The stars over at Unique Network look set to obliterate the entry barrier for the formidable blue-chip NFT market by giving members fractionalized ownership of a genuine CryptoPunk without spending a penny.
Over the course of last year, the value of top tier NFTs rose to the point they became all but inaccessible to the average collector. So, to partially address this imbalance, asset fractionalization became a method for the financially disadvantaged to go toe to toe with the big guns, effectively ‘un-fungible-ing’ an NFT and using its value to back an entire microcosmic currency.
Now however, the clever folks over at Unique Network look set to take this idea to the next level through their ‘Punks for the People’ initiative. Therefore, back in June, the team acquired CryptoPunk #3042 for the bargain price of 46.95 ETH ($82k). Going forward, Unique’s next move will see them fractionalize the NFT’s value via a smart contract, then airdrop these manageable components to anyone signing up for the initiative.
🦾You can do more with your #NFTs, thanks to the power of @Substrate_io driving our #refungibility 🧩 feature. This version of #fractionalization for the #Quartz and @Polkadot ecosystem democratizes #Web3 access and redefines the utility of digital assets. pic.twitter.com/kfPzgcsilU
— Unique Network (@Unique_NFTchain) August 4, 2022
As of writing, over 56k wallets have already pledged their interest in the ‘Punks for the People’ endeavour, which will also include part ownership of the platforms derivative project, SubtraPunks. Both items are set to take pride of place on the powerful and eco-friendly, Polkadot Network.
Upon ownership, Unique Network will allow owners to sell, gift or exchange their tokens, while additionally allowing users to leverage the commercial rights of the item in its entirety.