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Cross-Chain NFT Platform Unifty Migrates to Decentralized Governance, Announces UNT Token Release

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Tue, 08/03/2021 - 14:00
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Vladislav Sopov
Pioneering no-code NFT environment Unifty shares reasons for its upcoming migration to DAO-like model and the design of its new token
Cross-Chain NFT Platform Unifty Migrates to Decentralized Governance, Announces UNT Token Release
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Unifty, a platform for the minting and trading of digital collectibles (non-fungible tokens, NFTs) that requires zero previous experience in coding or digital art, announces a major update of its governance model.

Unifty moves its governance to DAO, introduces second token

According to a press release shared with U.Today, the entire set of governance mechanisms will be up to the holders of its NIF tokens. Thus, Unifty's governance migrates to a user-centric model.

Unifty introduces decentralized governance
Image by Unifty

With this, NFT creators are put in the driver's seat on the platform. Starting from early August 2021, every major proposal will be discussed and approved by NIF tokenholders.

Four types of governance proposals will be implemented on Unifty, i.e., Grant, Vault, Internal Governance and General Resolutions. As NIF becomes a governance-only asset, its payment-centric functions will be inherited by a new asset, UNT.

The procedure of UNT emission (time framework, minting schedule, distribution rules) will be determined by the community of NIF holders.

More decentralization, more platforms

Governance on Unifty will be activated with 100,000 NIF staked in the governance contract.

Markus Bopp, CTO of Unifty, treats this step as a natural one for a platform focused on the decentralized-by-default segment of non-fungible tokens:

Decentralization should always be the answer in crypto. Maybe not right at its start, when the project is still young and its success is heavily reliant on great execution and the founding team's vision, but it should be the ultimate goal. This is why I’m incredibly excited to launch the Unifty Community Governance project.

Unifty is the only NFT platform that is deployed to Ethereum, Binance Smart Chain, Polygon, Celo, xDai and Avalanche. As of Q3, 2021, the deployment of its instruments to Elrond and Kusama is in the cards.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)