UnUniFi has announced the completion of a $1,5 million strategic fundraiser in a tweet released yesterday. The funding round was led by blockchain venture capital firm gumi Cryptos Capital with participation from Coincheck, Arriba Studios, Hyperithm, MZ Web3fund, and gC Incubation.
UnUniFi is a Layer 1 blockchain protocol on the Cosmos ecosystem that provides efficient NFT lending through an internal NFT marketplace. The Protocol, which launched its mainnet earlier in May this year, started its development in Q4 2021.
“UnUniFi’s true utility is in NFTFI functionality with a proprietary valuation algorithm combined with our interchain yield aggregator.” Yu Kimura, Founder
According to the company, the $1.5 million strategic fundraiser marks the end of its seed funding rounds. The company stated that the funds raised in the seed funding round would be used for continued development and scalability of the platform, in line with the project roadmap.
As stated in its blog post, UniUnFi’s mission is “to give every NFT the opportunity to DeFi. The company intends to achieve this mission by immediately focusing on delivering product market fits (PMF) and its product releases.
What Makes UnUniFi Special?
The UnUniFi platform will be the first NFTFI platform to create a proprietary NFT valuation algorithm based on actual demand data. The forum will also allow users to generate automatic DeFi yields on borrowed assets.
With UnUniFi, NFT holders have faster and more flexible access to lending than other NFTFI platforms that use peer-to-peer or liquidity pool lending models. This is because UnUniFi combines the actual demand for the NFT with the intrinsic need for liquidity generation.
The technology is scalable for institutional users and can be implemented as an NFT valuation oracle by other platforms.
According to the company, its API, Bubble plugin, client library, and frontend incentive allow the UnUniFi platform to be the first flourishing ecosystem with a truly “decentralized frontend.”
Rui Zhang, the managing partner of gumi Crypto Capital, stated,
“Many projects have tried to build a financing ecosystem around NFTs since NFTs have become an asset class. However, due to the unique nature of NFTs, low liquidity causes situations where it is hard to recover financing capital. During distressed markers, this becomes a bottleneck. UnUniFi comprises a marketplace infrastructure with built-in price recovery functionality; this allows liquidity to be secured from the beginning.”
The partner concluded his statement by stating that UnUniFi will create opportunities for the vast NFTFI market.
What’s Next for the Platform?
Despite completing the seed funding round, representing a massive milestone for the team, the company stated that its immediate focus was on realizing its Q4 product releases and PMF. Some of these include; bringing NFTFI functionality with the ability to collateralize NFTs to the general NFT market, an Interchain Yield Aggregator for automatic DeFi yield, enabling Cosmos Inter-Blockchain Communication (IBC), and more.
The company’s goal is to create rapid public awareness about the availability and status of its upcoming releases. And it aims that the core functionalities of the Protocol will help the company realize the foundations of a genuinely decentralized NFTFI platform.
The press release stated the company is currently seeking strategic partnerships and negotiating with NFT projects to expand the UnUniFi ecosystem. However, it will continue to work on its current deliverables and also push for the widespread adoption of NFTs as a legitimate asset class through practical and useable technologies.
UnUniFi is a Layer1 blockchain built on the Cosmos Network for delivering efficient NFT lending services through an internal marketplace with Auto DeFi Yield. It will be the first platform to create a proprietary valuation algorithm calculated from actual data while allowing users to automatically generate DeFi returns on borrowed assets through an interchain yield aggregator.
UnUniFi aims to be a dApps platform with NFT pricing information at its core. The internal NFT marketplace provides valuable data for the NFT price discovery function, scalable for use by third-party platforms and Cosmos IBC integration.