Unicly is a community-governed protocol with no permission to combine, split, and trade NFTs. Built by NFT collectors and DeFi enthusiasts, the protocol encourages NFT liquidity and provides a seamless trading experience for NFT assets.
What is Unicly (UNIC)?
Unicly is known as a community-managed decentralized NFT protocol. Here, users can freely tokenize their assets and trade them. Similar to DeFi, Unicly also allows participants to staking, yield farming and liquidity mining. However, the promising feature that Unicly brings to the crypto community is the combination of NFT and DeFi. As a result, Unicly’s design provides users with a user-friendly ecosystem that is easy to join.
Essentially, Unicly provides NFT creators with a diverse, easy-to-use ecosystem and marketplace enabled by automated market makers (AMMs). Thanks to this, any user can join Unicly and create their own digital token at the best price whenever they make a transaction.
In particular, the most impressive NFT application in the Unicly protocol is Fractionalization. This app opens a space that allows multiple users to buy NFT in various sections. This creates many conveniences such as better liquidity, solvency and better management of the NFTs they hold.
How does Unicly (UNIC) work?
The problem with other NFT platforms is liquidity. It is because a single NFT can only be purchased by one buyer alone. No other person can buy the same NFT or even own a part of it if they want, unless different buyers enter into an internal agreement to share an NFT. However, this is extremely unlikely to happen. And even if that happens, those sharing arrangements will have to rely on trust. This can be a big problem sooner or later.
The other problem is the fact that expensive NFTs can only be purchased by one person, despite the volume of demand for NFTs. This is a problem because it can limit the NFT market to only those who have the financial resources to buy them at incredibly high bidding prices. If we wanted more people to buy NFTs and support the concept behind it, adoption should be the goal.
Hence the need for fractionation. Unicly allows different users to buy a share of an NFT and trade them in the same way as they would other cryptocurrency assets. They can even later sell their share of an NFT on the market if they want to. The purpose of Unicly’s approach is to make it easy for anyone to buy NFTs.
Subsequently, this model allows for greater liquidity of the NFT. Selling a token would no longer have to rely on finding a single highest bid. An NFT can be launched through the platform and the Unicly community around the world can purchase them for free. Such a model allows for greater liquidity in the Unicly market ecosystem. And more than these advantages, the fact that users can acquire some shares of an NFT also allows them to better manage their own portfolio and risk exposure.
uTokens and the Unicly sharding model
uToken
uToken is known to be the asset that underpins Unicly’s NFT collection market. With the tools that Unicly provides, users can easily create their own NFT collections. The requirements for minting uToken are very simple. Users simply need to prepare a browser-based coin wallet containing the NFT they wish to include in their collection. uToken supports NFTs based on Ethereum, such as those belonging to ERC 721 and ERC 1155 compliant assets.
uToken generators allow the user to specify a name for the collection, the total supply and the percentage of the supply needed to unlock the NFT collection. Once unlocked, the supply cap is reached and bidders will vote to start claiming their share of the collection. If there are no bids, the NFTs will be returned to their creators.
As such, uToken creators are free for any of the supported NFTs in their collection. Users will be prompted to transfer their assets to a designated smart contract to hold the underlying NFTs for a collection. In addition to this feature, uToken creators can add liquidity to their NFT pool. Unicly adopts a flexible collection management model for uToken creators, who can add as many NFTs as they like, even if they are issued. This can help them add collective value to their uToken.
Bidding process
After setting up a uToken, the creator will receive a separate page. This page contains all the information they wish to display to potential bidders. At this point traders can start bidding on the NFT. When a user remains the highest bidder for the same NFT, he will not be able to withdraw his bid for a maximum of three days. However, if someone beats your bid, the highest bidder may default and re-bid immediately. The best bidder on the NFT can start claiming them immediately with the collection stock unlocked.
UToken Utilities
uToken is also implemented with network administration function. uToken holders can participate by voting on NFT collections in the system. At the same time, uToken holders can earn more rewards by helping to promote their NFT collection to attract high bids for NFTs.
UNIC token
UNIC Token is the official utility token in the Unicly ecosystem. The token is configured to support the platform’s productive agricultural mechanisms as well as its decentralized governance. Outstanding supply is not available and the maximum supply is 1.000.000 Tokens UNIC
UnicSwap
UnicSwap is a liquidity cultivation protocol that belongs to the Unicly ecosystem. Users can provide liquidity to the NFT pool to earn rewards. They are implemented as an AMM similar to uniswap in providing liquidity for the uToken on the platform. Liquidity providers earn UNIC tokens as a reward for placing their assets in NFT pools. At the same time, UNIC Token holders can also participate in voting in groups that are whitelisted or unblocked uToken. The UNIC tokens they earn can be converted to xUNIC format.
UnicFarm is a farm owned by Unicly. In it, the LPs owners of the groups in the list of people who can stake their LPs on the farm to earn UNIC tokens. This operation is similar to the Sushiswap Farming engine. To obtain LP Tokens, participants must provide liquidity to whitelisted pools on Uniswap. When a uToken collection in the Whitelist is unlocked, the collection is automatically removed from the Whitelist and UnicFarm.
Leadership
UNIC Token holders can participate in the vote, voting on important decisions about the protocol through community proposals. This could be the uToken whitelist and protocol updates and modifications.
Unicly Price Forecast (UNIC)
The price of Unicly is predicted to reach a high level of $14.760 throughout 2022. According to our crypto price prediction index, in 2023, the price of Unicly (UNIC) could reach a high level of $28.40, with the average trading price of $21.123. According to our crypto price prediction index, in 2025 UNIC should cross an average price level of $34.24.
The expected minimum value of the Unily price at the end of the current year should be $31.62. Additionally, UNIC can reach a maximum price tier of $34.90. The price of Unicly is forecast to reach the lowest possible level of $30.31 in 2030. According to our crypto price prediction index, the price of UNIC could reach a maximum possible level of $55.89, with the average forecast price of $42.12 .
Conclusion
The fractionation model of the only It’s the perfect way for some investors to buy NFTs. In addition to making NFTs more accessible to interested markets, it also offers exciting DeFi products that can appeal to the growing number of income farmers across the crypto space. And because it provides greater income generating opportunities for its users when compared to other NFT projects on the market, we can never be fooled into thinking that this project will be part of the biggest NFT protocols in the near future. PortalCripto hopes that the article has brought the necessary information about the Unicly project.
