Uniswap Acquires NFT Marketplace Aggregator Genie

In recent times, NFT investors have stayed quiet as they are keeping their cool in the prevalent bearish crypto market. On the contrary, Uniswap took advantage of the bloody market to unveil Genie as its new NFT marketplace aggregator.

Uniswap Bought Genie

The popular decentralized exchange, Uniswap, reportedly received millions from investors in its recent rally. The DEX stated via its blog post that It is dedicated to unveiling global ownership and exchange. 

To achieve this, Uniswap has decided to add NFTs and ERC-20 tokens to its platform by acquiring Genie. This would enable Uniswap users to find and trade NFTs across supported platforms.

By incurring Genie, all Uniswap products including its web app would be combined with NFTs. As a result, it would enable many Uniswap customers to trade NFTs on several marketplaces using its web app.

 Furthermore, the protocol intends to combine its widgets and APIs developers with NFTs. This would simplify the platform and make it easier to navigate for both Web3 users and developers.

Uniswap Dived Deeper Into NFT Space

According to reports, Uniswap first ventured into the NFT industry in 2019 when it introduced its Unisocks. Back then Unisocks was the first-ever NFTs liquidity pool to be supported by non-digital assets.

In Uniswap’s blog post, it claimed that all hands are on deck to successfully create the Uniswap v3 NFT. It also stated that the NFT space is a platform for value in the fast-emerging digital economy. He added that both NFT and ERC-20 tokens belonged to the same ecosystem.

Upcoming USDC Airdrop Program

Additionally, the decentralized exchange protocol stated that it would be giving out USDC airdrop to Genie’s existing users. It said it is going to do this following the Web3 culture.

It added that the airdrop would be released in August. However, benefactors can only claim it in the next 12 months after the drop date. The protocol promised to give out more information about the program in later days.

A Step Towards NFT Diversification

Uniswap’s move to start NFT aggregation can be deemed as a step toward diversifying NFT marketplaces. Initially, most NFTs transactions used to take place on the OpenSea marketplace. 

However, the story has changed as some newly created marketplaces like Magic Eden have started competing with OpenSea.  In no time, multiple marketplaces would be created and when that happens, OpenSea’s dominance would be greatly challenged.

Furthermore, Uniswap’s decision to acquire Genie amidst the bearish NFT market and a general crypto downturn is quite interesting.

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