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Why We Invested In Unique Network

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Why We Invested In Unique Network

April 2021

Posted by

Jamie Burke

CEO and Founder

As an early investor in Bitcoin and Ether Jamie went ‘all in’ during 2013 founding Outlier Ventures, Europe’s 1st venture fund and platform dedicated to blockchain and Web 3....read more

I don’t need to tell you that in 2021, Non-Fungible Tokens have become the hottest part of the crypto industry, enjoying exponential growth with hundreds of millions of sales from large franchises like the NBA to independent artists. High gas fees, slow transaction times, and concerns around proof-of-work sustainability have forced NFT platforms to find workarounds with layer two solutions.

However, these solutions compromise important on-chain metadata and, consequently, drive a search for alternative blockchains that can scale with the demand and growing range of use cases. This is leading many to eagerly look to Polkadot and its highly customizable network of parachains and parathreads as a possible long-term solution.

Posted by Jamie Burke - April 2021

April 2021

Posted by

Jamie Burke

CEO and Founder

As an early investor in Bitcoin and Ether Jamie went ‘all in’ during 2013 founding Outlier Ventures, Europe’s 1st venture fund and platform dedicated to blockchain and Web 3....read more

Unique Network is Outlier Venture’s latest investment and participant in our token launch program, Ascent. Polkadot’s first custom parachain was explicitly designed for NFTs with a powerful ‘NFT Pallet’, which allows for greater flexibility to create collections and manage ownership. Including improved levels of governance, permissions, and royalties. For the first time, they’re offering a highly customizable, scalable, and base framework supporting the next generation of NFT’s.

 

A custom NFT blockchain

Unique Network has several core open source components to its solution: NFT pallet, Substrate’s smart contract pallet, wallet, NFT marketplace, spam prevention, ownership structuring, and gaming development integrations for NFTs. In addition, there will be an instant bridge between Flow and other chains for out-of-the-box interoperability to support and complement a thriving and healthy ecosystem. Ethereum will have compatibility through EVM and other tools.

Why We Invested In Unique Network Outlier Ventures

They also have introduced Collection Management, which allows more flexibility for creators on Unique Network. This gives complete authority over NFT’s and their properties. Specifically, the ability to burn a collection or even release control to another address, including multiple addresses. Additionally, applications can now use collections for games, galleries, or even communities and can limit who can own or transfer a token.

 

Economic and Ownership Models

Unique grants applications and creators the ability for freemium-based economic models. For instance, a user could interact and play a game without noticing they’re interacting with blockchain by giving builders the ability to subsidize users’ gas costs.

In addition, their solution introduces re-fungible and fungible modes for collections. Where re-fungible mode allows for timeshares, co-ownership, and any other custom ownership models. Alternatively, the fungible method provides non-unique ERC-20 capabilities like in-game money, voting tokens as NFT’s, crowdfunding, and other uses.

 

The Vision of Unique Network

Alexander Mitrovich and his team started on this journey in January 2020 and they released their testnet at Hackusama. This was the first Kusama and Polkadot hackathon where the team laid the foundation of the network and successfully won the “Build a Blockchain” and “Community Choice” categories, respectively. During the event, the team built out many Unique Network core functions that impressed the Polkadot community and built them a hardcore following of fans and developers.

What is more, the team is the second most awarded company for grants from the Web 3 Foundation and has been hard at work building what will be the next generation of NFT’s. Following the release of the white label suite; which entails: wallet, minting, gallery, and marketplace. Now in the final triumph, the team is gearing up parachain readiness on Rococo. In addition, Unique Network is kicking off closing development of the fiat on-ramp, nested NFTs, and other highly requested features from creators and developers.

All of the work at Unique Network is soon to be open-sourced and they are actively recruiting creators, game developers, marketplaces, and wallet providers to build on their platform generating significant interest in the community. To show what is possible on Unique, the team will be dropping a series of innovative projects that push the boundaries of what’s possible to inspire creators and coders alike.

 

Going live: Outlier Ventures and Ascent

Unique Network has successfully closed their heavily oversubscribed private sale and is now looking to raise again in their presale. They have joined Outlier Venture’s token launch program (Ascent) earlier, which is focused on the rapid launch of DeFi and NFT protocols.

Outlier Ventures has been backing Web 3 founders since 2014 and is the world’s leading Web 3 accelerator program on track to accelerate up to 100 startups and protocols in 2021 through both Ascent and their earlier pre-seed/seed program (Base Camp).

Both Base Camp and Ascent are recruiting for their next cohort and are looking for founders accelerating the open metaverse thesis by launching token networks. They bring together a network of 1,000 of the world’s leading Web 3 founders, protocols, and VCs to mentor and invest.