BlocksInform
The largest decentralized exchange, uniswap labs, is ready to incorporate non fungible tokens (nfts) with the engineering acquisition. The contract amount has not yet been revealed.
Uniswap Tapping NFTs
The plan is to expand Uniswap's products to include both ERC-20s and TNTs. Its acquisition of the NFT market aggregator is part of its broader roadmap to "unblock universal ownership and exchange" on its platform.
According to the official blog post, Uniswap will initially integrate NFTs into its web app, allowing users to buy and sell such assets across all major marketplaces as well as in its developer APIs and widgets.
For the uninitiated, genius not only allows buying and selling across marketplaces, all in one transaction, but also shows lists of all major competing markets. The last acquisition comes within two months after nft giant OPENSEA purchased genius rival gem.
Uniswap also plans to release usdc to initial engineering users in August. Basically, any user having used the platform at least once or possessed a genesis genius nft on 15 april will receive stablecoin, payable for a period of up to 12 months. The statement also stated that engineering users will continue to have uninterrupted service to the website until such time as the new uniswap nft experience is available.
In the latest memo, the team wrote that NFTs are an “important gateway to web3” and went on to add,
“As the world’s largest decentralized exchange protocol, Uniswap is a simple and safe place to access the benefits of digital ownership, offering deeper liquidity than leading centralized exchanges. We're excited to bring what we've learned in developing challenging ETF products, which will give even more people access to digital ownership and value."
The acquisition is not the first foray of Uniswap into the LNP sector. Actually, the dex launched "unisocks," connecting the physical socks with nfts in spring 2019.
Current landscape of the TVN.
While OpenSea continues to be the market leader, other platforms such as LooksRare and Magic Eden have also made their way in. COINBASE also launched a NFT business this year. But collections once warm have flowed along crypto-assets.
Data compiled by DappRadar shows that OpenSea’s trade volume was down by more than 65% over the past month. Looksrare and magic eden also showed a dark picture and were down by more than 82% and 58% during the same period. Other platforms like axie infinity, decentraland, and rarible also fell by 60%, 53% and 54%, respectively, over the past 30 days.
The bearish conditions have not deterred investors from injecting capital into these projects. Earlier this week, Solana-based NFT marketplace Magic Eden went on to become a unicorn in less than a year since its launch last September, owing to the Series B round of funding being co-led by Electric Capital and Greylock, which pushed its valuation to $1.6 billion.
