FAQ - Frequently Asked Questions
- How do Gallery “rewards” work in practice?
- How can I be an Exhibitor?
- How can I be a Staker?
- What is the difference between Staking and Allocating?
- How can I unstake my $NIF?
- How much $UNT* is farmed per month?
- How much will I earn?
- What is Pre-Staking Period?
- What is Exhibition Period?
- What is Claiming Period?
- What is Vesting Period?
- How much commission must be paid on NFT sales?
So how do Gallery “rewards” work in practice?
Exhibition owners and $NIF token Stakers earn their yield or income through our Unifty Network Token, with the ticker $UNT, which will be swapped to $NIF.
The $UNT tokenomic design will be a truly fair launch. As outlined in our litepaper, there will only ever be a maximum of 1,000,000,000 $UNT tokens ever created via our proprietary farming algorithm. They will be distributed proportionally between Exhibition owners and $NIF holders that choose to “back” an Exhibition by staking or allocating their $NIF to it. There are no tokens allocated to the team and no tokens pre-allocated to investors. All $UNT* tokens will be earned by platform participants. The only $UNT tokens that are currently in existence are the 10,000,000 tokens that were farmed by our community members during our initial staking vault.
The remaining 99% of supply will be distributed fairly across Exhibitions in The Gallery using our proprietary algorithm.
How can I be an Exhibitor?
We designed our onboarding process to be streamlined and efficient for creators, collectors, and organizations alike. The process begins with pre-approval by the Unifty Curators Board, which will be tasked with screening Exhibition applications as well as appraising the NFTs submitted by Exhibition owners. The Curators Board will initially be composed of the Unifty Team, but will eventually grow to include elected members from the community who meet a series of requirements to be outlined in the near future.
The initial onboarding process for each category of Exhibition is identical and will follow the steps below:The specifics related to artist onboarding are as follows:
- Candidates will be required to complete an online form providing information about their previous works, their social media profiles, as well as the collection in question to be showcased. These applications will be assessed by the Curators Board.
- Once pre-approval has been granted by the Curators Board, candidates will be given a tentative Exhibition slot within the Gallery, subject to final approval by the community through a public voting process via the Community Governance Program.
- Successful candidates will be given a limited number of invites to share with fellow creators, collectors, or organizations.
- From here, owners can set up their Exhibition profile within The Gallery and provide key information about themselves, their social media profiles, and their NFT collection.
- At this point, creators will be subject to the following 5-stage evaluation model in order to determine the score given to their Exhibition for $UNT* farming purposes:
- Their NFT collection will go through an appraisal process between the owners and the Curator Board to determine a fair market value for each NFT and, by extension, that of their entire collection.
- The owners of the Exhibition will be required to complete a series of Unifty Missions to showcase their commitment to the Unifty community. These Missions will include things like promoting our social media profiles and our products. More details on these Missions will be announced in a subsequent article.
- At this point, the Exhibition will be put up to a vote among $NIF token holders for final approval of eligibility for $UNT-$NIF reward farming, with a proposal via the Community Governance Program.
- If the proposal passes, an official “pre-staking” period will open for 72 hours during which $NIF holders can stake into the Exhibition. Following the end of the pre-staking period, no more $NIF can be allocated towards that Exhibition. The number of $NIF tokens staked will be taken into account in the Exhibition’s score.
- Finally, the algorithm will take into account the number of unique $NIF addresses that have staked into an Exhibition. The more individual stakers, the better for the Exhibitor.
- At this point the creator, collector, or organization can stake their NFTs into the Exhibition smart contract and begin earning $NIF rewards.
The 5-stage evaluation process will determine a final score, based upon which the $UNT-$NIF reward algorithm will assign a yield for each Exhibition. This score will dictate how much $NIF is allocated to the Exhibition to reward the owner as well as the staked $NIF holders. There will be a publicly accessible spreadsheet showcasing the score for each Exhibition, as well as the weighting of the individual categories.
How can I be a Staker?
Anyone who has $NIF tokens in their MetaMask wallet on the ERC20 network can participate in the exhibition as a $NIF token Staker and will be entitled to receive yield after their tokens allocated at the exhibition based on the current exhibition APR.
What is the difference between Staking and Allocating?
When you want to Allocate your $NIF tokens to an Exhibition first you have to Stake your $NIF into the Governance. Then you can Allocate ALL your Staked $NIF to the chosen Exhibition. These two processes are merged in one step and can be initiated by the “Allocate” or “Allocate More” button.
How can I unstake my $NIF?
Because literally you stake to the Governance (then Allocate to the Exhibition) you can unstake your $NIF only on the gov.unifty.com page. By unstaking you will no longer receive further NIF rewards and will not be able to reallocate from this address.
If you unstake partially during the exhibition, then you can continue earning rewards with your remaining, allocated $NIF.
PLEASE NOTE: There is a 14 days cooldown period when you choose to unstake. During this period you will not be eligible to earn any $NIF.
How much $UNT* is farmed per month?
As mentioned previously in both our litepaper and this article, there will only ever be 1,000,000,000 $UNT* tokens that can be created following the monthly mint schedule below at a decaying rate of 5%:
Month 1: 50,000,000 UNT tokens are created
Month 2: 47,500,000 UNT tokens are created
Month 3: 45,125,000 UNT tokens are created
Month 4: 42,868,750 UNT tokens are created
And how much will I earn?
Well that depends on who you are in this model, a $NIF holder, a creator, a collector, or an organization. The exact amount earned will also be determined by the amount of Exhibitions that are live at the same time. However, it is important to determine what is meant by the word “earn” in this context:
Creators will earn $NIF tokens equal to 15% of the farmed $UNT tokens as pure yield that will vest daily over a 6-month period following the completion of the Exhibition.
Collectors and organizations will earn the right to purchase $NIF tokens equal to 15% of farmed $UNT tokens at a discount from the average market price over the past 7 days from the moment the $UNT is earned.
Stakers will earn the right to purchase $NIF tokens equal to 85% of farmed $UNT tokens at a discount from the average market price over the past 7 days from the moment the $UNT is earned. This is true for $NIF stakers that stake in creator-owned, collector-owned, or organization-owned Exhibitions.
What is the Pre-Staking Period?
For added clarity, as mentioned above, there will be a pre-staking window where the community decides which exhibitions they want to allocate their $NIF to as part of the exhibitor selection process. The window will open up 72 hours before the Exhibition goes live, after which no new stakers can allocate $NIF to that particular Exhibition for its entire duration (30 days).
This helps to ensure that the maximum amount of $UNT distributed to an Exhibition is determined for the full 30-day duration of the Exhibition. As a result, all Exhibition owners, whether Artists or Collectors, can have a higher degree of certainty of the amount of $UNT they can expect to farm during the 30 days. This figure will be a guide, as the total $UNT earned may be less due to dilution from the addition of more Exhibitions.
What is the Exhibition Period?
Exhibition period duration is 30 days. This helps to ensure that the maximum amount of $NIF distributed to an Exhibition is determined for the full 30-day duration of the Exhibition. As a result, all Exhibition owners, whether Artists or Collectors, can have a higher degree of certainty of the amount of $UNT*, they can expect to farm during the 30 days. This figure will be a guide, as the total $NIF earned may be less due to dilution from the addition of more Exhibitions.
What is the Claiming Period?
Claiming period starts when the Exhibition starts and lasts an additional 30 days after the end of the Exhibition period.
Claim means that you can purchase earned $NIF on discounted price. Via bonding, where bonded funds are sent to provide liquidity on our Uniswap pools.
During this period $NIF Stakers and Collectors could start claim their earned $NIF partially, which reaches its maximum at the end of the exhibition period
What is the Vesting Period?
Vesting period is 6 months. During this period Creators can withdraw their earned $NIF which vests daily over the 6 months period.
How much commission must be paid on NFT sales?
All Exhibition owners will be required to pay a 15% commission on all sales made through the Exhibition. These funds will be sent to another treasury multi-signature wallet controlled by the community via the Community Governance Program.
* The generated $UNT tokens will be exchanged for $NIF tokens in the background and those will be distributed among the participants of the exhibition program. Note that for users that claimed $UNT during the initial staking, it is currently not possible to convert these $UNT to $NIF.