Unicly, the protocol that combines, fractionalizes, and trades NFTs has sealed its partnership with Upshot, a platform that enables real-time and crowdsourced NFT appraisals. Upshot incentivizes individuals who offer honest opinions on NFTs and enables price discovery in the market.
Unicly will determine the value of the collections curated by them with the community appraisals gathered by Upshot. The NFTs gain a floor price; they don’t have to be valued at that exact price.
Tapping Into The Wisdom Of A Crowd
Unicly’s special use-case will be the private testing grounds for Upshot’s technology as it has not launched to scale yet. Upshot has recruited 3rd party experts to appraise the floor price of NFTs. Unicly’s NFTs are not indexed on Upshot’s platform yet, as they’ve yet to be appraised with uToken collections.
Unicly community members also get the chance to join some of these appraisal groups. The partnership allows Unicly users to bring greater objectivity to a subjective process by using the potential offered by the wisdom of a crowd.
The NFT appraisal system will ensure the marketplace has a system of fairness. It depends on the perception of real-world users instead of an algorithm. Users are rewarded with incentives for their genuine opinion.
Liquidity Mining Updates: Farm V2 And Pool Weights
Unicly is migrating to a new farming contract that has a fix in place before the mining starts. The previously staked liquidity provider (LP) tokens will require the user to re-stake the tokens to V2. Community members of Unicly wanted to know how often pool weights will be updated.
Unicly responded by saying that it is still open for discussion and believes bi-weekly should be ample. The changes will then be implemented to their smart contracts too. These criteria should preferably remain off-chain and be managed by the community.
On-chain dynamic weighting causes more game-ability and vulnerabilities as it is exposed to issues such as manipulating liquidity, market cap, volume, etc. So remaining off-chain will allow the community to create better flexibility and security. The community will have better control over these matters as soon as the UNIC token is in circulation.
A Base Point Reward Method
A Unicly community member has suggested giving collections base points for getting through community approval. An example: currently, 80% of all points available for UNIC rewards are based on community approval, and 20% is split evenly among whitelisted collections.
The team is for this move as it protects smaller artists. They’re awaiting more responses regarding this from the community, but it will be one of the first topics discussed and voted on as UNIC token holders when on-chain governance goes live.
What’s Next On The Liquidity Mining Schedule?
On May 18th at 10 AM EST, UNIC liquidity mining will be underway on block 12,458,975 to undertake the technical improvements suggested by Unicly’s community of collectors, investors, artists, and traders. There will be no presale or pre-mining of tokens. It will be the first opportunity a user gets to be involved, provide liquidity for UNIC, and strengthen the Unicly ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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