Jenny is a decentralized ERC-20 NFT coined in the Unicly Protocol. Your native token is supported by an autonomous decentralized organization (DAO) governed by your native token holders. In addition, the token will also support social and fragmentation functions eventually.
What is Jenny (UJENNY)?
Jenny is a decentralized ERC-20 NFT coined in the Unicly Protocol. Your native token is supported by an autonomous decentralized organization (DAO) governed by your native token holders. In addition, the token will also support social and fragmentation functions eventually.
To understand how Jenny works, it’s important to first look at how Unicly works. Unicly is an NFT fractionation platform. It also allows its users to create a collection of NFTs that others can buy at a certain price. This collection will be represented by a coined token. Then, the collective value of the locked NFTs in a collection will determine the final value of the token coined for it.
In order to redeem purchased NFTs from a collection, the vault containing them must be unlocked. It can only be unlocked if the minimum buy-in or purchase threshold is reached. Whoever coins the collection can also set this limit. If the limit is not reached, the NFTs in a collection will be returned to the owner.
Jenny works the same way. The difference, however, is that the collection will not be owned by a single creator alone. It can be a community of people who will also have the ability to decide the parameters related to managing the NFT collection. To support that end, Jenny is implementing her own DAO.
How Does Jenny (UJENNY) Work?
Jenny is different from other NFTs coined and listed on the Unicly stock exchange. As already mentioned, rather than belonging to a single entity or individual, uJENNY, your native token, is administered and administered by the community. The value of uJENNY will also be determined by the collective value of the NFTs stored in your collection.
There are several membership benefits available to your native token holders. This includes access to the community’s Telegram and Discord channels, insights and reports on key NFT updates and related industry news, Ask Me Anything sessions with prominent individuals in the Jenny community, and control over how Jenny DAO funds should be managed .
This frees NFT collection from the centralization problem and allows your token holders to share the benefit of an auction in proportion to how many uJENNY tokens they own. The liquidity mining feature is not yet available for the token, but once accessible it can also provide another avenue for token holders to earn even greater rewards.
Jenny DAO’s Fund Management System
As no owner has absolute control over the Jenny token, the linked wallet is also owned and managed by its community; is a wallet with multiple subscriptions. This means that any transaction made in relation to Jenny DAO funds is required to be voted on by key community members (ie the Jenny token holders) and its founders.
The two founders of the token receive only one signature each, in order to prevent them from having absolute control over the management of Jenny DAO’s funds. Then, several key community representatives will be chosen based on the number of their Jenny tokens. If the community believes that there should be a change in wallet signatories, a vote must first be held among all Jenny token holders.
Again, the goal is to ensure that control of the NFT collection rests on the wishes of your community.
Community Based NFT Management
Jenny DAO is responsible for the process of adding NFTs to your vault and locking them into Unicly’s smart contracts. The community will also be responsible for estimating the total value of these blocked NFTs, discarding new NFTs, arbitrating the value of the NFTs and Jenny token, and evaluating ongoing bids, among others.
Any activity related to managing the vault must be voted on by the token holders, with each Jenny holder receiving one vote each. If there are enough votes requesting unlocking of the vault, NFTs can be released to the winning bidders.
In that event, Jenny DAO’s custody of the NFTs stored in the vault will be transferred to the bidders and all proceeds from the sale will be shared among Jenny’s token holders in proportion to the value of their holdings.
uJENNY’s token
The uJENNY token is the native governance token of the NFT collection. It can be used to participate in protocol governance decisions and liquidity mining. However, it is still up to the Unicly community whether they want to whitelist Jenny Token for liquidity mining.
Once available, users can begin providing token liquidity and receive UNIC governance tokens in exchange.
Another use case for the token is the right to accept NFT bids. Token holders will have the opportunity to accept ongoing bids for NFTs in different vaults if they find those bids within the acceptable range they have determined.
Tokenomics
Exactly 70% of proceeds from the first sale of Jenny token will be allocated to the acquisition of NFTs. Your total supply will also be fixed at 10.000.000 tokens. If liquidity mining is already available and Jenny token holders decide to redeem their holdings by ETH, the Jenny tokens will be transferred to Unicly’s smart contracts and burned.
What is the Price Forecast for Jenny Metaverse DAO Token (UJENNY)?
The Jenny Metaverse DAO Token price is forecast to peak at $3.417 throughout 2022.
As early as 2023 according to our crypto price prediction index, Jenny Metaverse DAO Token (UJENNY) could reach a maximum level of $5.802 with the average trading price of $4.315.
In 2025 according to our crypto price prediction index, UJENNY should cross an average price level of $5.119, the minimum expected price of the Jenny Metaverse DAO Token at the end of the current year should be $5.655. In addition, UJENNY can reach a maximum price level of $6.057.
Final Thought
While NFTs have proven to be a lucrative opportunity in the blockchain industry recently, the problem that continues to make it difficult for the community to maximize its capacity is liquidity concerns. That’s why an approach like Unicly’s looks like a promising market entry. But while it supports NFT slicing and decentralized finance (DeFi) capabilities, the next question is whether there will be reliable NFT collections on its platform.
Here, the issue of centralization can also be important. If only a single individual controls a specific collection in Unicly, then its goals, such as broader adoption and greater liquidity, may remain unsolvable, which is why Jenny’s initiative may perhaps be the missing piece of the puzzle.
Jenny implements NFT property sales, management and decentralization. Even the founders of the collective they will be making available on Unicly will not have absolute control over their funds. And in your architecture, everything must be decided by your token holders. If we really want to make NFTs available to everyone, this might be one of the best approaches to market.
