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On June 21, Uniswap Labs acquired Genie, market aggregator NFT. This acquisition will allow the decentralized cryptocurrency trading protocol to integrate more NFT features into its product portfolio.
The past few weeks have been a difficult period for NFT enthusiasts and those involved in cryptocurrency trading. However, for startups and executives who have invested in the cryptocurrency future, it could be an opportunity to double down.
Uniswap brings everything to the NFT space
Hayden Adams, founder and CEO of Uniswap, spoke in an interview with Bankless regarding Tuesday's release. "We're trying to bring everything we bring to the ERC-20 space into the NFT space."
The purchase will allow DEX to integrate NFT stores into its web application and "integrate NFT's into developer APIs and widgets." This will make Uniswap a powerful platform for Web3 users and developers.
1/ The Uniswap Universe is expanding 🦄
In pursuit of our mission to unlock universal ownership and exchange, we’re excited to share that we’ve acquired @geniexyz — the first NFT marketplace aggregator — expanding our products to include both ERC-20s and NFTs 🧞♂️ pic.twitter.com/vESlbE3kvy
— Uniswap Labs 🦄 (@Uniswap) June 21, 2022
NFTs are blockchain-based tokens where each token represents a single asset, like a work of art, digital asset or media. Irreplaceable physical or digital tokens can be seen as irrevocable digital information about ownership and authenticity for a particular item.
Uniswap Labs has secured millions of dollars from investors such as Paradigm and Andreessen Horowitz to support the decentralized exchange's technology development.
Uniswap has eclipsed its home network, Ethereum, in terms of fees created in the last 24 hours. As of June 21, the fee was $4.3 million. In fact, the Decentralized exchange (DEX) has topped the ranking on CryptoFees.
Expanding with NFT and the digital economy
Since its inception in 2018, the exchange has recorded more than $1 trillion in cryptocurrency transactions in May. Cryptocurrencies worth about $3.34 billion are currently held in a cryptocurrency exchange.
On Twitter, Uniswap Labs commented, "We see NFT as another kind of value in the expanding digital economy, so integrating them is undisputed."
The Genie deal comes just two months after OpenSea's announcement that it would acquire NFT synthetic Gem. That allows customers to buy more NFT in one transaction. OpenSea, like Uniswap, intends to integrate NFT synthesis functions into its main platform.
The acquisition comes at a time when the future of NFT trading volume is uncertain due to the overall decline of the cryptocurrency market.
Meanwhile, DappRadar reports that the USD's NFT buying volume has plummeted by more than 66% in the past month, despite the fact that total trading volume has only decreased somewhat.
