CryptoKitties, world’s first NFT collection, was released in 2017 by its founder Dieter Shirley. The project gathered a lot of attention and was a start of the NFT movement that gained in popularity in early 2021. Ever since, the NFT ecosystem has been rapidly growing reaching the cumulative transaction volume of 21.5 billion US dollars last year, 200 times more than the year before.
The rapid growth has also been consistent in terms of number of users and quality of projects. Leading companies such as Disney, Porsche, and Coca-Cola, as well as celebrities like Curry, Jay Chou and Elon Musk, have also decided to participate in the space. The number of NFT marketplaces has since exploded and Yumi is here to innovate the NFT platform space.
On May 19, 2022 at 8pm (UTC+8), Akira, the co-founder of Yumi will take part in D Plus’s 13th AMA event “Join Yumi · Enter The Gateway To Metaverse”.
Q0: Hello everyone. Welcome to today’s AMA event. I am Ada, your host.
Akira: Hello everyone! I’m Akira. I’m excited to join the Dplus’ live broadcast room, tell you about Yumi and discuss the future of NFTs.
Q1: Okay, guys, our AMA has officially started. Akira, could you please give us a short introduction to Yumi?
Akira: Yumi is a low-cost, high-speed, and fully decentralized NFT marketplace built on Internet Computer (IC) and provides a one-stop-shop experience for NFT enthusiasts. On Yumi, creators can mint NFTs for free while users can collect NFTs and IPs can customize them. All digital collectibles available on Yumi are hosted fully on-chain. Yumi provides a one-stop-shop NFT experience for NFT enthusiasts and it is quickly becoming a gateway to the IC metaverses.
Nowadays, the gas fees of many NFT marketplace are a significant issue which discourages new users from joining the space. Gas fees make collecting NFTs a hassle at best and unaffordable to many at worst. By using a stable reverse gas model, Yumi aims to solve this issue to improve the general situation in the market. We also hope that this way we can attract new users, particularly the ones who were unfamiliar with NFTs before.
Q2. Can you tell us about Yumi’s team?
Akira: Yumi is a global team with offices in Europe and Asia. Our team has a solid background of practice that combines blockchain engineering, crypto consulting, research, marketing, and design. Our goal is for Yumi to become the leading platform not only in the Dfinity ecosystem, but also in the entire NFT market space.
Q3. How does Yumi plan to integrate metaverse?
Akira: NFT collections listed on Yumi will be integrated in the forthcoming Shiku metaverse (Yumi’s strategic partner). 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.
Q4. What are the advantages of Yumi compared to other NFT marketplaces?
Akira: 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.
Q5. What do you think when users call Yumi the most comprehensive NFT platform in the Dfinity ecosystem?
Akira: This is exactly what we believe we are and we are working hard to deserve and preserve that title. In addition to NFT casting, sale, and bidding features, we also provide customized services for advanced users.
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.
Q6. We have heard that you recently introduced Yumi Credit points to the platform. Can you tell us how to earn them?
Akira: 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.
Yumi Credit points will only be issued in the first six months of the platform’s launch. No new points will be generated after.
I will tell you now about the uses of Yumi Credit points:
Yumi Credit points can be exchanged for the official token of Shiku Metaverse Platform (Yumi’s strategic partner) in the future;
Yumi Credit point holders will have the opportunity to receive airdrops or get whitelisted for Yumi’s future NFT projects;
The top 1000 Yumi Credit points holders will get a chance to receive the Martian Avatars airdrop (in progress);
Yumi points correspond to the VIP level of the platform, and Yumi will continue to empower them in the future.
Now, let me explain to you in detail the distribution of Yumi Credit points.
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.
Q7. Will Yumi issue its own token in the future?
Akira: At the moment, we have no plans to release our native token. However, as previously mentioned, our strategic partner Shiku will issue its own token. The Yumi Credit points gathered in the first 6 months will be exchangeable for the Shiku token.
That said, Yumi is kicking off the airdrop of Martian Avatars. The first round of winners will be announced this week. There are 10,000 Martian Avatars in total, which we plan to airdrop among the Dfinity community and our IC ecosystem partners. No two Martian Avatars are exactly alike, and each one of them can be officially owned by a single person on the Internet Computer blockchain.
The first round of airdrops will continue on Yumi’s official Twitter account so follow us on Twitter (https://twitter.com/YumiMarketplace), join our Discord community (https://discord.gg/TBgNMM4wHM) and participate in the corresponding events to get a chance to win a Martian Avatar.
Q8: How can I participate in the first round of Martian Avatar airdrops?
Akira: There are three ways to participate in the first round of airdrops:
- Airdrop Event: Win Yumi’s airdrop event;
- Be a loyal Yumi user with five or more Yumi Credit points. Airdrop distribution time will be announced on Twitter.
- Be an active user of the Yumi community.
Yumi is holding an OG spots event in May. Level 5 users who actively contribute and share feedback on Discord will receive Yumi’s OG spot.
Q9: What would you like to say to the Dplus community?
Akira: We believe that the Dplus community is a fantastic place full of IC contributors and hidden talents. Although Yumi is the new kid on the block, we are confident that we will continue to grow rapidly. We also hope to collaborate with more projects to promote and strengthen the IC ecosystem. So go to yumi.io now and give our platform a try. Follow our social media channels and watch out for updates. And obviously, Yumi will also conduct an airdrop to the Dplus community. Thanks for listening!
Community Question 1: What is Yumi’s market fee per transaction?
Akira: When we were planning our fee structure, we made sure to follow the community’s suggestions and wishes. 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.
Community Question 2: How do you plan to conduct the Martian Avatar airdrop?
Akira: Our first step is collecting winners’ addresses to enable them to claim their NFTs on Yumi. We will be holding the second round of airdrop among influential IC communities, institutions and project parties, D Plus included.
We also have plans to host an airdrop for DSCVR and OpenChat users. More details will be announced on our Twitter and other social media channels so stay put!
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.
