Uniswap Acquires Marketplace Genie, Supports NFT Transactions

    Leading decentralized exchange, Uniswap has acquired NFT platform Genie to soon support tradings of NFTs.

    This information was announced on Tuesday. Accordingly, Uniswap said this move is part of its target to unlock universal ownership and exchange on its platform.

    As early as Q3/2022, Uniswap will integrate NFT trading functionality into its website. The project will also create NFT APIs and utilities to make it “a comprehensive platform for users and builders in web3”.

    Uniswap said in the announcement, “We’re excited to bring what we’ve learned building DeFi products to NFTs.” In August Uniswap said it planned to airdrop USDC to historical Genie users in an effort to share the value of this acquisition and integration. They also view NFTs as “an important gateway to web3” rather than “a separate ecosystem from ERC20s.”

    The acquisition will have no effect on other Uniswap products, project governance or UNI tokens. Genie users will still be able to use the platform normally until Uniswap’s NFT marketplace version is released.

    In addition, to celebrate the partnership, Uniswap will conduct a USDC airdrop for those who are Genie users before April 15 or holding Genesis NFTs. 

    After the news, UNI tokens have shown a positive rise, recovering to $5.21 after falling to $3.33 on June 19.

    This is not the first time Uniswap has shown its interest in NFTs. In 2019, the project launched Unisocks, the first liquidity pool for NFTs backed by real assets.

    NFT market is in a recession following the market turbulences, with major NFT marketplaces volume in June dropping sharply compared to May.

    However, this downtrend will be a condition for big players to strengthen their positions and expand their products through acquisition agreements. Typical of this strategy is the current largest NFT exchange, OpenSea, acquiring NFT, or lately is Coin98 Super App merging with Yunero, a blockchain game studio.

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