The top crypto trading protocol has issued an official blog post stating its purchase of a popular NFT marketplace aggregator, Genie. The statement revealed that the purchase would enable Uniswap to achieve its mission statement.
Also, it would enable it to have more products related to ERC-20s and NFTs. According to Uniswap, one of its main objectives is to enable wider digital asset ownership and exchange worldwide.
Integrating Genie With Uniswap
The Genie NFT marketplace allows anyone to search for NFTs and trade them from various NFT marketplaces. According to the blog post, Genie’s features will be integrated with the Uniswap web app first. Hence, the web app users would be the first beneficiaries of this new acquisition.
The next step after this web app integration is the integration into Uniswap developer’s APIs and widgets. Completing these integrations means web3 developers and users would have a comprehensive platform for their projects.
Another Attempt At Exploring The NFT Space
Uniswap is looking to explore the NFT space again following a previous foray in 2019. Uniswap launched the first NFT liquidity pool in spring 2019, known as Unisocks.
Also, on-chain generative SVGs became more popular following the labs’ development of Uniswap V3 NFT positions. NFTs are the currency of the metaverse and Web3. Hence, Uniswap is convinced that they bring immense value to the development of the digital economy.
That’s why the labs’ developers are working on integrating NFTs into the ERC-20 ecosystem and not as a separate ecosystem. Part of the official statement states that there would be a USDC airdrop for current Genie users. Uniswap is choosing august 2022 as a temporary date for the airdrop. However, it would share more details about it ahead of time.
Before sharing the full details, Uniswap has explained that airdrop receivers can redeem them within one year. Based on the simplicity and security of its platform, Uniswap claims to have better liquidity than other centralized exchanges. Also, it is different from these exchanges because it doesn’t have a limited order book.
The announcement also reveals that they will launch more DeFi products this year. More importantly, these products would have direct NFT integration. This move also aligns with the platform’s objective of expanding digital ownership.
Increasing competition with OpenSea
Uniswap’s new foray into the NFT world would provide more options for NFT enthusiasts in trading NFTs. OpenSea’s 24-hour NFT transactions are currently the highest in the industry. However, this trading volume is gradually reducing following the launch of new NFT marketplaces.
Uniswap’e Genie’s purchase is the latest addition to the growing list of NFT marketplaces such as Looks Rare and Magic Eden. Uniswap seems to be taking advantage of the general downturn in the crypto marketplace by making this purchase.
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