Uniswap Acquires Genie Market, Prepares to Support NFT Transactions

Leading DEX Ethereum exchange Uniswap has acquired the NFT Genie platform so that it can quickly assistance the NFT trading perform in the close to long term.

Uniswap, the decentralized exchange (DEX) with the highest volume on Ethereum, has announced that it has acquired the NFT Genie marketplace platform to raise the amount of solutions provided.

As a end result, as early as the third quarter of 2022, Uniswap will integrate the NFT trading perform into its DEX world wide web interface. The task will also generate NFT APIs and utilities to make its platform “complete in the eyes of web3 users and developers”.

two / Starting this autumn you will be capable to obtain and promote NFTs straight on the Uniswap world wide web app.

And we will integrate NFTs into our API and developer widgets, building Uniswap a full platform for web3 end users and builders.

Read all the particularshttps://t.co/ovU8zJfGdd

– Uniswap Labs (@Uniswap) June 21, 2022

The Uniswap representative explained:

“We see NFTs as another valuable aspect of the ever-growing digital economy, not separate from ERC-20 tokens, and they have been an important gateway to the web3.”

The acquisition will have no impact on other Uniswap solutions, task governance or UNI tokens. Genie end users will nevertheless be capable to use the platform as regular right up until the release of the Uniswap NFT marketplace model.

Additionally, to celebrate the cooperation among the two sides, Uniswap will broadcast USDC to these who made use of Genie ahead of April 15 or hold the project’s NFT Genesis.

This is not the to start with time Uniswap has been exposed to NFT. In 2019, the task launched Unisocks, the to start with liquidity pool for NFTs backed by true assets.

The UNI token price tag swung positively on the information, recovering to $ five.21 right after falling to a very low of $ three.33 in the marketplace dump on June 19.

The NFT section has obviously fallen in the path of the marketplace correction in the previous, as effectively as obtaining a whole lot of damaging facts, with the volume of transactions on the key NFT markets in June substantially reduce than in May.

However, the collapse of the marketplace will be a problem for the major gamers to consolidate their positions and increase their solutions horizontally via acquisition agreements. Typical of this method is the present greatest NFT exchange, OpenSea, which acquires NFT Gem.xyz, or the most current Super App Coin98, which merges with Yunero, a blockchain gaming studio.

one / Coin98 Labs acquires @YuneroStudios🔥 to pace up # Web3 mass adoption by way of #GameFi

The acquisition of Coin98, a gaming arm, satisfies its ecosystem to get a stage in the direction of onboarding the following billion end users with blockchain video games. pic.twitter.com/B3RwYnBzZ0

– Coin98 Labs (@ coin98_labs) June 21, 2022

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