Non-fungible tokens (NFTs) and the entire crypto space have been under intense pressure lately because of the ongoing bear market. However, this has not prevented some of the large firms in the sector from using the bear market to expand their operations.
Uniswap acquires NFT aggregator Genie
Uniswap recently announced the acquisition of Genie, an NFT marketplace aggregator. The acquisition has been done for an undisclosed amount and aims to enable Uniswap to expand into the NFT space.
A blog post from Uniswap read, “NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3.”
Uniswap is one of the best DeFi exchanges and ranks as the largest decentralized exchange by trading volumes. The platform allows users to swap a wide range of tokens, and through the Genie acquisition, the company will now support NFT trades. Uniswap Labs will also have a 12-month USDC airdrop targeting “historical Genie users.”
Genie is a platform that allows users to access a wide range of NFTs listed on different marketplaces. The platform allows users to view and trade NFTs on different platforms. The Uniswap team said they would use the product to create a Uniswap NFT version for the platform, which will be released later this year.
Uniswap’s move into the NFT space is aimed at diversification. Currently, the majority of NFT volumes happen on OpenSea. However, other firms such as LooksRare and Magic Eden are also stiffly competing in the sector. Coinbase had earlier announced it would launch an NFT marketplace, but this seems to no longer happen, with OpenSea’s vast dominance in the space.
The NFT sector
Data from DappRadar shows that the trading volumes on OpenSea have declined by over 65% over the past month. Other NFT marketplaces such as Magic Eden and LooksRare are also posting a downtrend in NFT volumes over the past month.
However, the dipping volumes are not deterring investors from supporting NFT projects. Magic Eden, an NFT marketplace based on the Solana network, recently completed a Series B funding round supported by Greylock and Electric Capital. The funding round increased Magic Eden’s valuation to $1.6 billion.
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