What is Unicly coin (UNIC) token, decentralized NFTs?

What is Unicly coin (UNIC) token, decentralized NFTs?

Unicly is a community-governed, permissionless protocol for combining, splitting, and exchanging NFTs. Created by NFT collectors and DeFi enthusiasts, the protocol fosters 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. Like DeFi, Unicly also allows participants to do 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 makers with a diverse and 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 every time 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 purchase NFTs in various sections. This creates many advantages, 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 buyer can only buy one NFT. No other person can buy the same NFT or even own a part of it if they choose, 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 shared 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 market for NFTs to only those who have the financial resources to buy them at incredibly high bargain prices. If we wanted more people to buy NFTs and support the concept behind it, adoption should be the goal.

Hence the need for division. Unicly allows different users to buy a portion of an NFT and trade them the same way they would other cryptocurrency assets. They can even later sell their share of an NFT on the market if they wish. 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 can be purchased for free by the Unicly community around the world. Such a model allows for greater liquidity in the Unicly marketplace ecosystem. And beyond these advantages, the fact that users can purchase 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 provided by Unicly, users can easily create their own NFT collections. The requirements to mint 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 Ethereum-based NFTs, such as those pertaining 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 limit is reached and bidders will vote to start claiming their share of the collection. If there are no offers, the NFTs will be returned to their creators.

As such, uToken creators are free to use for any of the supported NFTs in their collection. Users will be required to transfer their assets to a designated smart contract to hold the underlying NFTs for 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 want, even if they are issued. This can help them collectively add value to your uToken.

Bidding process

After setting up a uToken, the creator will receive a separate page. This page contains all the information you want to show potential bidders. At this point, merchants 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 up to three days. However, if someone outbids you, the highest bidder can default and immediately rebid. The highest bidder in the NFT can immediately start claiming them with the unlocked collection stock.

UToken Utilities

uToken is also implemented with the network management 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 promote their NFT collection to attract high bids for NFTs.

NIC tab

UNIC Token is the official utility token in the Unicly ecosystem. The token is set to support the productive farming mechanisms of the platform as well as its decentralized governance. The pending supply is not available and the maximum supply is 1,000,000 UNIC tokens

UnicSwap

UnicSwap is a liquidity farming 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 get 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 unlocked uToken. The UNIC tokens you earn can be converted to the xUNIC format.

UnicFarm is a farm owned by Unicly. In it, the LP owners of the groups in the list of people who can stake their LP 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 Uniswap whitelisted pools. When a uToken collection is unlocked in the White List, the collection is automatically removed from the White List and from UnicFarm.

Governance

UNIC token holders can participate in the voting, voting on important decisions about the protocol through community proposals. This could be uToken whitelisting and protocol updates and modifications.

Where to buy the UNIC token?

The UNIC token can be purchased from several major cryptocurrency exchanges, some of the largest being: MEXC, KuCoin, and Huobi Global.

Unicly (UNIC) Price Forecast

Unicly price is predicted to reach a high level of $14,760 2022 throughout 2023. According to our crypto price prediction index, at 28.40, the price of Unicly (UNIC) could reach a high level of $21,123, with a price $2025 average trade 34.24. According to our crypto price prediction index, in XNUMX UNIC it should cross an average price level of $XNUMX.

The minimum expected value of Unily’s price at the end of the current year should be $31.62. Also, UNIC can reach a maximum price level 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 an average price forecast of $42.12.

Conclusion

The fractional only model is 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 higher revenue generation opportunities for its users compared to other NFT projects in the market, we can never be fooled into thinking that this project will be a part of the biggest NFT protocols in the near future. PortalCripto hopes that the article has brought the necessary information about the Unicly project.

 

Rachel Maga
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life's biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.