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- Currently its possible to trade NFTs with certain crypto assets, which is likely to change
- Uniswap launched its NFT marketplace in November last year
The non-fungible tokens (NFTs) are undoubtedly a crucial part of the crypto industry that also has both hardcore proponents and opponents who consider it as yet another frenzy. Popularity of the nascent asset class of digital artwork could not be denied. Trading or buying of these tokens could become an entangled process given the lack of interoperability of cryptocurrencies. Uniswap seems to come up with the idea that could resolve the issue, once for all.
Prominent Etheruem based decentralized exchange, Uniswap has brought a unique feature which is likely to provide an unprecedented advantage to its NFT marketplace. Traders of Uniswap NFTs are now able to deploy any Ethereum blockchain based crypto assets for purchase. These tokens could include from memecoin like Shiba Inu to major stablecoins Tether (USDT) or USD Coin (USDC).
The simplified interface made this new feature possible over the NFT marketplace platform. Since the feature makes it possible for users to purchase with the available assets without swapping to other crypto assets prior to buyin, it makes the process frictionless. This eliminates the restrictions of using certain cryptocurrencies to buy the non-fungible tokens.
Any Cryptocurrency is Welcomed
New feature over the NFT marketplace was made possible after the new Universal Router contract of Uniswap. In order to complete the swapping of any Ethereum based tokens with the tokens needed to purchase the NFTs, the contract looks for the most possible cost efficient way. After conversion, the protocol lets the cryptocurrency through the Seaport protocol of NFT marketplace OpenSea and the transaction gets finalized.
In addition, the firm explained the plan to include other features like to add support of combined sums of the number of different cryptocurrencies while buying an NFT. For instance, for an NFT worth 1 Ethereum (ETH), the buyer could buy it from a sum of different cryptocurrencies like USDC and USDT, Chainlink (LINK) and Uniswap (UNI), etc combined.
Push for the NFT Marketplace
Introducing the latest feature could help the struggling platform to navigate through the tough headwinds. Last year, Uniswap launched its own NFT marketplace after acquiring an NFT aggregator dubbed as Genie. Data shows that since its launch, the platform witnessed overall transactions of even less than 10,000. The overall volume traded during the similar timeframe was worth only 7.6 million USD. The number of sellers on the platform outperform the number of buyers where the former stood at 16,600 and the latter were 5,400.
Dune Analytics dashboard shows the broader DeFi platform possesses a user base of about 4.8 million. This leaves a huge market share for Uniswap to acquire which is currently held by several prominent players.
In terms of total volume market share, Blur NFT marketplace had taken the lead in no time. It holds about 82.2% of the total volume market share, while OpenSea has the second spot with about 13.4% of market share. Uniswap has a long road ahead from here as at present, it is not near to placing itself within the top ten marketplace.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
