THELOGICALINDIAN - The accepted DeFi barter will add abutment for nonfungible tokens this fall
Uniswap appear today that it has acquired Genie, a bazaar aggregator for non-fungible tokens or NFTs.
Uniswap Will Introduce NFT Support
Uniswap is one of the better DeFi exchanges in operation, boasting aerial acceptance statistics such as $1.3 billion traded over the accomplished day and $7 billion in absolute amount locked.
Now, it has acquired Genie, an NFT bazaar aggregator, according to a June 21 announcement. There, Uniswap alleged NFTs a “form of amount in the growing agenda economy” and said that it is a “no-brainer for us to accommodate [NFTs] into our products.”
NFT trading will anon be an advantage in Uniswap’s web app, which will acquiesce users to buy and advertise NFTs alpha in the fall.
The activity will additionally accommodate NFTs with its developer APIs and widgets, acceptance web3 creators to admission accordant data.
Uniswap will additionally run an airdrop of the USDC stablecoin in August. Users who are acceptable accommodate those who acclimated Genie afore April 15 and those who authority a GENIE:GEM NFT.
Current Genie users will be able to abide application the aboriginal account until Uniswap launches its own adaptation of the service.
Genie Has Wide Scope But Few Users
Uniswap acclaimed that it has formed with NFTs before. It ahead launched a promotional NFT alternation alleged Unisocks. It additionally contributed to on-chain abundant SVGs, acceptance NFT images to be stored in blockchain cipher rather than as a affiliated image.
However, today’s accretion has a potentially farther-reaching ambit than those added beforehand efforts.
As an NFT bazaar aggregator, Genie gathers abstracts from above marketplaces such as OpenSea and LooksRare. This agency that Genie will apparently accommodate Uniswap users with admission to a added ambit of acquirement options than admission to a distinct NFT non-fungible exchange would allow.
However, Genie itself seems to acquaintance adequately low activity. Since it launched aftermost November, it has handled aloof $560 actor in transactions. By contrast, OpenSea abandoned has handled multi-billion dollar volumes in assertive months.
Given its low volumes, Genie could see a cogent access in action if Uniswap’s greater attendance helps it accretion users.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and added cryptocurrencies.
