A CHALLENGE TO OPENSEA


NFT enthusiasts within the industry have kept a cautious silence due to the continuing slowdown of crypto markets. Uniswap has acquired Genie, an NFT marketplace aggregator, after spotting opportunity in adversity.

DETAILS ON THE ACQUISITION

Uniswap [https://cryptodaily.co.uk/2022/05/uniswap-achieves-significant-milestone-crosses-1-trillion-in-trading-volume] has been able to raise millions in funding from investors, including the likes of Paradigm and Andreessen Horowitz. The protocol explained in its blog post that, in line with its mission to unlock universal ownership and exchange, it is expanding its products to include ERC-20 tokens and NFTs, which was the key driver behind the acquisition of Genie, which allows users to discover and trade NFTs across most platforms.

NFTs can now be integrated into Uniswap products through the Uniswap app. Users will be able to buy and sell NFTs on major marketplaces through the Uniswap app. Uniswap intends to integrate NFTs with their widgets and APIs that developers can use, making the platform a complete option for both users and builders who use Web3.

NFTS Not THE FIRST TRY

Uniswap also has experience in NFTs. In 2019, it launched Unisocks. Unisocks was the first NFT and NFT liquidity pool to be backed by real assets. Through its work on the Uniswap v3 NFT Positions, Uniswap was a pioneer in creating on-chain generative SVGs. In a post, the protocol stated that NFTs were a way to increase the value of the digital economy. It was not separate from the ERC-20 tokens.

THE USDC AIRDROP

Uniswap also revealed that, in line with web3 ethos, it would be sharing some of the value with existing Genie users through an airdrop of USDC. The airdrop should be available anytime during the next 12month and be available for claim starting August. The protocol will soon provide more details on the proposed airdrop.

A CHALLENGE TO OPENSEA

Uniswap’s NFT aggregation bet could be seen as a bet that NFT marketplaces will diversify in the future. While most NFTs can be traded through OpenSea at the moment, there has been increased competition in this space with Looks Rare taking over OpenSea’s market shares. It is also interesting that the purchase was made at a low time in NFT trading volume. Also, the larger cryptocurrency market is experiencing a significant decline.

Disclaimer: The information contained in this article is only for informational use. This article is not intended to be used for legal, tax, investment or financial advice.


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