The leading cryptocurrency trading protocol has announced on its official site that it has acquired Genie, one of the most well-known aggregators of NFT marketplace data. The statement made it clear that the acquisition will make it possible for Uniswap to accomplish the goals outlined in its mission statement.
Additionally, it would make it possible for it to have a greater variety of items that are related to ERC-20s and NFTs. According to Uniswap, one of its primary goals is to facilitate more widespread ownership of digital assets and exchange of such assets around the world.
Integrating Genie With Uniswap
Anyone is able to use the Genie NFT marketplace to look for and trade non-fungible tokens from a variety of other NFT marketplaces. According to the post on the blog, the initial integration of Genie’s functionality will take place within the Uniswap web app. As a result, customers that utilize the web app would be among the first to benefit from this new purchase.
After completing the integration of this web app, the following stage is to complete the integration with the APIs and widgets developed by Uniswap developers. When these integrations are finished, users and developers of web3 will have a comprehensive platform on which to work on their projects.
An Additional Attempt Made To Investigate The NFT Space
After making an initial entry into the NFT space in 2019, Uniswap intends to investigate the market once more in 2020. In the spring of 2019, Uniswap was the first company to develop an NFT liquidity pool. This pool was known as Unisocks.
Additionally, following the introduction of Uniswap V3 NFT positions by the labs, on-chain generated SVGs gained a greater following and popularity. The metaverse and Web3 both use NFTs as their form of currency. Because of this, Uniswap is confident that they contribute a significant amount of value to the expansion of the digital economy.
Because of this, the developers working on the laboratories are focusing their efforts on integrating NFTs into the ERC-20 environment rather than creating a distinct ecosystem for them. According to one portion of the official release, there will be a USDC airdrop for those who are already utilizing Genie. Uniswap has settled on the month of August 2022 as the provisional date for the airdrop. On the other hand, it would reveal additional information about it in advance.
Before disclosing the complete information, Uniswap has stated that airdrop recipients have one year to redeem the tokens they get from the company. Uniswap asserts that it has superior liquidity compared to other centralized exchanges on the basis of the ease of use and safety provided by its platform. Additionally, in contrast to these exchanges, it does not have a limited order book, which is another way in which it stands apart.
It was also revealed in the announcement that they will be releasing additional DeFi products this year. And maybe most crucially, these solutions would have direct integration with NFT. This action also fits nicely with the platform’s goal of increasing the number of people who own digital assets.
heightened levels of competition from OpenSea
The recent entry of Uniswap into the world of non-fungible tokens (NFTs) will give investors interested in trading non-fungible tokens more possibilities. The number of NFT transactions completed in 24 hours by OpenSea is now the highest in the industry. Despite this, the total amount of transactions is gradually decreasing as a result of the opening of new NFT marketplaces.
The acquisition of Uniswap’e Genie is the most recent name to be added to the ever-expanding roster of NFT marketplaces, which also includes Magic Eden and Looks Rare. By making this purchase, Uniswap appears to be taking advantage of the broad decline that has been occurring in the cryptocurrency market.