- Unicly has a protocol that can fractionalize NFTs.
- Its mainnet will launch on Ethereum.
- The platform has received support from Uniswap, Animoca, Aavegotchi, and Sandbox.
Unicly has developed an innovative protocol that fractionalizes NFTs. The feature also allows for better liquidity. In addition, Unicly is getting ready for its mainnet launch on the Ethereum network.
Non-Fungible tokens (NFTs) have recently taken the world by storm. The tokens are so popular that digital art creator Beeples recently sold a piece for over $69 million. Besides, several celebrities like Lindsay Lohan, Daft Punk, and others have taken to turning their artwork into NFTs.
Notably, the unique token is a digital representation of different types of products, not just artwork. In fact, several gaming platforms integrate NFTs to create unique experiences. Also, NFTs come in many forms and can take the form of a one-of-a-kind piece or collection.
However, due to the often unique and pricey nature of NFTs matching buyers to sellers can be a bit hard. The illiquid nature of NFTs explains why they are ‘non-fungible’. In addition, NFTs are as unique as the products they represent and thus are not interchangeable. These features have made it difficult to fractionalize NFTs up till now.
Unicly, however, has created a feature that revolutionizes how NFTs work. In other words, for the first time, NFTs can be fractionalized, thus allowing investors to own a portion of the insanely popular tokens. In addition, fractionalization will allow for greater liquidity via fund pooling.
Notably, Unicly is not the first blockchain to attempt to fractionalize NFTs. In fact, the Unicly team leveraged past attempts to come up with a viable solution. To this end, Unicly integrated the unique nature of NFTs, thus each NFT is treated as unique. Moreover, the selling of NFTs will be done through voting.
The corporate holders of these NFTs will use uTokens to vote on holding or selling each NFT. Also, uToken will entitle holders to a portion of swap fees, as well as governance power over the platform. Similarly, proceeds from the sale will be divided equally among the fractional owners.
Unicly has garnered a lot of interest as the blockchain heads towards mainnet launch. Some of the project partners include Uniswap, Animoca, Aavegotchi, and Sandbox.