Uniswap Moves into the NFT Sector With Genie Acquisition

Blockonomi

Uniswap Labs officially acquired NFT marketplace aggregator Genie in an effort to ramp up its presence in the NFT business. Uniswap Labs is the company behind the largest decentralized cryptocurrency exchange Uniswap on Ethereum.

Genie is a one-stop Metaverse aggregator and NFT marketplace that simplifies the process of buying and selling NFTs across different marketplaces.

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Uniswap Sees The Future of NFTs

Uniswap Labs’ acquisition of Genie marks the team’s move forward into the NFT sector. This will also allow users to purchase NFT using a combination of Ether and/or NFT.

The Uniswap web platform integrated with NFTs will go live at the beginning of this fall. Additionally, the company has a plan to add NFT functionality to other products, however, at the moment, the initial focus will be on the web app.

Besides, Uniswap aims to integrate NFT into a range of exchange features, including APIs and widgets, in order to transform itself into an all-encompassing platform for Web3 users and developers.

Like other tech giants, the concept of Web3 is on Uniswap’s bucket list and the team is gearing towards that future.

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“NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3,” according to Uniswap’s statement in the blog post.

Uniswap’s foray into NFT is not surprising. The company is indeed one of the early supporters that embrace the innovation of NFTs, prior to its explosion in 2021.

In May 2019, Uniswap first introduced Unisocks – an experimental non-fungible token that follows the bonding curves pricing algorithm to generate profit.

As a part of the acquisition, Uniswap Labs will conduct an airdrop of USDC to any users who have used Genie at least once since April 15, 2022, or earlier, or holders of Genesis NFT by Genie.

It is also a way to welcome the Genie community to join the Uniswap universe. The airdrop is set to take place in August this year.

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No Impact to Token Holders

According to the announcement made by Uniswap Labs, the products that it is currently in the operation, including the Uniswap Protocol, Uniswap Governance, and UNI tokens, will not be impacted by this acquisition.

Users of Genie will continue to make use of Genie until Uniswap is able to effectively integrate the NFT trading functionality.

NFTs are always a controversial topic. Many predict that the speculative bubble in the value of NFTs will shortly burst this year.

Amid the market fluctuation, the coming future of NFT becomes unpredictable since the industry has been also affected by the overall cryptocurrency correction but everything seems not to be out of control.

In comparison to May’s NFT transaction volume, the volume of major marketplaces has seen a significant drop this month. Tough times often give rise to hidden gems. Despite the current market situation, a number of valuable deals are formed in the sector.

Previously, Solana’s NFT marketplace Magic Eden successfully raised $130 million for business expansion, which particularly includes plans for the growth of the company’s human resources.

Magic Eden’s plan came as a surprise since lots of major players in the crypto industry previously decided to cut off their resources to survive during the winter season.

For major firms in NFT, things may be different. The uncertainty is an opportunity to strengthen their positions and broaden the range of offerings as well as expand their business.

The acquisition is a common strategy in the context of ongoing decline. Uniswap was not the only company to initiate actions related to the acquisition of other businesses.

In April, OpenSea, the most prominent NFT marketplace in the world, also completed the acquisition of NFT aggregator Gem.xyz. The purchase of Yunero Studios by Coin98 Labs is another example.

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Author: Nicholas Say


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