Apr 22
Yumi Credit is Coming to Yumi! Trade and Get Your Reward!
Yumi officially launched on March 28, 2022! Yumi is a brand-new, secure, low-cost, high-speed, completely decentralized NFT Platform on Internet Computer, which plays an important role in the IC ecosystem.
Being an early contributor to the Dfinity ecosystem, Yumi will offer its initial user base, including creators and buyers, substantial benefits in form of Yumi Credits.
What is a Yumi Credit?
Yumi Credit is non-tradable and non-transferable digital certificates generated via transactions in the primary and secondary markets on Yumi, given out equally to creators and buyers.
The Distribution of Yumi Credit
The Primary market
NFTs/Collections that are first released on Yumi are featured on Yumi’s launchpad and in various Mystery Boxes. The transactions of these NFTs are generated in the primary market. The distribution plan of Yumi Credit on the primary market is defined as follows:
When users buy NFTs on the primary market, 90% of the transaction amount (ICP) is paid directly to the creator. The remaining 10% are reserved by Yumi: Yumi Credits are issued at a ratio of 1:10, with 70% of the Yumi Credits allocated to the buyer and 30% allocated to the creator. After each transaction, Yumi Credits are distributed immediately.
The Secondary Market
All NFT transactions not conducted on Yumi’s launchpad and Mystery Boxes are secondary market transactions. The distribution plan of Yumi Credits on the secondary market goes like this:
Creators can include the royalty in the collection information section, ranging from 0% to 10%. The default is 7%. Yumi always receives a fee of 3% of the transaction value.
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 Credits at a 1:10 ratio and distributed to the three parties involved in the transaction: 70% to the buyer, 20% to the seller10% to the creators.
If users want to sell NFTs on Yumi that they got from the Primary market of other platforms, the model will still work even if the creator has not registered on Yumi yet. The creators will receive their Yumi Credits once they registered on Yumi.
Benefits for Yumi Credit Holders
- Holders will receive regular Yumi NFT Airdrops
- The top 1000 Yumi Credit holders will have a chance to win a Martian Avatar
- Yumi Credits grant you a VIP status on the Platform
- A further benefit will come in the future
Yumi is in its early stages of development right now and it’s growing fast. Yumi Credit can only be obtained via transactions on the platform. They will only be given out within the first 6 months from the launch of the Platform. Now is your chance to secure a powerful bonus for the future! Check out Yumi, participate in transactions and collect Yumi Credits.
