Uniswap Labs acquires NFT market aggregator Genie

Uniswap has announced that it has completed a new deal with an undisclosed amount to acquire NFT marketplace aggregator Genie. 
Uniswap has announced that it has completed a new deal with an undisclosed amount to acquire NFT marketplace aggregator Genie. 

Leading decentralized cryptocurrency exchange Uniswap has announced that it has completed a new deal with an undisclosed amount to acquire NFT marketplace aggregator Genie. 

Users are already acquainted with Uniswap as a decentralized platform for exchanging many different types of tokens; this latest purchase will add non-fungible tokens to the mix. Users may view and trade NFTs on the majority of these platforms thanks to Genie, which provides access to the library of NFTs that are available across marketplaces. The Uniswap team claims that they will use the product to incorporate a Uniswap NFT vertical into their upcoming platform.

Uniswap is supporting Web3 with the latest move

The company’s web app will be the first product to use NFTs, and users will soon be able to purchase and trade NFTs on all major marketplaces. In order to make Uniswap a complete web3 platform for users and builders, the company will also incorporate NFTs into its developer APIs and widgets.

It is airdropping USDC to former Genie users in order to share part of the value. According to a snapshot that has already been captured, Uniswap’s impending airdrop will begin in August and be claimable for up to 12 months.

The company’s bet on NFT aggregation is a wager on the gradual market diversification of NFTs. Although some rivals, such as LooksRare, and Magic Eden, show signs of stealing some of their market shares, OpenSea still accounts for the great bulk of NFT volume at the moment. Because of the lack of effectiveness of Coinbase’s initial rollout of their own NFT marketplace, it appears that OpenSea may be a hard market leader to dethrone.

The timing of the acquisition coincides with a crypto market downfall that has raised concerns about the viability of NFT trading volumes. Despite a minor decline in overall transaction volumes over the past month, DappRadar reports that the USD volume of NFT purchases has fallen more than 66 percent.