Uniswap UNI/USD has acquired Genie, an NFT marketplace aggregator.
What Happened: Despite the recent plunge in NFT prices, Uniswap, a cryptocurrency exchange using a decentralized network protocol, announced on Tuesaday that it has moved to acquire Genie.
Uniswap enables users to swap a plethora of cryptocurrencies for one another. Genie, meanwhile, allows users access to an array of NFTs across several marketplaces, allowing them to trade NFTs across platforms. Uniswap endeavors to integrate NFTs into its platform, that is set to launch this coming fall.
Investing into NFT aggregation allows Uniswap to profit off NFT marketplaces diversifying as the market recovers. NFTs will further be integrated into their developers’ widgets and APIs.
Why It’s Important: This move by Uniswap looks to launch them further into the world of Web3, merging NFTs into their platform. The acquisition will open doors to their users accessing digital ownership, with larger-scale liquidity fuelled by Uniswap.
The exchange also announced that they will be giving past Genie users a USDC USDC/USD airdrop, launching in August 2022 and claimable for one year. In their announcement, Uniswap stated, “We see NFTs as another format for value in the growing digital economy—not a separate ecosystem from ERC20s—and they’re already an important gateway to web3.”
As uncertainty looms over the future of cryptocurrency and NFT markets, Uniswap’s move serves as a long-term bet on the latent potential of the NFT market.