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Enjin takes an interest in project that delivers physically backed NFTs

2 Mins read

An ecosystem that allows nonfungible tokens to be backed by physical items has entered into a partnership with Enjin.

Source: cointelegraph.com

Uniqly describes itself as a “bridge between virtual nonfungible tokens and real-world goods” — and aims to solve one of the last hurdles that the NFT sector faces.

CryptoPunks, FC Barcelona fan tokens and $70 million Beeple collages are strictly digital, meaning you can’t hang them on a wall, wear them on your chest, or display them in a museum.

But the NFTs on offer from Uniqly can be redeemed for something tangible, meaning these digital assets can be materialized and turned into something you can see and touch.

The new collaboration means that Uniqly will build on the Efinity network, with technical support from Enjin in the development of its ecosystem — paving the way for faster, smoother and more secure transactions.

A big milestone for Enjin came in March when Efinity was unveiled — a next-generation NFT blockchain built on Polkadot.

Executives at Uniqly believe that Enjin’s cutting-edge tools and services, paired with the Efinity blockchain, will be instrumental in ensuring that its platform enjoys fast growth and organic development.

“We have taken the first step towards a global, decentralized market that blurs the lines between the physical and digital world thanks to Enjin,” Uniqly added.

Going live

To launch its project, Uniqly will hold its first-ever NFT auction on May 12, with tokens redeemable for T-shirts from a special collection, each with a unique and randomly generated design.

The 10,000 NFTs will go on sale at 5:00 p.m. CET — 4:30 p.m. for those who signed up for Uniqly’s whitelist — with prices starting at 0.06 ETH and rising to 0.4 ETH as more T-shirts are purchased.

Like all high-quality wearables — such as sweatshirts, hats, masks, and more — the T-shirts come with a QR code linking to that token’s Etherscan page.

More Insights from Uniqly here

NFT creators and sellers can launch lines in its Marketplace, which will sell the tokenized product either on one of Uniqly’s items or any real-world product deposited in the company’s warehouse via escrow.

Of course, Uniqly has its own token, UNIQ, with a hard cap of 13 million minted.

Among other uses, Uniqly also plans to offer staking, creating UNIQ liquidity pools in partnership with other projects. Stakers will have access to limited-edition NFT collections.

The tokenomics

The company has completed presales to private investors, as well as two public sales in March. Demand was high, with the March 20 public sale’s three million UNIQ selling out in 10 minutes, and the March 31 release of 3.66 million UNIQ selling in just four minutes.

The 8.21 million tokens sold will be distributed to buyers in weekly batches in coming months, so they won’t flood the market.

UNIQ was listed on Uniswap in mid-April — and the platform’s very first NFTs, launched in collaboration with influencers, have now dropped.

Learn more about Uniqly

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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