With the ongoing slowdown in the crypto markets, NFT enthusiasts in the industry have maintained a studied silence. However, Uniswap, sensing opportunity in adversity, has doubled down on the NFT space and acquired NFT marketplace aggregator Genie.
Details Of The Acquisition
Uniswap 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. With the integration, users will soon be able to buy and sell NFTs across major marketplaces through the Uniswap web app itself. Uniswap also plans to integrate NFTs into their widgets and developer APIs, making the platform a comprehensive one for both users and builders using Web3.
Not The First Foray Into NFTs
Uniswap has dabbled in the NFT space previously as well when it launched Unisocks back in 2019. Unisocks was the first instance of NFTs and NFT liquidity pools being backed by real-world assets. Uniswap’s work on the Uniswap v3 NFT positions has also helped pioneer on-chain generative SVGs. The protocol also stated in its post that it viewed NFTs as another avenue for value in the growing digital economy and not as a separate ecosystem from the ERC-20 tokens.
The USDC Airdrop
Uniswap also revealed that, in line with web3 ethos, it would be sharing some of the value with existing Genie users through an airdrop of USDC. The proposed airdrop will be launched in August and will be claimable anytime over the next 12 months. The protocol will be sharing more details about the proposed airdrop shortly.
A Challenge To OpenSea
Uniswap’s bet on NFT aggregation can be seen as a bet on the diversification of NFT marketplaces in the long run. Currently, most NFTs are traded via OpenSea, although in recent months, there has been growing competition in the space, with Magic Eden and Looks Rare eating away at OpenSea’s market share. The timing of the purchase is also interesting, as it comes at a time when NFT trading volumes are low, with the larger crypto market facing a significant downturn.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.