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Jenny Metaverse DAO Raises $7 Million For Unicly Launch

Jenny Metaverse DAO Raises $7 Million For Unicly Launch

Jenny Metaverse has raised $7 million in a pool led by renowned venture capitalists Multicoin Capital, Ascensive Assets, Animoca Brands, and Metapurse (by Metakovan). Jenny is the first metaverse DAO and social token on Unicly. 

Uniquely is a SushiSwap based AMM that provides shared ownership of NFTs through ERC20 tokens. The funds raised by Jenny will support the DAO’s NFT collection on Unicly. The collection uses the uJENNY token and will launch officially on May 13th, at approximately 10 AM EST.

Participants Of The Jenny Pool Fund

The investment round saw the participation of some of the most renowned names from the blockchain community. They included 0xb1, IOSG Ventures, Moonrock Capital, Morningstar Ventures, The Spartan Group, 3Commas, Vendetta Capital, Hillrise Ventures, and Building Blocks.

Participants also included Windfall LLC from the famous 22-year-old YouTuber, Mr. Beast. A portion of the pool was made up of angel investors such as  Quantstamp founder Richard Ma, ParaFi partner Santiago Roel, Bestselling author Neil Strauss, and the co-founders of CoinGecko.

Mable Jiang, partner at Multicoin Capital, stated that they’re excited to join the JENNY DAO. Uniquely is good for both collectors and investors: for owners, the fractionalization provides improved capital efficiency for their NFT assets and uToken holders, lower entry barriers, faster liquidity, and governance rights. Jiang further added:

An NFT fractionalization protocol like Unicly can make the NFT market more accessible and inclusive for everyone. We look forward to seeing how community members participate in the JENNY DAO.

Jenny Adds Top Notch Advisors

The project saw the onboarding of a bunch of top advisors such as Yield Guild Games founder Gabby Dizon, High Stakes Poker Player Tom “Durrrr” Dawn, world media personality Paris Hilton, Jack Herrick, the founder of WikiHow, Nick Emmons, the founder and CEO of Upshot, Elliott Bisnow the Founder of Summit Series, and Jeff Lo, ex-Managing Director of Fortress Investment Group. Andrew Steinwold of Sfermion Capital, a leader of the blockchain industry, had this to say about Unicly:

Unicly is democratizing the finalization of NFTs. Fractionalization, trading or combining, Unicly is empowering curators and the wider crypto community who want ready exposure to NFTs. The Jenny DAO is an incredible addition to the Unicly protocol because it creates a protocol power-user, that will be discovering and acquiring NFTs, from day one alongside the broader Unicly community.” 

Who’s Who Of Creators On Unicly

70% of the funds have been allocated for acquiring further NFTs. Since its launch, Unicly has seen collections from Beeple, Crypto Punks, Hashmasks, Autoglyphs, MoonCats, Doki Doki, Waifu, Chris McCann, Sandbox, Axie Infinity, Aavegotchi, F1 Delta Time, and other promising creators.

Collections from Terra Virtua and Meebits will be launched on Unicly, along with those from Jenny. The collections need to be approved for Unicly’s initial whitelist. This will allow liquidity providers from respective communities to mine UNIC, Unicly’s governance token.

A Community Governed Framework

The DAO will oversee the purchase of NFTs. Unicly protocol’s smart contracts control the vault where these NFTs will be added. Releasing the NFTs will be determined by the Jenny token holders. Once the bidding reaches a specific price point, the DAO can decide via a vote if the NFT will be sold to third parties.

The Jenny community operates under a DAO framework and can freely elect to have a liquidity event. The DAO tokens for its NFT collection will be minted and debuted on the Unicly protocol. The proceeds from the sale of uJenny tokens will be forwarded to a multisignature DAO address, and the community will decide its uses. Yat Siu, Board Member at Animoca Brands, noted:

"The Jenny DAO is another demonstration of the benefits that true digital ownership can deliver. It will also help in bringing more awareness to NFTs by making them more accessible through the Jenny DAO framework."

About Jenny

Jenny is a metaverse DAO that is controlled by its community. It is launching its NFT collection through Unicly, enabling anyone to obtain NFT ownership. The members of the DAO exert complete control over Jenny, with token holders voting on vault parameters, treasury management, and NFT buying and selling via multisig.

About Unicly

Unicly protocol allows to combine, fractionalize, and trade NFTs by providing a system to do so. NFT collections can be transformed into tradable assets with guaranteed liquidity. It allows NFT collectors to acquire a stake in multiple NFTs using uTokens.

This can be done in a single transaction, and users can own shards of a variety of NFTs. Unicly provides an all-purpose NFT gallery and trading platform by combining elements of AMMs, NFT auctions, farming, and decentralized governance. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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