As an early contributor to the IC ecosystem, Yumi will offer its initial user base (incl. creators and buyers) substantial benefits in form of Yumi Credit.
What is Yumi Credit?
Yumi Credit is non-tradable and non-transferable digital certificate generated through transactions in Yumi's primary and secondary markets.
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.
Distribution of Yumi Credit
Primary Market
When creators initially launch their NFTs on Yumi, the collections get listed on the Launchpad or in Mystery Boxes. Yumi then temporarily charges a 10% service fee, while the remaining 90% of the transaction amount (ICP) goes directly 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. Yumi Credit points are are distributed immediately after every transaction.
Secondary Market
All NFT transactions not conducted on Yumi’s launchpad and Mystery Boxes are secondary market transactions.
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.
Below is an example describing the splitting mechanism:
Let’s assume that X% is the royalty of the NFT collection. The percentage of the amount received by the creator will be X%. As Yumi receives a fee of 3%, the seller receives 100% — 3% — X%.
The 3% (ICP) that Yumi receives is converted into Yumi Credit points at a 1:10 ratio and distributed to the three parties involved in the transaction: 70% to the buyer, 20% to the seller, and 10% to the creator.
If users want to sell NFTs which they bought on the primary market of another platform, this model will still apply, even if the creator is not registered on Yumi yet. Creators will receive their Yumi Credit points once they have registered on Yumi.
Benefits for Yumi Credit Holders
- Receive regular airdrops from Yumi
- Yumi Credit points grant users a VIP status on the marketplace
- Top 1000 Yumi Credit holders will have a chance to win a Martian Avatar
- More benefits coming soon
Yumi Credit can only be obtained through trading on the platform within the first 6 months from the launch date (March 28th 2022).
Go to yumi.io and start trading to collect Yumi Credit points :)
About Yumi
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.
