On June 21st, Uniswap exchange announced the acquisition of Genie, an NFT marketplace aggregator. This move is part of Uniswap’s objective to enable universal ownership and trade on its platform.
Uniswap is now integrating NFTs into its product line, starting with the Uniswap web app and progressing to developer APIs and widgets in the future. This isn’t Uniswap’s first time working with NFTs. It created Unisocks in the spring of 2019 to provide NFT liquidity pools backed by real-world assets.
“We’re pleased to extend everything we’ve learned producing DeFi solutions to NFTs,” Uniswap said in the statement. Uniswap announced in August that it would airdrop USDC to past Genie users to share the value of the acquisition and integration.
In the spring of 2019, Uniswap launched Unisocks, the first instance of NFT liquidity pools. NFTs are also seen as “an important doorway to web3” rather than “a different ecosystem from ERC20s,” according to them.
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 market volatility, several metaverse-related activities and businesses are making progress. GameFi and game-related NFTs, for example, have recently shown signs of progress and expansion.
New, experimental NFT approaches have been released, demonstrating a good attitude towards the crypto and Web3 industries’ NFT, GameFi, and metaverse components.