Unicly Partners with Upshot for NFT Appraisals
Introduction
We’re pleased to announce that Unicly has sealed a partnership with Upshot, the leading platform for crowdsourced NFT appraisals.
Upshot enables price discovery in the NFT market by incentivizing individuals to offer honest opinions on non-fungible tokens that come across their radar. Thanks to our alliance, we will be able to determine the scores for the whitelisted NFT collections. Curated by Unicly, these will be valued using community appraisals gathered by Upshot. Note that the appraisals will be for the floor price of the NFTs. It doesn’t necessarily mean that the NFTs should be valued at those exact price points.
The Specifics
As Upshot has not officially launched to scale yet, Upshot has recruited a few groups of expert 3rd-party appraisers to find the floor price of the NFTs. Unicly’s special use cases will be a private test launch of Upshot’s technology, as a lot of NFTs trying to get appraised within uToken collections have not been indexed on Upshot’s main platform yet. Members of the Unicly community will also get the chance to join some of these appraisal groups.
While the Unicly protocol gives users an opportunity to combine, fractionalize, and trade non-fungible tokens, our partnership with Upshot brings greater objectivity to a typically subjective process by tapping into the wisdom of the crowd.
The introduction of a NFT appraisal system will help to ensure that the marketplace is fairly valued. Not based on some clever, opaque algorithm but the perception of real-world users who are incentivized to offer their genuine impressions.
It’s a great pleasure to partner with Upshot, whose like-minded team is just as committed as we are to enhancing the NFT space.
UNIC Liquidity Mining Updates
Update 1: Farm v2
If you had staked LP tokens to the farm already, please check the re-staking guide here: https://docs.unic.ly/tutorials/restake-to-farm-v2
We’re migrating to a new farming contract with a fix in place before mining starts.
Update 2: Recalibration
A lot of members in the community have also asked about how often the pool weights will be updated. This is still open to discussion, but I think bi-weekly updates should be ample. The changes can then be implemented on the smart contract level. Dynamic weighting on the onchain-level causes more gameability and vulnerabilities (e.g. by manipulating liquidity, market cap, volume, and # of holders someone could attack the protocol), so these criteria should stay off-chain and be managed by the community to create better flexibility and security. Once the UNIC token is in circulation, the community will have full control over all such matters via token-weighted voting.
Update 3: Base Points?
There was also a great suggestion from Rei around giving collections base points for getting through community approval. For example, 80% of all points available for UNIC rewards are based on the existing structure. 20% of all points are split evenly amongst every whitelisted collection (for example, if there are 20 collections on the whitelist, each of them get 1% of total rewards as a base). I think this is cool because it protects the smaller artists, and am for it. At the moment, it seems like we have not gotten enough responses on this matter yet, and I think it could be one of the first things we discuss and vote on as UNIC token holders when onchain governance goes live.
Next Steps
UNIC liquidity mining gets underway on block 12,458,975 (approx. May 18 at 10am EST), following technical improvements advanced by our community of collectors, investors, artists and traders. With no presale or pre-mining of tokens, this is your first opportunity to get involved, provide liquidity for UNIC, and strengthen the Unicly ecosystem.
Thank you for all your support so far as we build out our protocol for fractionalizing and trading NFTs. Follow our social channels for the latest Unicly updates as there’s a lot more good news to come.
