Uniswap Labs officially acquired NFT marketplace aggregator Genie in an effort to increase its presence in the NFT business. Uniswap Labs is the company behind Uniswap, the largest decentralized cryptocurrency exchange on Ethereum.
Genie is a one-stop metaverse aggregator and NFT marketplace that simplifies the process of buying and selling NFTs across various markets.
Uniswap sees the future of NFTs
The acquisition of Genie by Uniswap Labs marks the team’s foray into the NFT space. It will also allow users to purchase NFTs using a combination of Ether and/or NFTs.
The Uniswap web platform integrated with NFT will go live early this fall. Additionally, the company has plans to add NFT functionality to other products, although, for the time being, the initial focus will be on the web app.
In addition, Uniswap aims to integrate NFTs into a range of exchange features, including APIs and widgets, to transform itself into an all-encompassing platform for Web3 users and developers.
Like other tech giants, the concept of Web3 is on Uniswap’s bucket list and the team is moving towards that future.
“NFTs will be integrated into our products, starting with the Uniswap web app, where soon you will be able to buy and sell NFTs in all major markets. We will also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in Web3.” According to Uniswap’s statement in the blog post.
Uniswap’s entry into NFTs is not surprising. The company is actually one of the early proponents to embrace the innovation of NFTs before it exploded in 2021.
In May 2019, Uniswap first introduced Unisocks – an experimental non-fungible token that follows the Bonding Curves pricing algorithm to generate profits.
As part of the acquisition, Uniswap Labs will conduct an airdrop of USDC for all users who have used Genie at least once on or before April 15, 2022, or are holders of the Genesis NFT by Genie .
It is also a way to welcome the Genie community to join the Uniswap universe. The airdrop is scheduled to happen in August this year.
no effect on token holders
According to the announcement made by Uniswap Labs, the products it currently operates on, including Uniswap Protocol, Uniswap Governance, and UNI Token, will not be affected by this acquisition.
Genie users will continue to use Genie until Uniswap is able to effectively integrate NFT trading functionality.
NFTs have always been a controversial topic. Many predict that the speculative bubble in the price of NFTs will burst soon this year.
Amidst the volatility in the market, the upcoming future of NFTs turns out to be unpredictable as the industry has also been affected by the overall crypto correction, but everything seems not to be out of control.
Compared to May’s NFT trading volume, major markets have seen a significant drop in volume this month. Tough times often lead to hidden gems. Irrespective of the current market situation, many valuable deals are formed in this area.
Previously, Magic Eden, Solana’s NFT marketplace, successfully raised $130 million for business expansion, which specifically includes plans to develop the company’s human resources.
Magic Eden’s plan came as a surprise as a lot of major players in the crypto industry had earlier decided to cut their resources to survive the winter season.
For firms majoring in NFTs, things may be different. The uncertainty is an opportunity to consolidate their position and broaden the range of offerings as well as expand their business.
Acquisitions are a common strategy in the context of the ongoing downtrend. Uniswap was not the only company to initiate action related to the acquisition of other businesses.
In April, OpenSea, the world’s leading NFT marketplace, also completed the acquisition of NFT aggregator Gem.xyz. Another example is the purchase of Unero Studio by Coin98 Labs.
