First Ever NFT To Be Fractionalized

As we continue to wade through this crypto winter, one aspect of the space that continues to make headlines are non-funiglbe tokens. Bored Apes and Crypto Punks embody what exclusive NFT collections can become, with each collection being out of reach for the average investor.

Though this reality may be changing, today a new program was announced that enables investors to own a piece of one non-fungible token.

The Unique Network, an NFT infrastructure company running on Polkadot and Kusama, will split the ownership of a Crypto Punk to over 56,000 enthusiasts who have signed up to participate in the campaign.

The event will allow individuals to participate in a one-of-a-kind investment opportunity, explained Unique Network CEO Alexander Mitrovich.

“This represents an exciting moment for interoperability. With our fractionalization 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.”

CryptoPunk #3042 was acquired by Unique Network for 46.95 Ether (ETH) ($82,000), In June 2022 right as the wider market began to crash. The Punk originally sold for just $16 in November of 2018, before the Punk boom began.

The purchase of CryptoPunk #3042 was bought with the democratization of the asset in mind, showing off the interoperability of blockchain technology.

Ironically enough, when Unique begins to split up the NFT there will be more owners of Punk #3042 than there are in the entire 10,000 original CryptoPunks running on Ethereum.