Key Takeaways
- Uniswap has introduced that it’ll 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 be capable of entry NFT information.
- 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 present that it has acquired Genie, a market aggregator for non-fungible tokens or NFTs.
Uniswap Will Introduce NFT Help
Uniswap is among the largest DeFi exchanges in operation, boasting excessive utilization statistics resembling $1.3 billion traded over the previous day and $7 billion in complete worth locked.
Now, it has acquired Genie, an NFT market aggregator, in line with a June 21 announcement. There, Uniswap known as NFTs a “type of worth within the rising digital economic 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 internet app, which can permit customers to purchase and promote NFTs starting within the fall.
The mission will even combine NFTs with its developer APIs and widgets, permitting web3 creators to entry related information.
Uniswap will moreover run an airdrop of the USDC stablecoin in August. Customers who’re eligible embrace those that used Genie earlier than April 15 and people who maintain a GENIE:GEM NFT.
Present Genie customers will be capable of 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 known as Unisocks. It additionally contributed to on-chain generative SVGs, permitting NFT photographs to be saved in blockchain code relatively than as a linked picture.
Nonetheless, at present’s acquisition has a doubtlessly farther-reaching scope than these different earlier efforts.
As an NFT market aggregator, Genie gathers information from main marketplaces resembling 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.
Nonetheless, Genie itself appears to expertise pretty low exercise. Because it launched final November, it has dealt with simply $560 million in transactions. In contrast, OpenSea alone has dealt with multi-billion greenback volumes in sure months.
Given its low volumes, Genie may see a major enhance in exercise if Uniswap’s better presence helps it achieve customers.
Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and different cryptocurrencies.
