With decentralization at the core of the Unifty ethos, we have established a Creator-centric Cross Chain Non-Fungible Token (NFT) platform that caters to the needs of individual artists and collectors. It also allows companies to set up enterprise grade NFT dApps using our ecosystem tools.
In our previous posts, we have detailed the use cases of our platform token, $NIF, which currently provides multiple advantages to its holders including reduced fees for creating collections and farms as well as access to additional revenue streams such as staking and liquidity provision.
A utility token, $NIF, is required to access the NFT bridge tool, a core operation that will revolutionize the creator-centric economy for the NFT industry. Whilst exploring additional products and functionalities for the $NIF token, in order to further enhance the token economy, we thought of adding the functionality of governance and separating it from platform utility and so, it all came to fruition in the shape of $UNT. The platform’s new core utility token, designed to give Unifty power and flexibility on a whole new level.
$NIF: Unifty decentralized governance
With the goal of providing an intuitive and comprehensive solution to facilitate NFT-related products, Unifty requires neither technical knowledge nor previous experience. The Unifty platform allows its users full ownership of the products they create, including their custom-made NFT marketplaces, collections, wallets, and farms.
Further extending on this ethos of decentralization, we are excited to announce the introduction of our Community Governance Program for token holders. With this change, the $NIF token will transition to a Governance and Staking token, which will allow holders to manage the Unifty ecosystem through a transparent and fair token voting process. This allows holders to vote on other users’, team-suggested or even their own proposals, thereby having a direct say in how the story of the Unifty platform develops.
$UNT: Our new utility token
With this pivotal change for the $NIF token, we are proud to introduce $UNT, which takes the role of the platform’s Ecosystem token. $UNT becomes the prime method for using the platform’s tools, apps and services. It will be used to incentivize the creators that are building on a revolutionary ecosystem for participants.
Upon launch, we will ensure that the $UNT token will be fairly distributed to the community according to their efforts and provided value. There will be an initial proposal for the previously described shift. If activated, the proposal will allow a limited number of 250,000 $NIF tokens to be staked in the first round.
This contract will be the main minting source for $UNT. The rewards for initial stakers will be capped at 10,000,000 $UNT. Supply will be awarded to holders proportional to their number of $NIF staked. These tokens will be distributed over a period of 30 days.
The basic tokenomics for $UNT are described below:
● Initial supply: 0 UNT
● Max supply: 1,000,000,000 UNT (One billion)
● Maximum emission rate: 10,000,000 UNT for the first 30 days (month), following which the rate rises to 50,000,000 UNT per month whilst declining by 5% each month (i.e. 50 million UNT in month 1, 47.5 million UNT in month 2, 45.125 million UNT in month 3, etc.)
● Distribution method: Grants and Vaults, based on Community Governance and acceptance
A more advanced document detailing the reasoning behind the tokenomics and the emission rate will be released soon.
Grants and Vaults
Our community-driven governance system will be based on two technical features: Grants and Vaults.
Grants are specific decentralized allocations that allow anyone to put forth a proposal to withdraw a certain amount of $UNT for a pre-specified purpose. Vaults, on the other hand, allow for specific details and additional governance oversight to be made regarding how the previously mentioned grants are distributed.
Following the activation of the Community Governance model, Community-led proposals will be introduced, allowing any party to put forward a proposal. Users will need to stake a minimum of 10 $NIF to the Unifty Community Governance pool. The aforementioned deposit will be subject to a 14-day withdrawal period and can then be used to vote for or against improvement proposals.
The initial governance proposals will require a minimum amount of 100,000 $NIF to be staked which will be available to the entire community. Once this amount is staked in the Community Governance contract, proposals can be submitted, reviewed, approved, and get executed, or rejected.
Following initialization, users will be able to submit four types of proposals:
c. Internal Governance
d. General Resolution
Our story is unique from most brick and mortar projects in the blockchain realm. The Unifty world was created from the ground up through a bootstrapped origin. There was no need to rely on external funding because we never wanted to compromise on our journey to be the best multi-chain platform for NFT Artists and Projects. We provide ecosystem tools that allow anyone to create their own dApps with no previous coding knowledge or experience making us the WordPress or Wix for Non-Fungible (NFT) related products. With a focus on transparency and being truly decentralised, Unifty ensures all created products always remain in ownership with the creator.
Unifty’s ecosystem tools currently cater both to retail and institutional audiences. Artists can seek to create their collections on our marketplace, or simply create a marketplace of their own whereas companies or projects looking to simplify the process of creating new dApps like NFT wallets or farms can build on our platform in the same manner.
Our Smart Bridge Tool allows anyone to import their NFTs in a completely seamless way, expanding the reach of NFT technology to a wider mainstream audience. Based on the ERC-20 standard, Unifty provides two platform tokens, $NIF and $UNT, the former of which acts as the platform’s Decentralized Governance token and the latter acting as its main access token, used for all services within the platform.