To advance its objectives of “universal ownership,” Uniswap buys NFT marketplace aggregator Genie.
Independent exchange Following the acquisition, Uniswap will extend the NFT capabilities of its platform.
independent exchange On June 21st, Uniswap announced that it has acquired NFT marketplace aggregator Genie. This action, according to Uniswap, is a component of its effort to enable universal ownership and trade on its platform.
Beginning with the Uniswap online application, Uniswap is currently incorporating NFTs into its product range. Later integrations are rumoured to include developer APIs and widgets. Uniswap has already used NFTs in other projects. It introduced Unisocks in the spring of 2019 to provide NFT liquidity pools backed by physical assets.
“We’re pleased to extend everything we’ve learned producing DeFi solutions to NFTs,” Uniswap stated in the announcement. To share the benefits of this acquisition and integration, Uniswap announced in August that it will airdrop USDC to former Genie subscribers.
In the spring of 2019, Uniswap introduced Unisocks, the first NFT liquidity pool. Additionally, they do not see NFTs as “a different ecosystem from ERC20s” but rather as “an vital doorway to web3.”
Genie is the first NFT marketplace aggregator, allowing users to find, purchase, and sell NFTs across many platforms. Users can “bulk buy NFTs across all major marketplaces in a single transaction and save up to 40% on gas fees,” according to the business.
Despite recent financial unrest, some metaverse-related projects and businesses are still moving forward. For example, GameFi and game-related NFTs have recently demonstrated signals of progress and expansion. Positive enthusiasm towards NFT, GameFi, and metaverse components of the crypto and Web3 businesses is still evident in the emergence of fresh, experimental NFT concepts.
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