Uniswap Acquires NFT Marketplace Aggregator Genie Bucking Market Trend

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  • Uniswap announced that it would be airdropping USDC to Genie customers.
  • DappRadar reports USD volume of NFT purchases has plummeted by almost 66%.

On June 21st, Uniswap announced that it had purchased the NFT marketplace aggregator Genie. The decentralized exchange said that this step aligns with its goal of allowing everyone to participate in the platform’s universal ownership and exchange.

Starting with the Uniswap web app, Uniswap is now incorporating NFTs into its product range with the addition of developer APIs and widgets. Uniswap has previously worked with NFTs. NFT liquidity pools with real-world assets were created in the spring of 2019 under the brand name Unisocks.

“We’re excited to bring what we’ve learned building DeFi products to NFTs,” Uniswap said in the release. In August, Uniswap announced that it would be airdropping USDC to Genie customers who had already signed up for the service.

Entry During Patchy Phase Across the Market

NFTs may be found, bought, and sold on various markets using Genie since it was the first marketplace aggregator of its kind. In a single transaction, consumers may “batch buy NFTs across all major marketplaces in a single transaction and save up to 40% on gas fees,” the firm says.

Metaverse-related projects and businesses have been making headway despite recent market volatility. For example, GameFi and game-related NFTs have lately shown signals of progress and expansion. NFT, GameFi, and metaverse parts of the crypto- and Web3 industries continue to get good attention with new, experimental ways.

The transaction is taking place at a time when the crypto market has seen its value drop, casting doubt on the future of NFT trade volumes. DappRadar reports that the USD volume of NFT purchases has plummeted by almost 66% in the last month, even though overall transaction volumes have hardly changed.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.