Unicly to Launch Fractionalized NFT Auctions on Sushi
[PRESS RELEASE – Hong Kong, Hong Kong, 29th June 2021]
Fractionalized NFT protocol Unicly will collaborate with Sushi to implement a novel auction mechanism for fractionalized NFTs. This joint effort will enable Unicly to integrate SushiSwap’s pioneering auction solution as debuted on the latter’s MISO platform.
On the Unicly protocol, fractionalized NFT collections are wrapped into something called “uTokens”. These uTokens are traded on Unicly’s exchange, allowing people to easily trade fractionalized NFTs. Incorporating a MISO-based auction mechanism into Unicly will allow new uTokens to obtain better price discovery and help Unicly users purchase uTokens at the optimum price. Up until now, uToken creators have launched their tokens by simply adding liquidity on Unicly’s NFT AMM (Initial DEX Offering). The introduction of an auction system will ensure better pricing for all buyers.
In addition to benefiting uToken buyers, MISO will aid uToken creators, who will no longer need to front all the capital in order to provide liquidity. By raising capital through the MISO auction, creators will be able to start with base funds that they can use to add liquidity, decreasing their risk significantly.
The first uToken MISO auction will be for the new Genesis Mooncats Collection on Unicly (uGMC), at 11am Eastern Time on July 5th. This fractionalized collection comprises 24 Genesis Mooncats, the rarest of one of the earliest NFT collections in the space.
Through this joint effort, Unicly will create a new utility for UNIC token holders. In the future, to participate in uToken auctions on MISO, buyers will need to hold a minimum number of UNIC tokens. In order to participate in the most in-demand uToken launches, community members will need to hold their UNIC.
Unicly will also look to collaborate with SushiSwap to create a fractionalized SushiSwap NFT collection (uSUSHI). Issued and fractionalized on the Unicly protocol, uSUSHI could utilize MISO for the initial auction and have a dual IDO on Unicly and SushiSwap. NFTs could be airdropped to both SUSHI and UNIC holders, and if whitelisted on Onsen and Unicly’s farm, have additional incentives for liquidity providers.
Finally, Sushiswap is developing its very own NFT platform, known as Shoyu. This should support further synergies between Unicly and SushiSwap once Shoyu is operational.
About Unicly
Unicly is a permissionless protocol to combine, fractionalize, and trade NFTs. It allows anyone to fractionalize a collection of NFTs to create ERC20 uTokens that can be traded on the platform. Whitelisted pools, meanwhile, can farm the UNIC governance token. Unicly features more than $65 million in NFTs from fractionalized collections including Jenny DAO, Crypto Punks, Bored Apes YC, Aavegotchi, Hashmasks, Axie, and Beeple, making it the largest NFT platform of its kind.
Learn more: https://www.unic.ly/
About SushiSwap
SushiSwap is a multi-chain AMM supporting decentralized trading, lending, and borrowing across the top 14 EVM blockchains. It enables users to swap, earn, stack yields, and leverage via one decentralized, community-driven platform. SushiSwap’s latest product is MISO, a suite of open-source smart contracts that allow anyone to launch a new defi project and list its token on the SushiSwap exchange.
Learn more: https://www.sushi.com/
