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NFT Trading Protocol Unicly Increases User Base 792%

Posted by
Robert Hoogendoorn

More than 1,280 active wallets in the past 7 days

NFT trading platform Unicly has grown its user base 782% in the past 7 days to 1,280 active user wallets. The platform sets itself apart from other marketplaces because it allows investors to own a fraction of valuable NFT collections.

This growth for Unicly, which has been around since late March, mainly comes from the launch of a new decentralized autonomous organization called JennyDAO. Their uJENNY token on Unicly gives token holders a share of ownership over artworks in the DAO’s vault. The first artwork is a song called Jenny by world-renowned EDM producer Steve Aoki and 3LAU, with visuals by Peiter Hergert.

What makes Unicly stand out, is the ability to fractionalize ownership over bigger or expensive collections. Unicly literally combines elements from DeFi with an NFT marketplace. Through the community-governed protocol, users can create liquidity for NFTs that are otherwise way too expensive for regular trading.

On the platform, users can combine one or more NFTs into a bundle. The platform locks away the NFTs and replaces them with uTokens. The creator of a collection can set different criteria for unlocking the collection and regaining full ownership. 

Shared ownership nothing new

It’s not like shared ownership over digital assets is anything new. Last year the Niftex exchange launched its platform, allowing NFT collectors to fractionalize one NFT, sell the shards and share ownership with others. This has resulted in some interesting scenarios where the value of one NFT dropped significantly, or collectors try to buy out a particular NFT at an interesting price point. 

In February this year, Metapurse fractionalized their entire Beeple collection. The NFT collector fund acquired these 20 artworks by Beeple for $2,2 million, built some virtual museums for it, and then fractionalized everything. The result was the B20 token. B20 peaked in value in March at $23,66 and now dropped to $1,15. That would still be double the original valuation.

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