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Uniswap traders can buy NFTs with UNI, SHIB or other Ethereum token

Uniswap traders can buy NFTs with UNI, SHIB or other Ethereum token

Uniswap NFT aims to out-engineer the competition by enabling traders to purchase NFTs with any Ethereum-based token.

Typically, NFT marketplaces restrict which cryptocurrencies can be used to purchase assets; however, Uniswap’s NFT marketplace has just launched a new feature that eliminates these restrictions.

Uniswap NFT traders can now use any Ethereum-based token, such as stablecoins like USDC or Tether or even meme coins like Shiba Inu, to purchase their NFTs via a simplified interface.

How does it work? According to the cryptocurrency startup, Uniswap’s new Universal Router contract “finds the most cost-efficient route” to complete a swap from any Ethereum-based token into the required token for the NFT sales (in most cases, Ethereum) and then pushes that cryptocurrency to OpenSea’s Seaport protocol to complete the transaction.

Since Uniswap bought the NFT aggregator Genie last year and introduced an NFT marketplace to its platform in November, less than 10,000 transactions and about $7.6 million worth of NFTs have been traded. MarcoV, a data scientist at Dune Analytics, made a dashboard that shows it has about 16,600 sellers and 5,400 buyers. According to a dashboard from Dune Analytics Data Scientist MarcoV, it has approximately 16,600 vendors and 5,400 buyers.

A Dune Analytics dashboard shows that Uniswap’s DeFi platform as a whole has nearly 4.8 million users, but the company hasn’t been able to bring all of its old users to its new NFT product just yet.

The most recent advancements to Uniswap’s NFT platform may enhance the user experience, but it is unclear whether they will be sufficient to away from rivals like the Paradigm-backed Blur, which offers token incentives and airdrops for high-volume traders.

At the time this was written, 80.6% of the volume on the NFT market came from Blur, while 14.5% came from OpenSea. The NFT platform from Uniswap is still just a small blip on the graphs. A Dune Analytics dashboard shows that it doesn’t even make it into the top 10 NFT marketplaces in terms of the number of traders.

“NFTs bring new users to crypto and self-custody. That continues to be the case, and it is why we launched an NFT aggregator—which has zero fees and is part of our effort to develop products that are built to last.”  Uniswap Labs said.

Content Source: decrypt.com

Cover Image Source: decrypt.com

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Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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