Uniswap Labs, one of DeFi’s most prominent decentralized exchanges, has acquired the NFT Marketplace Aggregator, a bullish move in the current crypto market turmoil, for a private amount.
Uniswap Labs announced on Tuesday that it has acquired NFT Marketplace Aggregator Genie. With this acquisition, the decentralized crypto trading protocol will be able to further integrate NFT (Non-Fungible Token) capabilities into its product portfolio.
The past few weeks have been a difficult time for NFT enthusiasts and crypto business participants, but for startups and executives who have invested in the concept of the future of cryptocurrencies, they have had the opportunity to double.
Recommended reading | President El Salvador seeks patience and says investing in Bitcoin is safe
Uniswap brings everything to NFT space
“We’re trying to bring everything we bring into the ERC-20 space into the NFT space,” Uniswap founder and CEO Hayden Adams said in an interview with Bankless about the release on Tuesday.
With this purchase, DEX will be able to integrate NFT shops into web apps and “integrate NFT into developer APIs and widgets,” the company said in a statement. This makes Uniswap a robust platform for Web3 users and developers.
1 / Uniswap Uniswap is expanding 🦄
Pursuing our mission to unlock universal ownership and exchange, we are excited to share what we have acquired. @geniexyz — First NFT Marketplace Aggregator — Expanded product to include both ERC-20 and NFT 🧞♂️ pic.twitter.com/vESlbE3kvy
— Uniswap Lab 🦄 (@Uniswap) June 21, 2022
NFTs are blockchain-based tokens, each representing a unique asset such as a work of art, digital property, or media. Physical or digital irreplaceable tokens can be considered as irrevocable digital credentials for the ownership and credibility of a particular item.
Uniswap Labs has secured millions of dollars from investors such as Paradigm and Andreessen Horowitz to support the development of decentralized exchange technology.
Uniswap has surpassed its home network Ethereum by $ 4.3 million in charges incurred in the last 24 hours as of Tuesday. In fact, the Decentralized Exchange (DEX) has climbed to the top of the CryptoFees leaderboard.
Crypto total market cap at $876 trillion on the daily chart | Source: TradingView.com
Expand with NFT and digital economy
Since its inception in 2018, the exchange has recorded over $ 1 trillion in crypto trading in May. Currently, about $ 3.34 billion worth of cryptocurrencies are stored on cryptocurrency exchanges.
“It’s easy to integrate NFTs because we think NFTs are another kind of value in the expanding digital economy,” Uniswap Labs said on Twitter.
Image source: Chain Debrief
The Genie deal will take place just two months after OpenSea announces its acquisition of the NFT aggregator Gem. This allows customers to buy many NFTs in a single transaction. OpenSea, like Uniswap, aims to integrate NFT aggregation capabilities into the primary platform.
Recommended reading | BitRiver and Russian oil giants power data centers
The acquisition will take place at a time when the future of NFT trading volumes is uncertain as a result of the general decline of the crypto market.
Meanwhile, DappRadar reports that the US dollar volume of NFT purchases has plummeted by more than 66% in the past month, despite a slight decrease in total trading volume.
Featured image from Uniswap image/Shutterstock, chart from TradingView.com