Recapitulation of UNIQUE ONE NETWORK PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 25th May, 2021
Time: 12:00 UTC
The UNIQUE ONE NETWORK PROJECT team was represented by @Un1qum who judiciously shared with us detailed knowledge and information about UNIQUE ONE NETWORK PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on UNIQUE ONE ?
ANS: Hi, I am Unique G and I am the admin for Unique One Network Telegram group. We are a group of crypto purist and we have mainly been investors but also have been involved in crypto projects in this space for several years. We say we are purists in the sense that we abhor any involvement of corporations in this space. The ideal crypto project should belong to the community and not by a handful of people and certainly not profit seeking corporations. We are strong community builders.
Q2: Can you introduce UNIQUE ONE, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Unique One Network is a Polkadot Substrate blockchain project that will host native Unique One NFT marketplaces that includes Unique One for Art, Unique One Photo for Photographs, Unique Fans for NSFW NFTs and future launches of Unique One Love which is charity platform, Unique One Game which is an NFT game marketplace and launch platform and Unique One Finance which is an NFT Fractionalization and swapping protocol.
All decentralised digital art marketplace supports Artists instead of profiting off them. We are non-profit seeking and have a net-zero fee policy to create a vibrant true decentralised marketplace independently operated by the community. WE ARE THE ONLY ONES DOING THIS.
Unique will be governed by a DAO at both the DApp and Appchain level for true decentralisation. In the first phase, we will gather community votes via snapshot. Right now, we have the ratification of the Unique One DAO Governance Proposal. All token holders will be able to vote at http://governance.unique.one
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: We currently have 3 NFT marketplaces - this is Unique One for Art NFTs on Eth, xDAI and BSC, Unique One Photo for Photo NFTs on BSC and Unique Fans for NSFW NFTs on ETH. We have done this less than 5 months.
The high level roadmap requires us to roll out more NFT marketplaces including Unique One Love - a charity platform, Unique One Finance - an NFT fractionalisation and Swap protocol and Unique One Game - which is an NFT game item marketplace and launchpad.
In terms of features - governance, decentralised moderation, kyc using a top service provider, we will have a game SDK for Unity games, An address and domain identity for creators and many more to come.
Of course, the main project is Unique One Network http://uniqueone.network which will be built on Polkadot Substrate and will be the home for all our NFT marketplaces. Our marketplaces will remain on multi blockchains but the substrate chain will enable cross chain transfer of NFTs and let us have a full governance DAO.
Our community also retains more value as the transaction and computation fees on smart contracts benefits our own blockchain..
There is also a collaboration with FIO Protocol domain addresses for decentralised ID which will allow artists account and NFTs to be tracked across multiple blockchains
We believe we will be a major NFT blockchain as we are lauching with existing multi sector NFT Marketplaces and large community.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: In addition to FIO Protocol for DID. We have partnerships with Coindesk, Cointelegraph (with a special Cointelegraph NFT on http://bsc.unique.one marketplace), Consensus 2021 (going on now, use our code and receive 50% discount on tickets), ETHDenver (the largest eth developer event done in Feb 2021), Bittress for NFT fractionalisation, Ferrum for staking, Polkaswap the next generation Polkadot DEX ( we are the first coins outside of native coins to be supported) and Underscored for NFT Game SDK
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $UNIQUE ONE?
ANS: We have two types of tokenomices - one for NFT Marketplaces which is at DApp level and another one for Unique One Network which is a blockchain
Unique One Photo Tokenomics
This is our typical DApp tokenomics, below is summary
1. No private or public sales
2. All tokens are distributed using airdrops
3. Tokens are airdroppped to other Unique project token holders (this will always happen)
4. Tokens are also airdropped to those who buy our special Rare Limited Edition NFTs
5. Team gets NO TOKENS
(this is to prevent dump and team members have to buy like everyone else)
(this is called FAIR LAUNCH)
6. The DAO gets 20% of tokens
7. The rest is for incentives to bootstrap the various activites that is important
8. There are two factors - internal platform and external factors
9. Platform related has to do with NFT sales and volume generated because this generates revenue
10. We dont charge sellers (creators) and only charge buyers
11. Buyers fee of between 2 to 2.5% goes to buy back and burn RARE/FOTO/FANS tokens
12. For $RARE tokens - so far 2% of circulating supply has been burned in 5 months time
13. We expect a healthy level of activity to generate about 5 to 10% circulating supply burn a year
14. This means supply will be drastically reduced in 3 to 5 years time
15. Increased scarcity will have positive impact on price and all token holders benefit
16. Token holders have a say in governance
17. The other token allocation is to bring more users in aka marketing
This is the Tokenomics for DApps
Now for Blockchain Tokenomics
This is a preview but it is not finalised
1. We have 50% allocation for internal - Team, DAO and Early supporters
2. We have 50% allocation for external - Community, Validators, Marketing, Bounty, etc
3. We plan to be connected to either Kusama as parachain or Octopus Network as appchain
4. The testnet will be launched in End June or Early July
5. Full blockchain should launchin August/Sept
Q6: How can the community take part in the upcoming airdrop please?
ANS: It is very easy - you just need to hold Unique tokens (right now it is $RARE, $FOTO and $FANS on Ethereum blockchain). The next project will be Unique Love $LOVE which is an NFT charity auction platform starting in June. So the next project will do airdrop for $RARE, $FOTO, $FANS and $LOVE tokens. We will keep releasing using this method. Or you can buy Rare Limited Edition (RLE) NFTs to receive airdrop. The old RLE NFTs will also receive some airdrop. This is all done because every single project launched will have a good starting distribution and since everyone in the Unique ecosystem will have tokens of other Unique projects, we build a stronger community.
We have a very attractive liquidity mining programme with APY of more than 300%. We have this programme on Uniswap and Polkaswap (you need to preregister). Please check http://uniqueone.exchange
2nd Segment: LIVE Questions
Q1: NFT art is still quite new to many people. Can you explain to me about NFT art and what can I do with NFT art? Which artists can post their work on Unique ?
ANS: The entry of the masses into NFT space shows that NFT has helped tremendously with crypto adoption. The relation of an item - a picture, or video clip or 3d game item is much more easier for the public to understand. However, it is admittedly not as user friendly as it should be. This will be a gradual improvement over time as newer blockchain and tools emerge.
NFT Art has been a boon for artists who are hampered by COVID-19 situation where they cannot access the market the traditional way. We are working with IRL Art which is a Denver based non profit art cooperative with more than 70 artists and our community funded them to build a VR Art gallery in Crypto Voxels as well as a real life Art Gallery which is almost ready. The concept is to provide the bridge between the physical and digital world.
We have done several new things in this space - for one - we have applied licensing selection for Unique One Photo so that creators can choose the type of license and attribution they decide to give the NFT. All this will be recorded in the Metadata of the NFT and stay forever. This opens up new ways for creators to add value to their NFTs.
The idea of selling a unique 1 of 1 piece of digital art or item is novel where before a digital item cannot be scarce as it can be easily replicated. Or in the gaming world, there can be infinite amount of items created by the game developer and there is no real guaranteed scarcity. The other innovation is that once you own the NFT, you own it forever.
But to make it sustainable, artists should look at including things that will make their NFT really exclusive. For example, we have seen artists that has included an hour of time over zoom to the buyer of the NFT. The creator can be creative with this - we provide the platform for creativity.
The other innovation of NFTs is in the royalty system. In the real world, if an artist sells a piece of art, he or she doesnt see any more revenue from the piece. In the NFT world, they will get a percentage of the resale if they decide to apply royalty. They do not have to do anything, the smart contract will take care of it. So the artist have an opportunity to generate a good stream of income over time.
NFT IS EVERYTHING
And most importantly, as a platform, we do not need to work like a for profit company. First of all, creator do not get charged. A lot of platforms charge this. Centralised platforms charge a lot more, but also a lot of NFT platforms are actually centralised. All the revenue generated is used to buy back project token and this is burned. So that the tokenomics have a deflationary pressure so that tokens are worth more over time.
If you consider everything, this is why NFT marketplaces is here to stay and we want to be the largest NFT marketplace in the world.
Q2: What are the projected timeframe for launch of the other Unique projects (Unique.Love, Unique.Finance, Unique.Game)?
ANS: All the projects - not necessarily in this order will launch within the next 3 months. We expect Unique Love first, and then either one of the three - Unique Finance , Unique Game or Unique One Network. Please stay tuned by following our telegram group.
Q3: Why did you put Sora Network on Roadmap in your plan to develop NFT Uniqueone platform when currently SoraNetwork v1 is still running on Ethereum's blockchain?
ANS: All of our team and most of our initial community are passionate followers of Sora and Polkaswap project. We believe they have a good change to be a Polkadot parachain and believe they are the best chain to deploy on for Polkadot ecosystem. So we will deploy NFT marketplaces on Sora soon. Unique One Art NFT marketplace has been deployed on ETH, xDAI and BSC. Unique One Photo has been deployed on BSC - the launch is tonight. Unique Fans was launched on ETH. Our DApp strategy is to launch on all major smart contract platforms. But the first priority now is to roll out the rest of our DApps on familiar blockchains including our own substrate chain and also we are doing research into Ink! contract so we can deploy on Soranet. The strategy for DApps is multi sector and multi chain. The strategy for infrastructure level such as our own blockchain is to incorporate native NFT and DeFi functionality into our chain and achieve maximum interoperability with other blockchains. We will have a bridge with Soranet and Polkaswap in a fwe months time. UNIQUE IS TOTALLY INTERCONNECTED WEB 3.0 ECOSYSTEM.
Q4: Why don't you put all 3 Chains in the same platform website but separate them into 3 domains Market BSC, ETH and xDai? Of the 3 current platforms, which one is focusing the most attention from users, what strategies will you have to attract users to Unique and NFT markets on your 3 platforms?
ANS: The reason we deployed on multiple blockchains is actually not foreign. DApps have to evolve fast because they are consumer facing and need to move quickly. We have just been able to roll out marketplaces much quicker than any of our competition. Each and every blockchain has their own advantage and disadvantages. So we all know Eth has the greatest liquidity but also the greatest gas fees. We know xDAI is really cheap but it lacks a lot of users. We also know BSC has a good balance, it is not the cheapest but it has a high level of liquidity. There are many other chains including SOLANA, MATIC, NEAR - we always keep an open mind and will deploy on any blockchain which benefits and grows our community. No matter which blockchain we are on, the revenue generated will be used to buy back tokens and burn. So in the end, the token holders will reap all the benefits.
There is also a strategic reason for us doing this - basically we are sharing marketing and development resources between all these projects. If we do not do this. There is no way we can build so much in such a short time. We also have a lot of partnerships and also collaboration with various development teams. This is why we believe even if we enter winter tomorrow, our project will be one of the projects that will still be around in 5 years time.
Q5: What is the major layout plans that gives you a strong belief that Unique will be a major NFT blockchain, what' If the Existing multi sector NFT Marketplace and the Ecosystem et Community does not work out as planned, what's will be a possible solutions?? https://twitter.com/Odunerd/status/1397167708697993218?s=19
ANS: Our project consists of Dapps and Blockchains and all of them have their own value proposition and have their own sector competition. For example, if lets say Unique One Art NFT does not do well because there are too many such marketplaces, Unique One Photo on the other hand is the first INSTAGRAM OF NFTS or photo marketplace in the NFT space. So perhaps one will do well because of the market competitive landscape.
But all projects in order to be successful have to incorporate their own innovation and because these are community run projects. The community of each project will decide on the path the project takes. So for example, unique fans has kyc verification by Yoti, which is the same provider for Pornhub. No one else has this. Unique Photo has selectable license you can incorporate into the NFT metadata. No one else has this. Unique One has an artist incentive fund where anyone can propose art events or initiatives and the community can fund them. No one else has this.
Unique One Finance has NFT fractionalisation and NFT Swaps. Basically, you deposit an NFT into a vault and issue erc20 tokens, lets say you issue 100 tokens. We have a partial redemption system of lets say 95%. This means I only need 95 tokens in order to claim the NFT. Why is this needed? Well, we cannot have a situation where 1 erc20 token is lost or inaccessible and the NFT will be forever stuck. No one else has this.
For our main project which will capture the value of the entire Unique ecosystem, the Unique One Network blockchain. Although we start with Unique marketplaces and DeFi protocols, we are also open to other parties who are interested to build on our chain. In fact, we can go one step further and even assist them to deploy a marketplace on our chain. Whitelabel service from our dev community.
The other thing we have planned and is very important to the universe of NFTs we are building is SOCIAL. Now how do we achieve social?
1. Unique Game will have a metaverse (much like crypto voxel) where you can buy land and build and also create and sell items. This is the Virtual Social World that we will host
2. Unique will have a partnership with a new decentralised social protocol. This is a new generation social protocol and our community will be able to connect the NFT world in Unique with their social media accounts
We also have plans to be connected to either Kusama or http://Oct.network which is a relay on NEAR. This will extend our capabilities to the interoperable blockchain universe.
This is the Unique Ecosystem
Please visit https://uniqueone.network/ as well as all our NFT marketplaces
The recently launched marketplace is Unique One Photo and the feedback on UI is really positive
Please visit http://bsc.uniqueone.photo to understand more
And we hope to see you in our community soon
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