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Uniswap Acquires Ethereum NFT Aggregator Genie, Airdrop Incoming

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The largest decentralized exchange Uniswap Labs is ready to integrate non-fungible tokens (NFT) with the acquisition of Genie. The amount of the transaction has not yet been disclosed.

Uniswap using NFT

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The plan is to expand Uniswap’s products to include both ERC-20 and NFT. The acquisition of the NFT marketplace aggregator is part of its broader roadmap to “unlock universal ownership and exchange” on its platform.

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According to the official Blog postUniswap will initially integrate NFT into its web application, which will allow users to buy and sell such assets across all major marketplaces, as well as within its developer APIs and widgets.

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For the uninitiated, Genie not only allows you to buy and sell across multiple marketplaces in a single transaction, but it also shows listings from all major competing marketplaces. The latest acquisition comes less than two months after NFT giant OpenSea bought Genie’s rival Gem.

Uniswap also plans to give away USDC to early Genie users in August. Basically, any user who has used the platform at least once or owned a Genie Genesis NFT before April 15th will receive a stablecoin that can be claimed for 12 months. The statement also said that Genie users will continue to receive uninterrupted website service until the new Uniswap NFT interface becomes available.


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In the latest memo, the team wrote that NFTs are “an important gateway to web3” and added:

“As the world’s largest decentralized exchange protocol, Uniswap is an easy and secure place to access the benefits of digital ownership, offering higher liquidity than leading centralized exchanges. We are excited to bring what we learned from building DeFi products to NFTs, giving even more people access to digital property and value.”

This acquisition is not Uniswap’s first foray into the NFT sector. In fact, DEX launched “Unisocks”, linking physical socks to NFTs in the spring of 2019.

The current NFT landscape

While OpenSea continues to be the market leader, other platforms like LooksRare and Magic Eden have also moved ahead. This year, Coinbase also launched an NFT trading platform. But once popular collections collapsed along with crypto assets.

Data data compiled by DappRadar shows that OpenSea’s trading volume has dropped over 65% over the past month. LooksRare and Magic Eden also showed a grim picture, losing over 82% and 58% over the same period. Other platforms such as Axie Infinity, Decentraland and Rarible have also declined by 60%, 53% and 54% respectively in the last 30 days.

The bearish conditions have not stopped investors from investing in these NFT projects. Earlier this week, Solana-based NFT marketplace Magic Eden became a unicorn in less than a year since its launch last September, thanks to a Series B funding round co-led by Electric Capital and Greylock that spurred its valuation. up to 1.6 billion dollars.

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Credit : cryptopotato.com

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