The biggest decentralized exchange company– Uniswap just secured a Non-Fungible Token (NFT) marketplace called ” Genie” on June 20th, 2022.
What is Genie?
Genie is the first NFT aggregator that allows users to buy, sell, and discover NFTs across different marketplaces.
Since its launch in November 2021, Genie has exchanged over 120k worth of ETH which is equivalent to $400million. Genie also helps you save effort, time as well as up to 40% of gas fees.
Why Uniswap Labs Acquired “Aggregator” Genie
Uniswap acquired ‘aggregator’ Genie because of its mission to open up universal ownership and exchange.
The company said that they are broadening their products so that they now consist of NFTs and ERC-20.
Uniswap also aims to incorporate NFTs into its products. Such as the Uniswap web app where customers will be able to buy and sell NFTs across popular marketplaces.
Uniswap will also add NFTs to their developer APIs and widgets. Which will make it convenient for users in the web 3 space.
The first time Uniswap invested in an NFT project was in 2019 when it launched Unisocks. And this was the NFT liquidity pool and an example of NFTs aided by the real world.
Uniswap sees NFT as a way of advancing the digital economy in a way that is not disjointed from ERC-20.
There will also be a release of new airdrops in August and they will only be available for claims for only 12 months.
It is no news that famous crypto companies are now going into the acquisition of firms that deal with the trade of cryptocurrency.
A financial tech organization– Circle– just acquired CYBAVO, a top-ranking crypto tech company.
The circle is a company that deals with the issuance of USDC stablecoin and it hopes to combine its features with CYBAVO and boost the adoption of USDC and web 3.
On the other hand, FTX– a crypto trading company– just took over Bitvo– a Canadian crypto trading platform– to work with regulatory bodies around the world.
Uniswap is a decentralized company where you can swap cryptocurrency. The acquisition of Genie will give individuals more access to digital assets and value.
This acquisition will not have any impact on Uniswap protocol, governance or Uniswap token and the users of Genie can also continue to have access to the Genie platform to carry out their transactions until Uniswap NFT is available.