The recent weeks have been difficult for NFT supporters and cryptocurrency industry participants. Still, it has also provided a chance for entrepreneurs and executives who are invested in the concept of a crypto future to double down.
Decentralized trading Uniswap Labs has announced the acquisition of Genie, an NFT marketplace aggregator. This move, according to Uniswap, is part of its objective to enable universal ownership and trade on its platform.
Uniswap is already incorporating NFTs into its product range, starting with the Uniswap web app, with future integrations reportedly including developer APIs and widgets. Uniswap has previously collaborated with NFTs. It introduced Unisocks in the spring of 2019, which provides NFT liquidity pools backed by real-world assets.
“We’re pleased to extend everything we’ve learned producing DeFi solutions to NFTs,” Uniswap said in the statement. In August, Uniswap announced plans to airdrop USDC to previous Genie users to share the value of this purchase and integration.
The company’s investment in NFT aggregation is a long-term gamble on the diversification of NFT marketplaces. At the moment, OpenSea accounts for the great bulk of NFT volume. However, competitors like LooksRare and Magic Eden are nibbling away at their market share. Coinbase appears to have messed up the early implementation of its own NFT marketplace, indicating that OpenSea may be a difficult market leader to dethrone.
Genie was the first NFT marketplace aggregator, allowing users to explore, purchase, and sell NFTs across many marketplaces. As a result, users may bulk buy NFTs across all major markets in a single transaction and save up to 40% on gas expenses,” according to the business.
Despite recent market volatility, several metaverse-related efforts and businesses continue to progress. GameFi and game-related NFTs, for example, have lately shown upward mobility and growth signals. In addition, new, experimental NFT techniques continue to be produced, demonstrating a good attitude for the NFT, GameFi, and metaverse parts of the crypto and Web3 businesses.
The acquisition occurs at a time when the future of NFT trading volumes has been called into doubt as the larger crypto market has fallen. While total transaction volumes have only dipped modestly in the last month, the USD volume of NFT purchases has dropped by more than 66%.
Ritik Joshi is an innovative writer who is always chasing knowledge and trying to get a grasp of a little bit of everything. He keeps up with the latest trends of the emerging technologies and writes an insightful account about them. You may find him listening to music or around an espresso machine while he’s not writing.