Digital investments are a big part of today’s financial world. Blockchain-based concepts like NFTs are a point of attraction in the digital world. However, while the world is getting used to NFTs, Yat, a new digital concept, is getting attention.
Several celebrities are big fans of NFTs. However, Yat seemed to have captured their attention. Therefore, in this article, you will learn what is a Yat and how you can take advantage of it.
What is a Yat?
According to reports, superstars like Paris Hilton and rappers G-Eazy and Lil Wayne have expressed interest in Yats. Yats is a string of emojis that serves as a unique URL and payment address.
Yat did not make its debut in 2022. Instead, it has enjoyed huge sales figures since last year. Furthermore, the company said it had sold about 160,000 and made $20 million last year.
Yat is a New Form of Digital Identity
Yat Labs co-founder, Naveen Jain, remarked that Yats is a “censorship-resistant, internet identity system.” According to Jain, Yats is an ideal way for people to express themselves instead of the traditional usernames. Yats reiterated this point on its Discord server, where it wrote that “Yat lets you use emojis as your universal username and identity on the internet.”
“Imagine being known as fire-snake or robot-ghost-crown instead of coffeequeen98 or [email protected]. By owning a Yat — let’s say ocean-trident-palm tree — it’s yours forever. You are the ~only~ one on earth who owns these emojis, ” it added.
Single and double emojis are the most expensive Yats. According to the company, a golden key that costs $425,000 is currently the most expensive. Other Yats sold for $200,000, showing the increasing popularity of this trend.
Converting Yats to NFTs
With the growing pace of the metaverse, Yat is well-positioned to clinch a spot as a decentralized alternative to the current Domain Name System. It is important to note that yats are not NFTs. However, owners have the option to tokenize their emojis as an NFT on Ethereum by paying a fee.
It’s Happening 🤯 I’m securing my two emoji Yat. Join the @whatsyouryat #Cloud35 Livestream to see what I choose 🥰https://t.co/BiZgIgbUrt
— ParisHilton.eth (@ParisHilton) May 28, 2021
Owners who plan to convert their Yats to NFTs would need to make a short clip of their emoji using Yat’s “visualizer tool.” Afterward, the owner would link the animation to Yat. Finally, users can mint it as an NFT on Opensea or trade it. Despite the seeming attention, there is considerable criticism about Yats.
Furthermore, some users believe that typing an emoji could be more tiresome than typing in a username. Finally, there are concerns that Yats URLs are difficult to find. However, it is best to get adequate information before diving into any crypto concept.
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