Uniswap Labs has announced that they have acquired NFT marketplace aggregator Genie for an undisclosed price. The acquisition is the latest in a series of developments that have led Uniswap Labs to become a fully-fledged decentralized exchange system.
The deal came as a result of Uniswap’s need for quick support for adding new tokens and NFTs to their platform, which they now have with Genie. This will allow users to view the entire library of available NFTs across all marketplaces using Genie. As a direct consequence, these can be traded on virtually all platforms.
The development of Uniswap into a decentralized exchange system has been supported financially by companies such as Andreessen Horowitz and Paradigm. The Uniswap team has stated that they intend to continue using the product to incorporate a Uniswap NFT vertical into their platform.
Beginning in the fall of this year, the company’s customers will be able to use the Uniswap web app to buy and sell tokens. The addition of ERC-20 tokens and NFTs is on their roadmap for expanding their product offering. Follow the link to view the tweet in its entirety.
They are particularly interested in removing barriers to universal ownership and exchange. People will have the ability to discover tokens and exchange them across most sites using Genie. In addition to the mobile application, NFTs will also be incorporated into the developer APIs and widgets the company offers.
However, this is not the first time they have ventured into NFTs. This is because they released Unisocks in the spring of 2019. This is the first example of non-fiat currency liquidity pools and non-fiat assets backing the non-fiat currency. The development of the on-chain generated Uniswap v3 NFT positions helped along SVGs.
Tokens that cannot be redeemed for their original value are reportedly an additional format in the expanding digital economy. In addition, it is not a different ecosystem from ERC20s because ERC20s are essential to web3.
They do this with an airdrop of USDC tokens, which gives historical Genie users some value. They plan to initiate the airdrop in August, and participants will have a year to submit their claims. It is determined by an image that has been captured in the past.
Because Uniswap uses the most used decentralized exchange protocol, it has created a secure environment where users may take advantage of the perks associated with digital ownership. As a result, it can give deeper liquidity than the top centralized exchanges, and this company can deliver more individuals access to digital wealth.
The company bought it because customers wanted to know more about the potential growth of NFT trading volumes. As a result, the reason behind it is that the value of the entire cryptocurrency market has significantly decreased. The total volume of transactions has reduced dramatically over the past month. However, the volume of USD transactions used to purchase NFTs has increased to almost 66 percent.
Genie Exerts No Changes On UniSwap’s Operations
Even though Uniswap Labs has purchased the Genie, there will be no changes to the Uniswap Protocol, Uniswap Governance, or the UNI token due to this transaction. Users of Genie will continue to suffer service interruptions when attempting to use the Genie website until the new Uniswap NFT experience is ready. The business may carry out a USDC airdrop for “historical Genie users” that lasts for an entire year.