Decentralized Exchange (DEX) Uniswap announced its acquisition of the Non-Fungible Token Market (NFT) pool genie on Tuesday. Uniswap said the move is part of its mission to launch global ownership and exchange on its platform.
Uniswap is now integrating NFTs into its product line, starting with the Uniswap web app, and subsequent integrations are said to include developer APIs and UI elements. This isn’t the first time Uniswap has worked with NFTs. In the spring of 2019, it launched Unisocks, which offered NFT liquidity pools backed by real assets.
“We are excited to bring what we learned building DeFi products to NFTs,” Uniswap said in the announcement. In August, Uniswap stated that it plans to bring the US Dollar Coin (USDC) to the air for historical Genie users in an effort to share the value of this acquisition and integration.
Uniswap launched its first instance of NFT liquidity pools, called Unisocks, in the spring of 2019. They also view NFTs as an “important gateway to web3” rather than an “ecosystem separate from ERC20s.”
Genie is known as the first NFT market aggregator to provide a way to discover, buy and sell NFT across various markets. The company allows users to “purchase NFTs across all major markets in one transaction and save up to 40% on gas fees.”
Some endeavors and companies associated with metaverse continue to make progress despite the recent market instability. For example, GameFi and gaming-related NFTs have shown signs of directional movement and growth recently. New and experimental NFT approaches are still being released, showing positive sentiments for the NFT, GameFi, and Metaverse aspects of the crypto and Web3 industries.