UniSwap Buys Ethereum-based NFT Aggregator, Genie

The largest decentralized exchange enters the world of NFT gaming.

Uniswap Labs, the company behind the Ethereum-based decentralized exchange platform, announced this June 21 that it is acquiring the NFT Genie aggregation platform.

This deal will allow millions of Uniswap users to purchase non-fungible tokens listed on various exchanges directly from the leading decentralized exchange protocol.

Uniswap users are expected to track NFT listings on multiple NFT marketplace platforms and buy or sell them with just a few clicks. As noted in the release, Uniswap Labs plans to enable the new feature for its web application in the fall.

«We’re trying to bring everything we brought to the ERC-20 space to the NFT space,» Uniswap founder and CEO Hayden Adams said Tuesday in an interview with Bankless to discuss the announcement.

According to «cryptoshitcompra,» as part of the acquisition, Uniswap will release stable USDC coins to Genie users who own Genie Genesis NFT or have at least exchanged with the marketplace aggregator before April 15, 2022. Uniswap Labs reported that the exact date of the new release will be announced this summer. 

Moreover, we will also integrate NFT into our APIs and developer widgets, making Uniswap a complete platform for users and developers on Web 3.0,» said Uniswap Labs.

Uniswap and its NFT track record

Uniswap is the largest decentralized exchange (DEX) on the Ethereum blockchain with over $7 billion of value locked up. According to an official announcement, it sees NFT as another form of value in the growing digital economy and is expanding its universe to build its marketplace for all digital assets.

This is not the first time the leading DEX protocol has entered the NFT market. Three years ago, in mid-2019, Uniswap launched Unisocks, NFTs that entitled owners to a pair of physical socks.

In 2021, Uniswap Labs also experimented with Uniswap v3 liquidity fund positions, represented as unique pieces of NFT art.

The Genie acquisition comes just two months after OpenSea announced the purchase of NFT aggregator Gem, which also allows users to buy multiple NFTs in a single transaction. Like Uniswap, OpenSea also plans to integrate NFT aggregation functions into its core platform.

New approaches and new updates continue to emerge towards new technologies in the metaverse, cryptocurrency industries, Web3 technology and NFTs, showing how large companies continue to bet on growth and the development of new strategies to bring many more users and fans into their digital spaces.