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Uniswap Labs acquires Genie to integrate NFTs into its products

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Uniswap Labs, a decentralized exchange development team, has announced the acquisition of Genie, the world’s first NFT marketplace aggregator.

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According to the company adThe acquisition of Genie will expand the Uniswap (UNI) ecosystem and integrate ERC-20 tokens and NFTs into its platform.

“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.”

NFTs are coming to Uniswap

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The acquisition was made by Uniswap Labs and will not affect any part of the Uniswap ecosystem. The company said that the acquisition will not affect the Uniswap protocol, the governance of Uniswap, or the UNI token.

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Genie users will continue to have uninterrupted access to the Genie website until this fall when the new NFT interface is launched. The company did not provide any further details on when they plan to launch the new NFT feature.

To welcome the Genie community to the Uniswap ecosystem, the company will be giving away USDC to anyone who has used Genie more than once before April 15th. Ad initially said that users who own NFT GENIE:GEM will also be eligible for the giveaway, but later removed information that USDC will be sent to Genie Genesis NFT holders instead. The airdrop will start in August and will be available for 12 months based on a photo already taken.

Over the summer, Uniswap Labs will be working on integrating NFT into its developer APIs and widgets. The company said that this will make Uniswap a comprehensive platform for users and developers in Web3.

“This is not our first foray into NFTs. In the spring of 2019, we launched juniors, the first instance of NFT and NFT liquidity pools backed by real assets. Our work on Positions Uniswap v3 NFT helped create generative SVGs on the web. We see NFTs as another value format in the growing digital economy, rather than a separate ecosystem from ERC20, and they are already important gateways to Web3.”





Credit : cryptoslate.com

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