Unicly Partners With Sushi to Launch Fractionalized NFT Auction

Unicly, a decentralized NFT protocol, collaborates with Sushi to implement a novel auction mechanism for fractionalized NFTs. With this partnership, Unicly will enable to integrate SushiSwap’s auction solution in Sushi’s MISO platform.

Now that it is integrated with Sushi, Unicly is incorporating the MISO-based auction mechanism. Consequently, it can allow new uTokens to obtain better price discovery and help Unicly users buy uTokens at the optimum price.

Of note, Unicly is a permissionless protocol to combine, fractionalize, and trade NFTs. More so, It allows anyone to fractionalize a collection of NFTs to create ERC20 uTokens that can be traded on the platform.

Furthermore, these fractionalized NFT collections are wrapped into something called ‘uTokens’ in Unicly protocol. These uTokens are traded in Unicly’s exchange which allows people to easily trade fractionalized NFTs. Since then, uToken creators are just launching their tokens by simply adding liquidity on Unicly’s NFT AMM (Initial DEX Offering). Clearly, the introduction of an auction system right now will ensure better pricing for all buyers.

According to sources, MISO is giving aid to uToken creators so they no longer need to front all the capital in order to provide liquidity. Specifically, by raising capital through the MISO auction, creators will be able to start with base funds.

Moreover, the first uToken MISO auction will be for the new Genesis Mooncats Collection on Unicly (uGMC), at 11 AM EST on July 5th. The collection will include 24 Genesis Mooncats, the rarest of one of the earliest NFT collections in the space.

Through this joint effort, Unicly also plans to create a new utility for UNIC token holders. Whereas, community members need to hold their UNIC to participate in the most in-demand uToken launches.

In addition to that, Unicly and SushiSwap also aim to create a fractionalized SushiSwap NFT collection called uSUSHI. Clearly, this uSUSHI issued in Unicly protocol could utilize MISO for the initial auction and have a dual IDO on both platforms. The company also stated Non-Fungible Tokens could be airdropped to both SUSHI and UNIC holders if whitelisted on Onsen.

Lastly, Sushiswap is reportedly developing its very own NFT platform, known as Shoyu. Hence, it is expected to support further synergies between Unicly and SushiSwap once Shoyu is fully operational.

Source: https://coinquora.com/unicly-partners-with-sushi-to-launch-fractionalized-nft-auction/