JennyDao

The Jenny Token (ticker: uJENNY) is a dual-purpose ERC-20 token that will be minted

on Unicly Protocol. It will be a multi-purpose token with social, governance and

eventually sharding rights.

Holders of Jenny Token(s) will be entitled to membership benefits provided by the

Jenny DAO, including :

- Access to exclusive Telegram and Discord channels;

- Insights and reports on NFT developments and marketplaces;

- AMA sessions with key influencers in the Jenny NFT community;

- Management of funds in the Jenny DAO; and

- Tie-ins to the Unicly Protocol, which are independent from the Jenny DAO.

Unicly Protocol is a third party, fully decentralized and community governed NFT

fractionalization platform.

70% of the funds raised through the sale of the Jenny Tokens will be earmarked for

acquiring NFTs. These funds will be transferred to a DAO called the Jenny DAO and will

be held in a multisig wallet. Funds held in the Jenny DAO from time to time will be

managed by the Jenny Token holders.

The wallet will be controlled by key members of the Jenny Community who will use their

best endeavors to act in accordance with the management decisions taken by Jenny

Token holders. The two founders of the Jenny Token will each have one signature but

will never have full control over the wallet (whether alone or acting together). The

majority of signatories for the wallet will be key representative members of the Jenny

Community, who at first will be selected based on the size of their Jenny Token

ownership. Any future changes to the signatories will go through a governance proposal

and be subject to a vote by Jenny Token holders.

Jenny Token holders will manage the proceeds of the sale of the Jenny Tokens and

funds held in the Jenny DAO wallet from time to time, including to acquire and/or

dispose of NFTs. The signatories for the wallet in the Jenny DAO will use their best

endeavours to give effect to management decisions taken by Jenny Token holders.

The NFTs purchased using funds in the Jenny DAO will be placed in a vault on Unicly

Protocol where they will be locked by a smart contract. Due to the mechanics of the

Unicly Protocol, the Jenny DAO will forfeit its ability to manage the NFTs once they

have been placed in the vault. Management of the NFT assets locked inside the vault

will therefore not be the responsibility of the DAO. The Community will have day-to-day

control over the management of the NFT assets through its ownership of the Jenny

Token. They will, among other things, be responsible for estimating the value of the

NFTs, potentially managing ownership of NFTs mirrored on forked chains, voluntarily

dropping new NFTs to the vault, arbitraging discrepancies between the value of the

Jenny Tokens and that of the NFTs, submitting bids for the NFTs, evaluating the

attractiveness of third party incoming bids for the NFTs, accepting or rejecting those

bids, and yield farming and lending and/or rehypothecating the NFT shards. The Jenny

DAO will not use generate income on the Jenny token holders’ behalf.

All Jenny Token holders will be entitled to vote on management decisions regarding the

funds held in the Jenny DAO wallet from time to time and the NFTs placed in the vault

on the Unicly Protocol. Each Jenny Token will be entitled to one vote and management

decisions will be taken by a simple majority of the votes.

The NFTs locked in the vault can only be released if consenting Jenny Token holders

reach a 50% threshold and instruct the smart contract to unlock the vault. This decision

will be taken entirely by Jenny Token Holders.

The Unicly Community may, at its own discretion, offer to whitelist the Jenny Tokens for

liquidity mining. If that occurs, Jenny Token holders will have the opportunity to provide

liquidity and receive Unicly’s governance token (UNIC) as a reward. This decision will

be made independently by individual Jenny Token holders and will be unrelated to the

Jenny DAO’s decision or its activities.

People who can prove ownership of Jenny Tokens will be granted access to exclusive

chat groups and research on the NFT market.

The Jenny community already has some of the top NFT brains and influencers such as

Gabby Dizon (Founder of Yield Guild), Sebastien Borget (Founder of The Sandbox) and

Roberto Ceresia (Creator of Wrapped Punks). The Jenny DAO may offer access to a

number of NFT thought leaders through AMA sessions. In the future, bespoke access

may also become available depending on the level of Jenny Token ownership.

The total supply of Jenny Tokens has been fixed at 10,000,000 tokens.

A single Inverted Jenny was sold at a Robert A. Siegel auction in November 2007 for $977,500.[2] In December 2007 a mint never hinged example was sold for $825,000. The broker of the sale said the buyer was a Wall Street executive who had lost the auction the previous month.[3] A block of four Inverted Jennys was sold at a Robert A. Siegel auction in October 2005 for $2.7 million.[4] In the wake of the 2008 financial meltdown, prices fetched by Inverted Jennys receded. Between January and September 2014, five examples offered at auction sold for sums ranging from $126,000 through $575,100.[5] Prices eventually recovered, for on May 31, 2016, a particularly well-centered Jenny invert, graded XF-superb 95 by Professional Stamp Experts, was sold at a Siegel Auction for a hammer price of $1,175,000[6] The addition of a 15% buyer's premium raised the total record high price paid for this copy to $1,351,250. On 15 November 2018, the recently discovered position number 49 stamp was auctioned by Robert A. Siegel Auction Galleries for a new record hammer price of $1,350,000, with an 18 percent buyer's premium raising the total cost to US$1,593,000.