Uniswap Labs Unveiled A New NFT Marketplace Aggregator

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Uniswap, a decentralized cryptocurrency exchange, said on Wednesday that it now supports trading of non-fungible tokens (NFTs).

Customers of Uniswap can utilize the NFT aggregator to buy and sell digital collectibles on other platforms, such as OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, Foundation, and NFT20. The platform boasts that its new open-sourced Universal Router agreement can save customers 15% on gas costs when compared to competing NFT aggregators.

The platform asserts: 

“NFTs and ERC-20 tokens have largely existed as two separate ecosystems within crypto, but both are essential to growing the digital economy. Launching NFTs on Uniswap is our first step in building more interoperable experiences between the two.”

Additionally, the news states that an airdrop of $5 million to previous customers of Genie, the NFT marketplace operator that Uniswap purchased in June. The business claims that Genie customers will receive an airdrop of $300 for performing more than one transaction, or $1,000 for holding a Genie: Genesis NFT prior to a snapshot taken by Uniswap in April. Users who meet the requirements can receive USDC airdrops for the next 12 months.

In addition, the first 22,000 users who buy an NFT from Uniswap will receive rebates of up to 0.01 ether for their gas (ETH).

Uniswap Faces Competition From Blur

Blur, a new NFT aggregator backed by Paradigm Capital, launched in October and will be a direct competitor to the company’s newest product. 

Blur and Uniswap are two NFT providers that are targeting the professional NFT traders that are still spending despite the crypto winter.

Notably, Uniswap is the first open-source NFT platform. In 2019, the decentralized exchange introduced NFTs with the release of Unisocks, an experimental crypto currency backed by actual, limited-edition pairs of socks. 

However, a recent study found that the great majority of bitcoin projects presented on the Uniswap platform were in fact fraudulent, which were launched in 2018.