NFT enthusiasts in the industry have remained cautiously silent due to the ongoing slowdown of crypto markets. After spotting an opportunity in adversity, Uniswap acquired Genie, an NFT marketplace aggregator.
DETAILS REGARDING THE ACQUISITION
Uniswap [https://cryptodaily.co.uk/2022/05/uniswap-achieves-significant-milestone-crosses-1-trillion-in-trading-volume] has been able to raise millions in funding from investors, including the likes of Paradigm and Andreessen Horowitz. The protocol explained in its blog post that, in line with its mission to unlock universal ownership and exchange, it is expanding its products to include ERC-20 tokens and NFTs, which was the key driver behind the acquisition of Genie, which allows users to discover and trade NFTs across most platforms.
The acquisition will allow NFTs to be integrated into Uniswap products, starting with the Uniswap web app. This integration will enable users to sell or buy NFTs in major markets via the Uniswap web app. Uniswap will integrate NFTs into their APIs and widgets for developers. This will make the platform a complete solution for builders and users who use Web3.
Not THE FIRST TRY AT NFTS
Uniswap also has experience in NFTs. In 2019, it launched Unisocks. Unisocks marked the first time that NFTs or NFT liquidity pools were backed up by real-world assets. Through its work on Uniswap v3 NFT Positions Uniswap, Uniswap pioneered on-chain generative SVs. In a blog post, the protocol indicated that it considered NFTs to be an additional source of value in the expanding digital economy and not a separate ecosystem.
THE USDC AIRDROP
Uniswap revealed that it would share some of the Genie value with existing users in accordance with web3 ethos through an airdrop USDC. The airdrop is expected to be available anytime in the next 12 month and will be available for claim starting in August. The protocol will be sharing more details about the proposed airdrop shortly.
A CHALLENGE TO OPENSEA
Uniswap’s NFT aggregation betting can be viewed as a bet to diversify NFT marketplaces. OpenSea currently trades most NFTs. However, the market has seen increased competition with Magic Eden and Looks Rare taking away OpenSea’s marketshare. The purchase’s timing is unusual, given the market downturn and low NFT trading volume.
Disclaimer: This article was written for informational purposes. This article should not be used to provide legal, tax or investment advice.