Genesis Shards partners with Unic.ly to fractionalize GenTicket NFTs
TL;DR
- Projects on Genpad can collaborate with Unic.ly to fractionalize their GenTicket NFTs 🧩 — this will greatly boost liquidity for the PreIDO tokens of these projects
- Through fractionalization, investors can buy ‘fractions’ of the GenTicket NFT instead of having to buy a whole NFT. This will create a liquid “derivative” market for PreIDO tokens, increasing accessibility to the masses. 📈
- As part of the partnership, 0xLeia has created a GenTicket NFT with the first UNIC token ever minted! She has added this to the uUNICLY collection of fractionalized Unicly-branded NFTs — there is just ONE of these in existence ! (Go grab this NFT on OpenSea here ) ✨✨
- uToken collections on Unicly could cooperate to make a uToken “index” (like S&P 500) that represents top NFT projects. 🀄️
Unic.ly is a permissionless, community-governed protocol to combine, fractionalize, and trade NFTs. Fractionalization allows more people to trade NFTs at lower price points, enabling the average investor to have ownership of even the most coveted NFTs. Built by NFT collectors and DeFi enthusiasts, it incentivizes NFT liquidity and provides a seamless trading experience for NFT assets by bringing AMMs and yield farming into the world of NFTs.
Currently, buying NFTs is not an easy task -
- Unlike regular fungible tokens which may have thousands of buyers and sellers, every NFT transaction requires a single buyer and seller to be matched — which is a recipe for low liquidity.
- Additionally, some of the most coveted NFTs are not affordable to the average investor — ownership in these becomes concentrated.
- Due to this pricing out of investors from many ‘coveted’ NFTs, owning a ‘basket’ of NFTs to diversify and manage risk becomes very difficult
- Due to all these reasons — NFT investment in its current form is inaccessible for many.
Genesis Shards aims to improve ‘preIDO liquidity’ by wrapping fungible time locked project tokens into NFTs. This solution does massively improve over the current options (OTC trading with low liquidity and counterparty risk), as these PreIDO NFTs are easily tradable on platforms such as OpenSea.
However — all the problems inherent to NFT investment (discussed above) directly affect the NFT powered PreIDO liquidity for projects on Genpad as well. This is where Unic.ly can help to greatly improve liquidity for PreIDO tokens.
This is the beginning of a long term partnership with Unic.ly, whereby projects on Genpad will be able to collaborate with Unic.ly to tap to get their NFTs fractionalized and hence create a liquid market for their tokens even before the IDO ! By making ‘pieces’ of GenTickets ownable, this opens up a plethora of opportunities to the average investor.
Another aspect to the partnership would be the addition of a GenTicket into the uUNICLY collection. The Gen Ticket will be made from the first ‘UNIC’ to ever be minted! This GenTicket NFT will be fractionalized as part of uUNICLY; opening up possibilities for owning pieces of this NFT.
“ We could not be more excited to be partnering with Unic.ly : their sharding solution to improve NFT liquidity fits in with our GenTickets like bread and butter — this will massively benefit projects on Genpad to further get a boost in PreIDO liquidity for their tokens ! ”
Garlam Won, Genesis Shards Co-founder
“ We’re delighted to collaborate with Genesis Shards — their mission of redefining NFTs as DeFi options and providing PreIDO liquidity through wrapped NFTs aligns very well with our core vision of making NFTs more liquid and accessible through fractionalizing them. Happy to partner with Genpad projects and help forge a liquid market for their PreIDO tokens ! ”
0xLeia , Founder, Unic.ly
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About Unic.ly
Unicly is a permissionless, community-governed protocol to combine, fractionalize, and trade NFTs. Built by NFT collectors and DeFi enthusiasts, the protocol incentivizes NFT liquidity and provides a seamless trading experience for NFT assets by bringing AMMs and yield farming into the world of NFTs.
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About Genesis Shards
Genesis Shards is a decentralized ecosystem powered by Polkadot redefining NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens. By wrapping time-locked fungible tokens into NFTs, Genesis Shards is creating a new marketplace for previously illiquid tokens
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The next major steps in Genesis’s journey will be announced soon ! Keep an eye on this space for updates.
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