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Updated: August 15, 2022 @ 4:49 am
GIBRALTAR, United Kingdom, Aug. 14, 2022 (GLOBE NEWSWIRE) — More than 57k community members have signed up to Unique Network’s campaign to fractionalise a $86k Cryptopunk, and share in its future value, despite bear market conditions.
Crypto promised the polar opposite of the exclusive communities now surrounding iconic NFT brands, where to join the ‘club’ will set you back tens of thousands of dollars.
With its campaign Unique Network is demonstrating how with the right tools and on the right network, NFTs can be returned to their roots, allowing everybody an opportunity to invest.
“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.”
The best part is 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.
Splitting high value assets into smaller pieces is already a common practice for things such as shares and artwork. It gives each investor exposure to the asset’s value without having to carry the risk of owning it.
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.
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.
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”.
About Unique Network
Unique Network is an infrastructure for the next generation of NFTs. The first NFT chain for Kusama and Polkadot, Unique Network offers developers independence from high network transaction fees, dense upgrades, and siloed NFTs. The Unique Network team has partnered with numerous NFT projects in order to deepen the integrations needed to expand NFT use cases and usability.
About Parity Technologies
Parity Technologies is a core blockchain infrastructure company that is creating an open-source creative commons that will enable people to create better institutions through technology.
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Copyright 2022 GlobeNewswire, Inc.
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