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- A leading crypto exchange, Uniswap has announced the acquisition of an NFT marketplace aggregator Genie. The amount hasn’t been disclosed yet.
- The Uniswap team revealed that they will be utilizing the product to develop a Uniswap NFT vertical into their platform which will be released this fall.
- The company is shooting for a chance at the ultimate diversification of NFT marketplaces with NFT aggregation.
The Crypto market experienced heavy turbulence in the recent weeks with flagship currencies Bitcoin and Ethereum plunging from their all-time highs. NFTs too suffered the wrath of the destruction. However, startups and executives who envision crypto in the future seem to have an opportunity knocking at their door with this crash.
Uniswap, a leading crypto exchange, has revealed that it has brought an NFT marketplace aggregator Genie. However, it hasn’t yet disclosed the amount. The startup has collected millions in fundraising from companies such as Andreessen Horowitz and Paradigm.
Uniswap is popular for allowing the trading of various tokens in a decentralized way. Now, NFTs or non-fungible tokens too will be included in these tokens. Genie offers a library of NFTs available across various marketplaces. Users can also look at and trade NFTs across the majority of these platforms.
The Uniswap team revealed that they will be leveraging the product to create a Uniswap NFT vertical into their platform and it is scheduled to launch this fall.
With NFT aggregation, the company is betting on the ultimate diversification of NFT marketplaces. Currently, OpenSea accounts for the majority of the NFT volume. However, its competitors such as Magic Eden and LooksRare are revealing signs of taking up chunks of the market share slowly.
Meanwhile, Coinbase, another leading crypto exchange, seemed to have messed up the early launch of its own NFT marketplace, proving that it’s not going to be easy to push out OpenSea from its position as the world’s leading NFT marketplace.
The news of the acquisition comes at a time when many are questioning the future of NFTs and digital assets as the overall crypto market is plunging. According to DappRadar, the USD volume of NFT purchases has dipped over 66% as the total transaction volumes in the past month have only fallen slightly
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
