Unicly x Satoshi Club AMA Recap from 3rd of April

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Unicly and our guest was Leia Fisher. The AMA took place on 3 April.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram community

Mary | Satoshi Club: Hello again Satoshi Club! We are happy to announce our AMA session with Unicly! Welcome to Satoshi Club😀

D. | Satoshi Club: our today’s guest – @LeiaFisherOne ! hello, welcome to Satoshi Club!

Leia Fisher: Hi everyone!

D. | Satoshi Club: 👋

Mary | Satoshi Club: Hello, Leia! How are you today?😀

Leia Fisher: I’m really great and excited to meet everyone in the club.☺️

Mary | Satoshi Club: Fantastic 🚀 so, let’s start our AMA 😀

Could you please introduce yourself and tell us more about Unicly?

Leia Fisher: I’m Leia (I go by 0xLeia everywhere). I’m a designer and developer, and a huge fan of art. I’ve been participating in the NFT space for many years.

Unicly is a protocol to combine, fractionalize, and trade NFTs with guaranteed liquidity. The protocol allows users to wrap any number of NFTs together into a “uToken”, which is the ERC20 equivalent of the NFT collection. Users can then provide liquidity and experience AMM-type price discovery of these fractionalized NFT collections.

Mary | Satoshi Club:,Great idea, i like it! Btw, when did you get your first NFT?😀

D. | Satoshi Club: how many people with you working on the project?

Leia Fisher: Late 2018

Our core team is about 9 members but we have a larger community of designers and developers.

Mary | Satoshi Club:, You were really early👍 most users heard about NFTs only in 20-21 on the wave of hype

Leia Fisher: I’m really tuned in to the crypto space so i knew about NFTs when they were just an EIP

Mary | Satoshi Club: And you had time to accumulate more experience and ideas how to improve this space😀

Thank you for your intro, Leia! We choose 6 questions for the first part!

Are you ready for them?

Leia Fisher: Ok, let’s get started

Q1 from Telegram user @yiselen

Buying NFT is quite a laborious process. Fungible tokens can have thousands of buyers and sellers, but each NFT transaction depends on bringing together a single buyer and a single seller.How does Unicly improve the quality of this process? Tell me a little about your fractional model?

Leia Fisher: Fractionalization allows more people to trade NFTs at lower price points, enabling more of us to have ownership of even the most coveted NFTs. We do that by integrating NFTs with our series of smart contracts.

D. | Satoshi Club: can you describe the process? because i can’t imagine how is it possible

Mary | Satoshi Club: Does it mean that i will be able to buy a part of Beeple NFT, for example?

Leia Fisher: Good question, we detail the fractionalization process here in our documentation https://docs.unic.ly/tutorials/how-to-fractionalize-your-nfts

If the NFT was on our platfrom then YES.

Mary | Satoshi Club: Gotcha 👍

Where we can get uSDF?

D. | Satoshi Club: but how can you split NFTs i thought it’s impossible?

Mary | Satoshi Club: Oh, got it, it’s like i will issue this when add NFTs, right?

Leia Fisher: We are not spliting the NFTs, we are issuing Utokens based on the underlined value of the NFTs

Mary | Satoshi Club: As i understand the main idea behind this to allow all users to own a part of NFT if they can’t afford to buy whole?

Leia Fisher: Yes

Mary | Satoshi Club: Then why did you launch your project on ETH? It’s expensive nowadays and the meaning is partially lost

Leia Fisher: On our platform, you can find uToken collections on the Discover. If you find NFTs that you like, look through the collection and put up a bid! If you want a piece of the whole collection, you can buy some uTokens. As a uToken holder, you can govern the collection. If you believe that the total value of the bids on the collection is high enough for the collection, you should stake your uTokens to unlock the NFTs. Once enough people stake, you can redeem your uTokens for some of the NFT auction proceeds.

After our initial launch we will be looking at layer 2 solutions

Mary | Satoshi Club: Nice structure 👍

Leia Fisher: Thanks!

Mary | Satoshi Club: Got it! Thank you for your answers! Are you ready for the next question?

Leia Fisher: Sure!

Q2 from Telegram user @moreandmoreeee

Trust is so important in business, what makes investors, customers and users feel secure when participating in your project? How will you gain the trust of many negative users about Blockchain and DeFi?

Leia Fisher: Blockchain technology was design to be trustless. so we build on those tenets.there’s no need to trust us in particular, trust the contracts that are open source and are auditable.

D. | Satoshi Club: what about your team, are you public or not?

Mary | Satoshi Club: Do you plan to conduct an audit of your platform?

Leia Fisher: We don’t want to focus attention on the team because the project is geared more towards the community goverance starting with our fair launch.

you can review that here https://github.com/uniclyNFT/Resources/blob/main/Unicly%20Security%20Audit.pdf

Mary | Satoshi Club: Thank you!

Ready to proceed?😀

Leia Fisher: Ok!

Q3 from Telegram user @victorogb

As stated on your official website, to farm UNIC one has to provide liquidity by staking their uTokens to earn more UNIC. You can also stake more UNIC to earn xUNIC where xUNIC can be converted for more UNIC over time. Can you carefully explain this process, what is the difference between UNIC and xUNIC, and why do I have to stake my earned UNIC to get xUNIC does it mean that UNIC can also be used as an LP token?

Leia Fisher: Yes, UNIC holders can convert UNIC into xUNIC to earn more UNIC. The yield comes from the UNIC bought back on UnicSwap (through the fees). Details of that are found here https://docs.unic.ly/tutorials/how-to-liquidity-mine-and-farm-unic

Mary | Satoshi Club: When liquidity mining will start?

Leia Fisher: On April 19th, the Launch Partners will be finalized, which will add them to the genesis whitelisted pools on Unicly. Liquidity mining will start on April 21st at a specific, pre-determined (and public) block height, to be announced closer to April 21st.

Mary | Satoshi Club: Our next question is about Launch Partners😉 can we jump to it?

Leia Fisher: Ok!

Q4 from Telegram user @AmirJosh

What is Unicly Launch Partner program? Who can be a launch partner and what are the benefits they will enjoy when approved as a Unicly Partner? Can you tell us the selection process of this program?

Leia Fisher: On day 1, I will start with 1 token in order to vote in the first set of whitelisted pools. I have to do this so that there is an initial list of pools that can mint new UNIC, and therefore the community can take the reins immediately with their tokens.

We believe that it will be best to have the community help choose which collections will become Whitelisted Launch Partners. Between April 7th and April 19th, the community will be able to interact, discuss, and choose which uTokens collections are the most “unique” out of the ones that are created. The quality of the collection, amount of liquidity, and engagements by the community (on social media) will be taken into account for the whitelisting. Only uTokens that have been created on-chain through the Unicly protocol will be considered. The quicker you set up your uToken collection, the more time the community gets to look at it and support it!

Mary | Satoshi Club: Do you already have artists who are ready to create collections for your platform?

D. | Satoshi Club: so people will have to add liquidity into pools to participate in mining? or im mistaken?

Leia Fisher: Several amazing NFT projects, collectors, and artists have already expressed interest in becoming launch partners. To name a few= Aavegotchi, Terra Virtua, Star Atlas, Doki Doki, Waifu have all expressed interest!

Mary | Satoshi Club: Familiar names! Fantastic!

Leia Fisher: Yes

D. | Satoshi Club: members of your team will be also participate in the mining on the launch day? 😉

Leia Fisher: 90% of UNIC tokens will only be minted via liquidity mining and 10% will progressively be allocated to the development team as they get minted over time

D. | Satoshi Club: thank you for the answer! ready for the next question?

Leia Fisher: Ok let’s go!

Q5 from Telegram user @NataliyaKil

While studying your project, I read that UNIC can be mined forever. How will you control the amount of token mined by users so that it does not exhaust the total UNIC supply?

Leia Fisher: Each month, the mint rate of UNIC tokens will decrease by 5%, starting at a monthly mint amount of 50,000 UNIC. Therefore, the supply will never reach 1M UNIC.

Mary | Satoshi Club: That’s nice!

Mary | Satoshi Club: It’s clear for me😀

Leia Fisher: Great!

Mary | Satoshi Club: Ready for the 6th and last question from this part?😀

Leia Fisher: Ok!

Q6 from Telegram user @Dudeiebitch

We have the issue of copyright in NFT selling, how do you deal with it when the seller issues copyright on his product without the buyer knowing. You know that they can claim the product back if they have copyright on it, I don’t know if you have a p2p platform that make the seller and buyer interact.

Leia Fisher: That’s a solution we can work towards with regulatory bodies as its a legal issue and not a technical one.

Mary | Satoshi Club: Got it! 👍

Leia, do you want to add something before the live part will start😀?

Leia Fisher: Only that everyone should follow all our socials from our website https://unic.ly/ and take part in the whitlisted collection voting!

D. | Satoshi Club: [ 👍 Sticker ]

Mary | Satoshi Club: Sure! Satoshiclubbers, join👏

Ready for the storm of questions?😀

@LeiaFisherOne

Leia Fisher: Yep

Mary | Satoshi Club: Let’s go 🚀

Part 2 — live questions from the Telegram community

Q1 from Telegram user @topind7

What is Unicly main aim or objective for the community and will there be private sale soon?

Leia Fisher: Unicly will be governed by the UNIC token. There has been no private sale and there never will be one. 10% of tokens will go to the development team as they get minted over time. The remaining 90% will only be available through liquidity mining. The community will be voting on whitelisted pools and participating within our platform.😃

Q2 from Telegram user @Joshblaze

Does your project name has any important to project growth?

Leia Fisher: NFTs have a lot to do with being unique. We’re also looking for unique collections, and we’re a very unique protocol. We wanted to capture all of this in our name, while making it memorable.

Q3 from Telegram user @sumione

Where is UNIC available to buy and can you give me its contract address?

UNIC starts getting minted on April 21st 🙂 The community will add liquidity for UNIC when that happens, and people will be able to start buying UNIC.

Q4 from Telegram user @mucana

Can you explain the importance of Unicly’s long-term vision for its users and investors? And what is your strategy for drawing the attention of the crypto world to Unicly?

Leia Fisher: There have been a few early efforts to fractionalize NFTs and we have learned a lot from them. Through Unicly, we aim to solve the existing problems.

Unicly’s key attributes are the following.

• ● Enabling sharding of collections containing multiple NFTs across different smart contracts (ERC-721 and/or ERC-1155s).

• ● Treating every NFT within a sharded collection as a unique, irreplaceable item.

• ● Allowing collectors to bid for specific NFTs rather than entire collections.

• ● Treat all shards equally and never rely on randomization of reward

distributions.

• ● Sharing the proceeds from NFT disposals equally between all shard holders

(or uToken holders).

• ● Allowing shard holders to accept bids by voting with their shards as opposed

to forcing them to counterbid.

• ● Eliminating incentives for NFT collections to depreciate through selective

inventory churning.

• ● Rewarding contributors of the best NFT collections through liquidity mining of

the UNIC governance token.

We believe that there is no NFT fractionalization platform out there that has solved most of the underlying issues, to create a fully functional protocol that fits the market’s needs.

Q5 from Telegram user @nadee5

As a new project , What are the marketing campaigns have done so far to increase community of unicly ? Any giveaways,competitions?

Leia Fisher: We have many ongoing giveaways and contests, pls do follow our telegram group https://t.me/unicly_community for the latest 😀

Q6 from Telegram user @MCBTrade

I thought that NFT technology was still in its infancy and the digitalization process of our lives would accelerate. Finally, the Unicly project emerged. It is very gratifying that NFT technology is so seriously included in our real life. Do you expect a change and digital transformation in the brand and branding process with Unicly? Can anyone easily create their own brand in many products such as textiles and gift items? I think this would be a very exciting start …

Leia Fisher: Anyone can create a Unicly Collection and configure to their liking, check out more here https://docs.unic.ly/tutorials/how-to-fractionalize-your-nfts we are excited to grow the unicly brand with all our collections!

Q7 from Telegram user @Xuso

I read your medium it said unicly will bring new innovation regarding Yield farming into the world of NFTs, as I know yield farm possible to token but how does it work if we farm with NFTs? And how about the reward distribution system?

Leia Fisher: Yes our platform combines NFTs and Defi. Check out our liquidy mine and farm tutorials here https://docs.unic.ly/tutorials/how-to-liquidity-mine-and-farm-unic

Q8 from Telegram user @cryptonation2

What role does a community plays for Unicly? What are your plans to increase awareness and adoption for non english users??

Leia Fisher: This project will be all about community, and we believe that we’ll find community members from all over the world that will help advance our ecosystem. We believe that this network effect and word of mouth will attract non-English speakers, and we could also see community contributors translating content for us as well.

Q9 from Telegram user @Kushal85127939

How users can make or mint their own NFTs on your platform? Is there any guide, tutorial or whitepaper for Crypto Newbies?

Leia Fisher: Yes we have created a comprehensive guide and will add more tutorials shortly, Also, we have our telegram chat where you can ask questions also. https://docs.unic.ly/tutorials/how-to-fractionalize-your-nfts

Q10 from Telegram user @Robotliker1

could you help me providing tokenomics and how much tokens is in circulation

Leia Fisher: Unicly will have a true fair launch. 90% of UNIC tokens will only be minted via liquidity mining and 10% will progressively be allocated to the development team as they get minted over time. On day 1, I will start with 1 token in order to vote in the first set of whitelisted pools (that will enable future liquidity mining). There will be no pressure from presale investors because they do not exist.

Each month, the mint rate of UNIC tokens will decrease by 5%, starting at a monthly mint amount of 50,000 UNIC. Therefore, the supply will never reach 1M UNIC. Similar to Bitcoin, there is guaranteed scarcity with UNIC. Therefore, farming UNIC early is probably the best way to participate.