Uniswap Labs Acquires NFT Marketplace Aggregator, Genie 

Key Takeaways

  • Uniswap acquires Genie to expand the former’s products. 
  • The process of NFT integration into their products will soon begin. 

In June, notable crypto companies and exchanges were seen acquiring firms that deal with crypto products and services. Circle recently acquired CYBAVO to improve the adoption of USDC. It was followed by FTX taking over Bitvo to expand its global presence. 

Now, the world’s largest decentralized exchange company, Uniswap has announced that it has acquired the first NFT marketplace aggregator, Genie on June 21. This initiative has been taken as a way to expand the products of Uniswap including ERC-20s and NFTs. Users will now be able to discover and trade NFTs on almost all platforms. 

This is not the first time that Uniswap has tapped into the world of non-fungible tokens. Earlier, it launched Unisocks which was one of the first NFT liquidity pools where the tokens were backed by real-world assets. 

This step by Uniswap will help it progress in its aim to unlock universal ownership and exchange. Soon they will start integrating NFTs into their products and the process will begin with the Uniswap web app. Users will get access to all the major marketplaces to trade their NFTsc globally. 

The crypto exchange also has plans to integrate NFTs into their developer APIs and widgets. These transformations will make Uniswap a ‘comprehensive platform for users and builders in web3.’ 

The team says, “We see NFTs as another format for value in the growing digital economy—not a separate ecosystem from ERC20s—and they’re already an important gateway to web3.” 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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