Unicly, the AMM for NFTs, has announced a collaboration with SushiSwap to support fractionalized NFT auctions. The partnership will see both parties benefit from harnessing the other’s technology. Unicly has made a name for itself as the preeminent platform for part-owning NFTs by the hottest creators in the space, while SushiSwap’s defi credentials don’t need restated.
In a first-of-its-kind link-up, Unicly will integrate SushiSwap’s auction system, as pioneered on its MISO token launch platform, into Unicly’s own platform. This will result in a more efficient system for participating in NFT launches on Unicly. The move will be of particular benefit to holders of Unicly’s UNIC token, who will be able to participate in uToken launches on MISO in future.
Genesis Mooncats Will Mark Maiden Collaboration
The first test of MISO’s auction system on Unicly will arrive on July 5 when the Genesis Mooncats Collection (uGMC) debuts. As one of the first NFT collections to have been issued on Ethereum, Mooncats are highly coveted and thus the 24 cats poised to be auctioned off at 11am EST on the 5th are sure to sell out fast.
With Unicly, each NFT collection is represented by a corresponding uToken which allows a single NFT to be broken down into parts and freely traded. As a result, investors can enter and exit positions easily – something which has been traditionally hard to achieve with illiquid assets such as NFTs. As part of the collaboration between Unicly and SushiSwap, a fractionalized collection of Sushi NFTs will be created and assigned a uSUSHI ticker on Unicly.
NFT Season Returns
In the space of just five months, NFTs have completed a full market cycle, mooning in January before enduring an accelerated bear market that saw demand for NFTs and their corresponding governance tokens flag. Now, the sense of optimism that was all-pervasive at the dawn of 2021 has returned, fueled by a wave of innovative new projects.
Bored Apes Yacht Club, recently given The Defiant treatment in a 45-minute YouTube special, is credited with kickstarting the second NFT run of the year. The price floor for the 10,000 apes now stands at over 3 ETH and the collection of colorful apes has attracted everyone from Mark Cuban to sports stars and internet celebs. In its wake has followed NFT collections such as Misfit University, Hash Demons, Polymorphs, and Craniums.
Each of these collections has built upon the model popularized by Bored Apes, while introducing unique features of their own. With Polymorphs, for example, owners can pay a fee to “roll” new attributes for their character. SushiSwap’s entry into the NFT game, through its collaboration with Unicly, suggests that there is plenty of life in non-fungible tokens yet.
Much like defi, it has taken time for the market to figure out the possibilities that NFTs offer. With platforms for NFT appraisal, trading, exhibition, and fractionalized ownership now onstream, non-fungible tokens are posed to enjoy a new lease of life.
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.