Unique Network introduces CryptoPunk NFT fractions for shared ownership

Unique Network, a Polkadot-based environment-friendly NFT chain, introduces democratization of digital assets by selling fractions of a CryptoPunk NFT via shared ownership under its ‘punks for the people’ campaign.

As of now, over 56,000 addresses have signed up for this project.

Big NFT collections like BAYC, CryptoPunks, or Moonbirds have become quite expensive and almost unaffordable for small investors. Unique Network is bringing a new solution to own a CryptoPunk NFT but only a fraction of it.

The NFT chain network bought CryptoPunk #3042 for 46.95 ETH, which is around $82,000, and divided it into fractions for people to share digital ownership.

The individual can sign-up on the platform for free and then will have to only pay the NFT’s fraction worth to get its partial ownership. According to various sources, this initiative is expected to have more owners on the Polkadot blockchain than the total CryptoPunk NFT collection.

“This represents an exciting moment for interoperability. With our fractionalisation of Cryptopunk #3042 we are heralding a new era of NFTs that are accessible, interchangeable and can be shared across chains, and at a fraction of the cost,”  - says Alexander Mitrovich, CEO of Unique Network.

Unique Network calls this fractionalization of digital collectibles a “Re-fungible token technology (RFT).” It is a completely new concept that will help people to enter the NFT space without worrying about large expenses.

After the success of the CryptoPunk NFT fraction, Unique Network will also launch fractions for Substrapunk NFT on the Polkadot blockchain.