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Scott Lewis, Uniswap’s head of NFT products, in a social media post revealed that the crypto exchange is in discussion with several non-fungible token(NFT) lending protocols.
Lewis stated in the tweet that the company is focusing on finding the solution to liquidity issues and the “information asymmetry” revolving around NFTs.
Users Speculate’s Uniswap Interest in NFT Financialization
Though the purpose of Uniswap behind the potential partnerships and talks is clear i.e. NFT financialization. However, Lewis’ tweet received a mixed response. Some users feel the step is being taken to strengthen the future of DeFi.
While others analyzed the exchange’s interest in NFT financialization saying that it aims to leverage the liquidation profits.
Uniswap has taken significant steps toward incorporating NFT activity in its service offerings in the past few months. One of the largest decentralized exchanges (DEXs), Uniswap accounts for around $6 billion in assets in its liquidity pools.
The company announced in June the acquisition of an NFT marketplace aggregation platform dubbed Genie, enabling users to find and trade digital assets across most platforms.
Soon after in a tweet, Lewis stated that Uniswap plans to introduce NFTs with full Sudoswap support. Sudoswap offers anonymous interactions around NFT sales and the creation of NFT liquidity pools.
It is also interesting to note that it is not the first venture of the company. Its first rendition of NFT liquidity pools was Unisocks launched in 2019. As these crypto assets gain more traction and their utility is found inside and outside of the DeFi space, it is the latest push for NFTs.
Tokenized digital assets are used in every part of the industry from digital fashion to real estate contracts
and music rights monetization. Meanwhile, platforms such as eBay, MagicEden, and OpenSea are entering the immense field of NFTs. The Q2 industry report of DappRadar also indicates that an NFT platform can fight in the future.
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.
