24-Hour Unlock Period of Collections

Would it be possible to code a 24-hour unlocking period when the threshold of a uTOKEN vote has been reached?

This would do at least two things:

  1. Put uTOKEN purchasers’ minds at ease while possibly raising the final value of the uTOKEN –
    Some of the most valuable NFTs in the collections on Unicly have no or extremely low bids on them. This is entirely understandable; bids lock up a bidder’s ETH for an indefinite period: ETH that could be put to better use elsewhere.
    However, it’s also possible that with enough uTOKEN, a group (most likely the uTOKEN creators) could unlock a collection in a few minutes and take the NFTs for themselves for next to nothing leaving anyone who bought the uTOKEN with nearly no compensation for their purchase.
    On the other hand, if a collection was voted to be unlocked and a 24-hour countdown was triggered, it could create a bidding war from inside and outside Unicly for the NFTs and could potentially dramatically increase the price of the NFTs (rewarding all who invested in the uTOKEN). During this time, no bids could be cancelled and would be considered final to prevent any ‘gaming’ of the final prices.

  2. Protect careless collection creators – Of much lesser importance, it would create a sort of safety net for those who unwittingly use Unicly as an playground and upload their NFTs, create their uTOKEN, and unlock the collection with the default burn addresses as the high bidders.
    This would give them the chance (as well as everyone else in the world ) to purchase the NFTs during this window.

Practicality-wise, I don’t know if it’s possible to code this into the collections, but I think it would be a good idea. If it’s not possible with existing collections, maybe it could be made the default for new collections going forward.

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Hi, I am newbie here. So, just to understand this procedure better.

Does the procedure of unic.ly differ from the one in the screenshot (image) and/or in what way does it differ?

That system is different to Unicly’s. There are no reserve prices for the collections. Instead, each uTOKEN serves as a governance vote and if the requisite number of votes are cast to unlock a collection, then the collection unlocks. This means the NFTs are sold to the highest bidders; the ETH from these sales go into a pool and people can swap their uTOKEN for a portion of the ETH.
Read more here:
https://docs.unic.ly/

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