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Unisocks (SOCKS): Price Updates, Recent Developments, Future Events, Community

October 02, 2021 ,
#crypto #bitcoin

Unisocks (SOCKS): Price Updates, Recent Developments, Future Events, Community

  • Unisocks are unique dynamically priced NFT socks backed by actual socks
  • These socks were issued by Uniswap in May 2019 at an initial listing price of $12
  • The token, SOCKS, follows a bonding curve; every time a SOCKS is sold, the value of the token increases
  • Holders of the $SOCKS who bought at $12 have gotten an ROI exceeding 3,300%

Unisocks is an “experimental” non-fungible token (NFT) project that is part of the Uniswap ecosystem. In May 2019, Uniswap created 500 SOCKS tokens that were backed by real-world limited-edition pairs of socks.

The SOCKS token is redeemable for a pair of Unisocks, and there are now only 314 in circulation. These NFT socks are dynamically priced, and users can purchase them from anywhere in the world. 

Recent Developments and Future Updates

In May 2019, Uniswap released an NFT collection of 500 Unisocks. SOCKS are the NFT representations of the Unisocks and are redeemable for a pair of real physical Unisocks. Holders of the NFT socks can sell them anytime they want using the Unisocks platform.

Of the initial 500 launched, there are now only 302 SOCKS in circulation. At first listing, SOCKS were priced at $12 but have reached absurd pricing. 

SOCKS follows a bonding curve that is facilitated by a smart contract. The model used by Unisocks allowed the initial minting and purchase of the token based on a price that was fixed in the smart contract. 

The supply of the SOCKS tokens dictates how the token will be valued later on. This means that every time a SOCKS is sold, its value increases. 

SOCKS peaked at its all-time high of $198,869.23 in August when the demand for the NFT hit its highest point.

Price Updates

Unisocks (SOCKS) has recorded one of the most significant increases in 2021. Holders of the $SOCKS who bought at $12 have gotten an ROI exceeding 3,300%.

The launch to date price chart of Unisocks. Source: Coinmarketcap

Over the last 24 hours, SOCKS has gained more than 15%, making it one of the top-performing cryptos. As a result, a SOCKS now sells at $94,002 apiece. A market cap of $28.39 million makes it the 650th largest project.

On The Flipside

  • Unisocks (SOCKS) has fallen by more than 52% since hitting its all-time high in August, signalling waning demand
  • Unisocks will also be facing stern competition in its niche
  • There is much anticipation ahead of the launch of SolSocks, 500 socks deep in the Solana metaverse

Community

Although it is not as popular as many crypto projects, the Unisocks community is very enthusiastic as the tokens are backed by a bonding curve. The greater the sales of SOCKS, the higher the value of the tokens.

A Twitter user, @0xbunnygirl, wrote;

When $SOCKS sold at $78k on September 20, a Twitter user, @shimmeringligh7, wrote;

One user, @daedalusanalyze, who missed out on the early opportunity at owning a Unisock, wrote;

@daedalusanalyze  is not the only one with regrets, @Spaced_Ape wrote;

Why You Should Care?

Unisocks is one of few NFTs that combines digital art with physical items for a unique use case. Since it launched in May 2019, there have been numerous other similar projects. Unisocks may just have opened up the NFTs to a new type of utilities.

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, Khareem Sudlow