The only constant in life is change, this ingenious quote by Heraclitus the Greek philosopher continues to hold true. That is especially true with regards to the blockchain industry, and we are no different. We are changing.
Back in December 2020, our Founder Markus Bopp created the Unifty platform with the vision of creating an ecosystem that provides tools and services for NFT enthusiasts, from total beginners with no prior blockchain knowledge to NFT experts. This ecosystem was designed to empower creators by democratizing access to technology that allows them to bring their creations into the digital world cheaply and efficiently.
This ecosystem had begun to flourish with the ever growing suite of tools and services, to include the Collection Manager, Farm Manager, Marketplace Creator and encompassing the industry’s widest choice of blockchain support including Ethereum, Binance Smart Chain, Polygon, Celo, Avalanche, xDAI, Moonbeam.
We are proud of what we have achieved so far, however, we felt that we could innovate in a more underserved space of the market. One that would allow us to better serve creators and their fans. That space would be the intersection between the mathematical world of Decentralized Finance and the creative world of Non-fungible Tokens. This powers our new mission.
And that new mission is to reshape the creator economy.
Decentralized Finance and Non-fungible Tokens?
To better illustrate our approach to reshaping the creator economy, it’s important to revisit the last few months and our development direction.
As we had previously announced three months ago, we had begun our transition to a decentralized model of governance, coupled with the release of our dual token model that incorporates the $UNT token. This can be categorized as our initial attempt to develop into the world of decentralized finance. This can be found here.
Following that article, we released our initial staking vault, firstly to test out our technological approach to both governance and staking but also to verify if there was demand for such a product by our community. We had instituted a maximum amount of 250,000 $NIF that could be staked, to earn 1% of the total supply of $UNT, 10,000,000 tokens. To our pleasant surprise, this vault had been fully subscribed within 27 minutes of launch. At the time, that equated to over $5,000,000 USD worth of TVL (Total Value Locked). This humbling turnout by the community was our “lightbulb” moment that signaled that we were onto something by combining principles from the DeFi space with the burgeoning NFT industry, via our Exhibitions first announced in our litepaper.
Simply put, we were ecstatic. This fueled us to continue developing and eventually bring about the creation of The Gallery.
The Unifty Gallery
This set the tone for our development efforts, focused on building out The Gallery and ensuring that it adheres to our vision. We further held focus groups with creators and collectors to ensure that our vision of the product matched their needs and expectations. The last factor for us to consider was ensuring that introducing the $UNT token within our product, would achieve the intended tangible utility and was able to capture value in a meaningful way to ensure that our mission of reshaping the creator compensation mechanism could be achieved.
Over the past few months, we set out on that path and we believe to have achieved all of those points by developing our product to encompass creators, collectors and their fans by aligning their economic incentives. A full featured post will be released shortly to outline the details of The Gallery and how it interacts with our Community Governance Program.
All the above may seem a bit out there or at the very least, different from our original mission of developing a simple, easy to use ecosystem of tools for NFT enthusiasts. While this is true, the spirit of our mission is alive and well, but it has manifested itself in our new approach of building products and services at the intersection between DeFi and NFTs.
Our first foray into this will be The Gallery, with more to come as we continue to build over the coming years.
We are extremely excited to have our community joining us on this mission and having a meaningful voice in our future by voting via our Community Governance Program!