Uniswap Acquires Genie To Facilitate NFT Trading

Uniswap Labs, the primary developer of the Uniswap decentralized exchange system, has just completed the acquisition of NFT marketplace aggregator Genie. The agreement’s details have not been made public at this time. Still, it is anticipated that Genie will be integrated into Uniswap’s web app that facilitates buying and selling in “all major markets” for NFTs.

Uniswap Labs claims that the purchase is part of a larger strategy to include NFTs in their solutions. The developers claim that the Uniswap web app will facilitate buying and selling in “all major markets” for non-fungible tokens (NFTs). This capability is anticipated to be available sometime during the autumn.

genie nft platform

The acquisition of Genie will allow Uniswap to provide users with a place to buy and sell NFTs on their website. The developers claim this will create more demand for NFTs as consumers can use them as quickly as any other asset class on Uniswap’s platform.

Also Read: Burberry Announces A New NFT Collection – Burberry Blanko

Genie is a platform that allows users to explore NFTs from several marketplaces at once. The platform streamlines purchasing and selling non-fungible tokens (NFTs) across numerous markets and will enable users to explore NFTs from several marketplaces concurrently.

According to information provided on the Genie website, users who purchase NFTs might save up to forty percent of their gas expenses. The Uniswap Labs team claims that it has compiled a list of users who have engaged with Genie in the past and will be providing those users with a USD Coin airdrop as a token of appreciation. The team has not yet released the total number of gifts that will be handed out during this particular airdrop, but they have said it will commence in August.

Also Read: FTX Acquires Canada Based Bitvo Inc.

OpenSea, the market leader in the NFT space, has significantly decreased trades over the last month. The platform is still the best option for traders looking to buy and sell NFTs. Other platforms like LooksRare and Magic Eden have climbed to the top in recent years. Coinbase also introduced a marketplace for NFTs this year. However, the once-popular collections have sunk along with the value of crypto-assets.

The amount of trades conducted on OpenSea has dropped by more than 65 percent over the course of the last month, according to data provided by DappRadar. During the same period, LooksRare and Magic Eden exhibited a bleak picture by demonstrating a decline of nearly 82 percent and 58 percent, respectively. Other exchanges, such as Axie Infinity, Decentraland, and Rarible, have also seen losses of sixty percent, fifty-three percent, and fifty-four percent, respectively, over the course of the preceding thirty days.

Deep Gautam

Deep Gautam is an Editor at Tech Heralds.

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