and more.
Warm-up stage: banners and product teaser content promoting the project get posted on Yumi’s Twitter and other social media channels including but not limited to: Twitter, Discord, and Instagram.
Official launch: regular communication leading up to the official launch of the collection get posted on Yumi’s Twitter and other social media platforms.
AMA sessions: co-hosted AMA sessions and/or airdrop activities are available to the parties involved in the project.
Partnership with Crypto Art Plaza DAO
Crypto Art Plaza is a DAO (referred to as CAP DAO) composed of many talented artists and creators, aiming to discover unique works of art that have been buried due to underexposure. Creators and collectors are welcome to share media traffic, discuss art matters, assist in the issuance of NFTs, govern the community, and grow together.
CAP DAO and Yumi have reached a strategic partnership, which will empower Yumi's artists and creators. CAP DAO plans to host frequent art salons and art sessions to grow the NFT community. CAP DAO and Yumi will jointly create a more inclusive environment to empower the unprecedented “art movement” that has been spreading globally.
To list your project on Yumi, please fill out the form and our team will contact you: https://tppkg-ziaaa-aaaal-qatrq-cai.raw.ic0.app/applyform
For any questions or inquiries, please send an email to contact@yumi.io
