More than 56k community members and counting have signed up to Unique Network’s campaign to fractionalise a Cryptopunk, and share in its future value, despite bear market conditions.
Crypto promised fairer distribution, equal access and a decentralized future for all - the polar opposite of the exclusive, gated communities that now surround iconic NFT brands, where to join the ‘club’ will set you back tens of thousands of dollars (or much more).
With its campaign Unique Network is demonstrating in one fell swoop how with the right tools and on the right network, NFTs can be returned to its roots, and allow everybody an opportunity to invest, innovate and prosper.
In the past 12 months, other collections have ballooned in price too. Leaving the ‘average’ crypto investor firmly on the sidelines, with no way to participate in a community and collection that’s becoming increasingly dominated by celebrities and the (shudder) big brands and institutions typically shunned and avoided by the OG crypto crowd.
“In a way, we’re reclaiming the punk culture from the hands of the powerful and wealthy, and putting it back in the hands of the people. We are seeing more and more sign-ups every day, proving that thousands identify with this cause,” said Alexander Mitrovich, CEO of Unique Network.
“This represents an exciting moment for interoperability. With our fractionalisation of Cryptopunk #3042 we are heralding a new era of NFTs that are accessible, interchangeable and can be shared across chains, and at a fraction of the cost. Once the community claims their fractions- there will be more addresses that own Cryptopunk and its fractions within the Polkadot ecosystem , than on Ethereum”, Mitrovich added.
Access for all
The best part yet is that Unique Network is giving away these Cryptopunk fractions for free. Along with a fraction of a Substrapunk NFT and a Chest NFT, within which traders can store their fractions and other NFTs to create a unique and tradable bundle.
“Cryptopunks and projects alike were started with the vision of democratization, true to the punk theme. They helped create this multi-billion dollar NFT industry, however, it feels like they’ve lost sight of its original goal, instead becoming a status symbol for the wealthy. Unique is reminding us of this vision - to democratize access to assets and rally the community during a bear market.” said Charu, CMO of Unique Network.
Splitting the cost
Splitting high value assets into smaller pieces is already a common practice for things such as shares, property and artwork.
It gives each investor exposure and access to the asset’s value without having to carry the risk of owning the whole asset.
Even with the current market downturn you would need around 70 Ethereum (around $80k) to join the Cryptopunks club, with the most expensive ‘punks' listed for multiple millions of dollars.
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This is the primary reason why Unique Network chose this asset. The next steps of this RFT journey will involve bringing the Cryptopunk into a narrative which new owners of the fractionalized Punks can participate in and benefit from.
As the journey towards mass adoption continues, we have some exciting steps to come, these include the bundling of NFTs and RFTs to form a whole new unique asset that is tradable. Unique Network will progressively release more information on this.
A Parity Technologies spokesperson, said: "It is important that the Parachain teams demonstrate the true potential of the technology. With this campaign, Unique Network is demonstrating the power of Polkadot technology to enhance, transform and add advanced applications for NFTs in the future. The Unique Network team is showcasing a commitment to increased adoption and decentralization. We are delighted to see teams energized when experimenting with the infrastructure that will build the future of Web3".