While more and more people are buying Non-Fungible Tokens to collect or encourage development of their projects, different use cases are beginning to appear. This is the case for Uniqly who is looking to authenticate the origin of clothing and more!
As illustrated in our 2020 Annual Report, international brands have already begun to embark on the NFT adventure. This has taken the form of skins for connected watches, NFT certificates of authenticity for Breitling and even a tentative announcement from LVMH and Nike who have focused on pairs of NFTS sneakers.
The current world of textiles and luxury have so far shown they have an eye on this new Blockchain distribution method but without throwing themselves into the deep end. Yet there are many worries surrounding the course of clothing creation in the world at present: for instance with the origin of materials, or a creator not always being the same as the manufacturer or the monopoly and elitism of major brands..
In order to make accessible not only the verification and authenticity of clothing, whatever the creator, Uniqly aims to become a reference by creating a bridge between the real world of clothing manufacturing and the world of the blockchain by attaching a QR code label that will accompany the clothes products at home.
What are the possibilities offered by this service and what are the long-term objectives of the platform?
Although very young in the NFT ecosystem, the Startup Uniqly has already passed the first three phases of its ICO with great success! UNIQ tokens have been thought of as mainly marketing based (we will come back to this in more detail later in the article) but the buyers positive enthusiasm for the project so far indicates a willingness from the public to want more products which connect real and virtual universes.
This is the entire added value of Uniqly: to offer the possibility of recording directly on the blockchain, with a real asset having value and virtual assets aimed at being created in real life!
Let’s take two very simple examples:
These are just two examples of what will be possible to do on the platform! Having this bridge could allow many other uses like the modeling of a 3D CryptoKitties or the painting on your favorite art work!
That said beware, as a reminder it is important to always check the reuse rights of the NFT that you have purchased.
We know establishing a link between reality and virtual is not an easy thing: both the codes between these two worlds may differ. The borderless nature of the Blockchain allows it to accept anyone wanting to create his own token but the international laws surrounding copyrights are also to be taken into account before considering the creation of an object using a known trademarked name.
Fortunately, Uniqly seeks first and foremost to bring everyone together so that everyone can find their place, from the greatest global brands to the creator who is simply wanting to promote their creations.
Thanks to the Marketplace that Uniqly has set up, any creator can have their own custom page to present an inventory. In this way, a buyer who goes on the site will have access to a whole realistic catalog which is available and verifiable in just a few clicks.
It will be one of the only Marketplaces to specialize in the sale of NFTs which have a real asset behind each sale! In addition, thanks to an extremely easy-to-use tool you can list objects at the same time as the creation of the NFT and, in a few steps, the problem of the user’s interface with the blockchain seems to be put in the past.
Uniqly sees their ambitions go even further, regarding their payment system in Escrow. The concept is relatively simple: the garment (or indeed any object) will be deposited in a secure warehouse and the Uniqly teams identify it on the blockchain after ensuring its provenance can be verified. The idea is very interesting and as specified in their Whitepaper, Uniqly therefore places itself as a trusted third party to carry out this aspect of the work.
Apart from the simplified method of creating NFTs, there is a whole tokenomics aspect behind this project, in particular with the UNIQ token. This ERC-20 token is not meant to change the world or secure the network but is more marketing-oriented.
The 8 use cases of the token aims to, above all, offer the user to take advantage of exclusive discounts, special NFT rewards for stakers and to even allow access to private collections. It is important to note that 63% of the total tokens will be issued during the presale of the project.
The public sale started on March 20, with 6,660,000 UNIQ for the public to be unlocked for 20 weeks at 4% of supply per week and the entry price on Uniswap will be $ 0.4 on April 15. The remaining 20% will be distributed at the end of the presale.
As you will have understood, the UNIQ is aimed more at users than at creators so depending on the intended use, an investment strategy will be necessary because 15% of Uniqly’s profits will be used to burn the tokens in order to maintain an economic balance over the long term.
In addition, Uniqly will soon offer a staking service where it will be possible to sequester its NFTs in order to have the chance to receive an exclusive Uniqly t-shirt!
Regarding this exclusive collection, there will be only 10 000 t-shirts. The price of first ones are going to be the cheapest ones, and then closer to 10k then the price will be bigger.
Uniqly is a pioneer in the field of retail sales by wanting to ensure the traceability of sold goods while offering creators and brands the ability to offer their product on its platform.
By using a standard recognized by all open marketplaces like Opensea or Rarible, the audience goes well beyond Uniqly, and yet, the end result remains the same: to be able to obtain physical goods by having bought an NFT. By burning the NFT after the sale, it is the timestamping that will prove the purchase or sale of the garment and in this way, an NFT can only actually be sold once.
A question remains, however: Will the partner companies agree to play the blockchain traceability game for the verification of their clothing? If so, Uniqly could become an essential platform in terms of transparency and traceability of the products it offers!
Disclaimer: This is a sponsored article. No content or article should be considered as financial advice. We strongly recommend you to conduct due diligence and always do your own research before investing in a project.
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