Uniswap, a decentralized cryptocurrency exchange, revealed on June 21 that it had gained NFT aggregator Genie. The move comes as Uniswap plans to add an NFT trading vertical to its platform. The terms of the agreement were revealed.
Genie is famous in the NFT space for allowing the buy of multiple NFTs with one click. The company is an aggregator, and pulls NFT listings from different NFT marketplaces as well. These technologies could give Uniswap an edge in pursuing its NFT ambitions.
Old lovers of Genie will not perish in this deal. Uniswap revealed that the holders of Genie: Gem NFT get an airdrop in USDC. The airdrop will begin in August 2022. Users can enter Genie’s services as long as Uniswap NFT Vertical is enabled.
As long as NFT is vertical, Uniswap intends to begin with Uniswap Web, then it will probably be filtering down to other parts of its platform. The NFT side of Uniswap Web has a release for the fall 2022.
Buying Genie is not Uniswap’s initial NFT investment. In 2019,it released the initial instance of an NFT liquidity pool. The company also assisted pioneer the use of SVGs on-chain. For that, NFTs are an essential gateway to Web3.
Important moves in the bear market for NFT companies
Though the bear has dampened much of the enthusiasm (and trading volume) in the NFT space, numerous large companies are still moving. Below are three examples of movers and shakers (doing as they do) since the crypto crash.
Initially, Solana Labs made waves at NFT.NYC by releasing the production of a Web3 phone named Saga. This mobile phone comes with different Web3 integrations such as a seed vault to store noncustodial wallet seed phrase. It has an announcement scheduled for the first quarter of 2023.
Magic Eden, an NFT Solana marketplace, made a major move last week, raising $130M to increase its value to $1.6 billion. It is the leading on Solana and probably the only marketplace with the movement to take down OpenSea.
Eventually, eBay, the e-commerce giant, obtained NFT marketplace KnownOrigin. The move reinforces eBay’s ambition to allow digital collectibles to be traded in its suite of services. Though it had allowed NFTs to be sold on its major platform since 2021, the process had had troubles.
Time will show how Uniswap’s obtainment of Genie goes, but surly many in the world of crypto world see this bear market as time to make moves.