Jenny Metaverse DAO Pools $7M to Support Unicly Launch
May 11th, 2021 — Jenny, the first Metaverse DAO and social token on Unicly, has announced the completion of a $7 million pool led by prominent VCs Multicoin Capital, Ascensive Assets, Animoca Brands and Metapurse (by Metakovan). Funds will support Jenny DAO’s NFT collection on Unicly, the SushiSwap-based AMM for trading shared ownership in NFT collections.
The Jenny DAO’s NFT collection (uJENNY token) is set to officially launch on Unicly at approximately 10am EST on May 13.
A host of major names from the blockchain investment world participated in Jenny’s $7m pool including, 0xb1, IOSG Ventures, Moonrock Capital, Morningstar Ventures, The Spartan Group, 3Commas, Vendetta Capital, Hillrise Ventures, Building Blocks and Windfall LLC (by world-famous Youtuber Mr. Beast). Notable angel investors also made up a portion of the pool including Quantstamp founder Richard Ma, ParaFi partner Santiago Roel, Bestselling author Neil Strauss, and the co-founders of CoinGecko.
Jenny has also onboarded a host of high tier advisors to the project including Yield Guild Games founder Gabby Dizon, High Stakes Poker Player Tom “Durrrr” Dawn, world media personality Paris Hilton, Jack Herrick the founder of WikiHow, Nick Emmons the founder and CEO of Upshot, Elliott Bisnow the Founder of Summit Series, and Jeff Lo, ex-Managing Director of Fortress Investment Group.
Mable Jiang, partner at Multicoin Capital, said: “We’re excited to be part of the JENNY DAO. Unicly is good for both NFT connoisseurs and speculative investors. For NFT owners, fractionalization improves capital efficiency for their NFT assets and offers an active venue of continuous price discovery (through the price of the uToken). For uToken holders, they get lower entry barriers, faster liquidity (as they can always sell the uTokens on the AMM instead of waiting for the final bid), and governance rights of the collection. An NFT fractionalization protocol like Unicly can make the NFT market more accessible and inclusive for everyone. We look forward to seeing how community members participate in the JENNY DAO”.
Operating under a DAO framework, the Jenny community may freely elect to have a liquidity event on the Unicly protocol where the DAO tokens for its NFT collection will be minted and debuted. Funds raised from the sale of the Jenny token (uJENNY) will be transferred to a multisignature DAO address, where the community will decide its uses.
Industry leader Andrew Steinwold of Sfermion Capital has taken notice of the Unicly protocol, which the Jenny Metaverse DAO will utilize.
“Unicly is democratizing the finalization of NFTs. Fractionalization, trading or combining, Unicly is empowering curators and the wider crypto community who want ready exposure to NFTs. The Jenny DAO is an incredible addition to the Unicly protocol because it creates a protocol power-user, that will be discovering and acquiring NFTs, from day one alongside the broader Unicly community.”
70% of the funds raised from the initial sale of the Jenny token have been allocated towards acquiring NFTs. The DAO will oversee the purchase of NFTs which will then be added to a vault controlled by the Unicly protocol’s smart contracts. Releasing the NFTs will require reaching a particular voting threshold as determined by Jenny token holders. Upon the bidding for specific NFTs reaching a certain price point, the DAO can vote on whether to release and sell these to third parties.
Unicly has already seen Beeples, Crypto Punks, Hashmasks, Autoglyphs, MoonCats, Doki Doki, Waifu, Chris McCann, Sandbox, Axie infinity, Aavegotchi, F1 Delta Time, and many more promising NFT collections being created since launching. uPUNK, the Crypto Punks collection, leads in market cap at $26M. In addition to Jenny, collections from Terra Virtua and Meebits are poised to launch on Unicly. These collections are on course to be approved for Unicly’s initial whitelist, allowing liquidity providers from their respective communities to mine the Unicly protocol’s governance token, UNIC.
Yat Siu — Animoca Brands: “The Jenny DAO is another demonstration of the benefits that true digital ownership can deliver. It will also help in bringing more awareness to NFTs by making them more accessible through the Jenny DAO framework.”
Jenny is a community-controlled Metaverse DAO launching an NFT collection through Unicly. Using Unicly, Jenny enables anyone to obtain ownership of its NFTs. DAO members exert full control over Jenny, with token holders voting on vault parameters, treasury management, and NFT buying and selling via multisig.
The Unicly Protocol provides a system to combine, fractionalize, and trade NFTs. It enables NFT collections to be transformed into tradable assets with guaranteed liquidity. Using uTokens, Unicly empowers NFT collectors to acquire a stake in multiple NFTs in a single transaction and to own shards of a variety of NFTs. Unicly combines elements of AMMs, NFT auctions, farming, and decentralized governance to create an all-purpose NFT gallery and trading platform.