uTokens function as the governance token for each Unicly NFT collection. Once the owner of the uToken adds liquidity for it, anyone has the ability to trade it. Once you own uTokens, you have the ability to vote with those uTokens. Once a certain percentage of the total uToken supply is voted to unlock the collection, the NFTs are distributed to the top bidders, and the pooled ETH bids for the whole collection (at time of unlock) can be claimed proportionally by the collection's uToken holders. Therefore, you are basically given fractional value of the whole collection by converting uTokens. The following steps outline how to purchase uTokens.
While it is possible to find a uToken collection from alternate routes such as friends sending you direct links, the easiest way to find the biggest collections is simply by going to our discover page! The following is what you will see on our discover page:
On this page, you can find all of the uTokens available on the platform ordered by Market Cap. You may directly go to each dashboard or buy their uToken individually. You can also search for specific uTokens by inputting their address in the search bar. In addition, whitelisted uTokens will get a designated green star next to their name to denote their whitelist status. In order to buy the uToken, click "Buy uToken"
Head over to the Swap tab. You should see a page that looks like the following:
In order to buy the uToken you want, please click the "Select a token" button. A modal will then pop up allowing you to input the uToken address. After inputting the uToken address, select the uToken from the drop down.
(If you were on the Discover page and clicked on "Buy uToken", it will perform the above step for you.)
After selecting the uToken, you should be able to input exactly how much Eth you would like to convert to your uToken. After inputting the desired amount, select the "Swap" button. Afterwards, select the "Confirm Swap" button in the pop-up modal.
Note: If other liquidity pools have been created for that uToken, you may also replace Eth with the other token bases.
Congratulations! You have just bought your uToken for your desired amount! Next, we will show you how to get to the main dashboard for that uToken and how to vote to unlock the collection.
Next, head over to the uToken tab. Go to the bottom of the list of the "Available for Bidding" section.
For each of your uTokens, you will see the current supply of each uToken that you own and links to either add liquidity or go to dashboard. Select "Go to Dashboard" to view the NFT collection/vote on unlocking a collection.
After selecting "Go to Dashboard", you should see a screen similar to the following:
In order to vote on unlocking a collection, select the "Vote uToken" button. After selecting the button, a modal will pop-up asking you how much of your uToken you would like to use to unlocking the collection. It will look like the following:
After inputting the amount you would like to vote and selecting the "Vote" button, your vote will be processed!
Once a certain percentage of the total uToken supply is voted to unlock the collection (shown on the progress bar above), the NFTs are distributed to the top bidders, and the pooled ETH bids for the whole collection (at time of unlock) can be claimed proportionally by the collection's uToken holders.