Unifty, a platform for minting and trading digital collectibles (non-fungible tokens, NFTs) that requires no prior coding or digital art experience, has announced a major update to its governance model.
Unifty shifts its governance to a DAO and introduces a second token.
The entire set of governance mechanisms will be up to the holders of its NIF tokens, according to a press release shared with us. As a result, Unifty’s governance shifts to a user-centric model.
As a result, NFT creators are now in control of the platform. Every major proposal will be discussed and approved by NIF tokenholders beginning in early August 2021.
Unifty will implement four types of governance proposals: Grant, Vault, Internal Governance, and General Resolutions. As NIF transitions to a governance-only asset, its payment-centric functions will be inherited by a new asset called UNT.
The community of NIF holders will determine the procedure for UNT emission (timeframe, minting schedule, and distribution rules).
More platforms, more decentralization
The governance contract on Unifty will be activated with a stake of 100,000 NIF.
Unifty’s CTO, Markus Bopp, sees this as a natural step for a platform focused on the decentralized-by-default segment of non-fungible tokens:
In crypto, decentralization should always be the answer. Maybe not right away, when the project is still in its early stages and success is heavily reliant on great execution and the vision of the founding team, but it should be the ultimate goal. This is why I’m so excited to kick off the Unifty Community Governance project.
Unifty is the only NFT platform that is available on Ethereum, Binance Smart Chain, Polygon, Celo, xDai, and Avalanche. The deployment of its instruments to Elrond and Kusama is planned for Q3, 2021.