What Makes Jenny DAO Special

Today we have an awesome guest post from the team at Jenny DAO. Jenny DAO is a galaxy brain play because it basically created a power user, from day one, for the new NFT fractionation protocol, Unicly. This is the first time I remember a team creating a power user for their protocol and I think it’s an incredible way to bootstrap usage (although Unicly did not need it because there was already significant activity on the protocol, still a great move). I expect to see more DAOs as power users going forward, a separate post on that soon.

Before jumping into the guest post, quick comments on the market. The past few days have been bloody but this morning (from a US timezone perspective) we saw an extremely large amount of sell pressure and Coinbase printed BTC @ $30,000 and ETH @ $1,860.

Those are some brutal numbers considering a few days ago we were trading at $60k BTC. Luckily, in my experience (and this is not financial advice and I am not a trader!), these intense wicks down tend to signal the stoppage of panic selling. That doesn’t mean I expect this to be a March 2020 scenario where we just blast upwards from here but it signals that the frantic panic selling will slow down or stop altogether. During these times of extreme volatility, it’s best to take a break from watching the price action and learn about all the incredible things people are building for this ecosystem, one of them being Jenny DAO! 😎 Let’s dive in.

Decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs) aren’t the most obvious bedfellows. The former is an open-source framework governed by a set of specific rules. The latter is a digital asset that represents, well, anything: a piece of art, a music video, a digital collectible.

Though rarely mentioned in the same breath, DAOs and NFTs actually have several similarities. Both are community-driven, with an emphasis on decentralized governance. Each operates according to its programming rather than the whims of a single person or platform. And both are frequently cited as promising technologies irrespective of the role they play in the cryptoverse.

How Jenny DAO Is Democratizing NFTs

Jenny DAO is one of the first projects to bring DAOs and NFTs into the same orbit. A so-called Metaverse DAO, the recently-launched project is concerned with the purchase and sale of NFTs, which can be locked into vaults controlled by Unicly Protocol’s smart contract and sold to the highest bidder.

Unicly, to the uninitiated, is a decentralized NFT fractionalization platform popular with investors, artists, yield farmers, and defi traders. On Unicly Protocol, users bid for NFTs locked within its vaults and can even stake tokens to unlock coveted NFTs.

So, how does Jenny DAO work? Well, the first thing to note is that community members have the power. The power to decide which NFTs to purchase and when, and to manage these assets through ownership of the native Jenny token. Providing enough Jenny token holders want…