Unique Network, a project based on Polkadot and Kusama, announced today that it has raised $4.3 million in pre-sale funding from investment fund Outlier Ventures to launch an NFT infrastructure on these two blockchains.
Unique Network co-founder and CEO Aleksandar Mitrovic explained:
“The biggest problem we are seeing with NFTs is that Ethereum was not built for non-fungible tokens, it’s a network for fungible asset classes. Unique Network was created with the intention of solving the gas dilemma, lowering the education barrier, and expanding the interoperability of NFTs beyond something cool to look at. We are building the framework that allows for NFTs to interact with each other, to make them malleable in a way that non-traditional users will understand and interact with. That is the only way we take this amazing technology to its next iteration.”
This project obviously aims to solve some of the existing problems in the NFT market, namely the high fees found on Ethereum, for example, as well as speed. The project should be completed by the end of 2021.
Polkadot in the NFT sector
Of course, nowadays there are several solutions to create NFTs not only on Ethereum but also on Binance Chain, Zilliqa, Cardano, EOS and Bitcoin Cash, hence many other projects are working on bringing NFTs outside of Ethereum and not having the above-mentioned problems. But this seems to be the first time someone has tried to do this on Polkadot and Kusama.
Jamie Burke, CEO and Founder of Outlier Ventures, explained:
“The current NFT craze has many retail investors running to invest in a single NFT in the hopes that it doubles or triples in value. This does nothing for the mainstream adoption of NFT technology, which has the capacity to transform dozens of industries in the same way DeFi has transformed more than banking. Unique Network has presented an innovative idea to bring this technology back to earth, and allow for community-driven NFT commerce”.
Robby Yung, CEO of Animoca Brands, one of the project’s investors has stated:.
“We’re very excited about what Unique is bringing to blockchain gaming and NFT’s, raising the bar for functionality and interoperability, and hopefully this will be another milestone on the road to delivering property rights for gamers”.