Uniswap Will Combine NFTs With Genie Acquisition

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Key Takeaways

  • Uniswap has introduced that it’s going to combine NFT buying and selling with its DeFi service following its acquisition of Genie.
  • The combination will permit Uniswap customers to swap non-fungible tokens; builders will even have the ability to entry NFT knowledge.
  • Genie has dealt with simply $560 million since its November launch, however Uniswap’s recognition may assist drive up exercise.

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Uniswap introduced at the moment that it has acquired Genie, a market aggregator for non-fungible tokens or NFTs.

Uniswap Will Introduce NFT Help

Uniswap is without doubt one of the largest DeFi exchanges in operation, boasting excessive utilization statistics akin to $1.3 billion traded over the previous day and $7 billion in whole worth locked.

Now, it has acquired Genie, an NFT market aggregator, based on a June 21 announcement. There, Uniswap referred to as NFTs a “type of worth within the rising digital financial system” and stated that it’s a “no-brainer for us to combine [NFTs] into our merchandise.”

NFT buying and selling will quickly be an choice in Uniswap’s net app, which can permit customers to purchase and promote NFTs starting within the fall.

The challenge will even combine NFTs with its developer APIs and widgets, permitting web3 creators to entry related knowledge.

Uniswap will moreover run an airdrop of the USDC stablecoin in August. Customers who’re eligible embody those that used Genie earlier than April 15 and those that maintain a GENIE:GEM NFT.

Present Genie customers will have the ability to proceed utilizing the unique service till Uniswap launches its personal model of the service.

Genie Has Extensive Scope However Few Customers

Uniswap famous that it has labored with NFTs earlier than. It beforehand launched a promotional NFT collection referred to as Unisocks. It additionally contributed to on-chain generative SVGs, permitting NFT photos to be saved in blockchain code quite than as a linked picture.

Nevertheless, at the moment’s acquisition has a doubtlessly farther-reaching scope than these different earlier efforts.

As an NFT market aggregator, Genie gathers knowledge from main marketplaces akin to OpenSea and LooksRare. Which means Genie will presumably present Uniswap customers with entry to a wider vary of buy choices than entry to a single NFT non-fungible market would permit.

Nevertheless, Genie itself appears to expertise pretty low exercise. Because it launched final November, it has dealt with simply $560 million in transactions. Against this, OpenSea alone has dealt with multi-billion greenback volumes in sure months.

Given its low volumes, Genie may see a big improve in exercise if Uniswap’s higher presence helps it achieve customers.

Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and different cryptocurrencies.

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