Uniswap Labs, one of DeFi’s most prominent decentralized exchanges, has acquired an NFT marketplace aggregator for an undisclosed amount, a bullish move in the current crypto market turmoil.
Uniswap Labs said Tuesday that it has acquired NFT marketplace aggregator Genie. This acquisition will allow the decentralized crypto trading protocol to further integrate NFT (non-fungible token) features into its product portfolio.
The past several weeks have been a difficult period for NFT enthusiasts and participants in the cryptocurrency business, but for startups and executives invested in the concept of a crypto future, it has been an opportunity to double down.
Hayden Adams, founder and CEO of Uniswap, stated in a Bankless interview regarding Tuesday’s release, “We are trying to bring everything we brought to the ERC-20 space to the NFT space.”
The purchase would allow the DEX to integrate NFT shops into its web app and to “integrate NFTs into our developer APIs and widgets,” the company disclosed in a statement. This will make Uniswap a robust platform for Web3 users and developers.
NFTs are tokens based on the blockchain that each represent a unique asset, such as a piece of art, digital property, or media. Physical or digital, non-fungible tokens can be viewed as irrevocable digital credentials of ownership and authenticity for a particular item.
Uniswap Labs has secured millions of dollars from investors such as Paradigm and Andreessen Horowitz to aid with the development of the decentralized exchange’s technology.
Uniswap has eclipsed its home network, Ethereum, in fees generated over the past 24 hours, as of Tuesday, with $4.3 million. In fact, the decentralized exchange (DEX) has climbed to the top of the leaderboard on CryptoFees.
Since its start in 2018, the exchange recorded more than $1 trillion worth of crypto transactions in May. Approximately $3.34 billion worth of cryptocurrency is now held within a cryptocurrency exchange.
On Twitter, Uniswap Labs remarked, “We see NFTs as another kind of value in the expanding digital economy, thus it’s a no-brainer for us to integrate them.”
The Genie deal comes just two months after OpenSea’s announcement that it will acquire the NFT aggregator Gem, which similarly enables customers to buy many NFTs in a one transaction. OpenSea, like Uniswap, intends to integrate NFT aggregation functions into its primary platform.
The acquisition comes at a time when the future of NFT trading volumes is uncertain as a result of of the general decline of the crypto market.
Meanwhile, DappRadar reports that the USD volume of NFT purchases has plummeted by more than 66 percent over the past month, despite the fact that total transaction volumes have only decreased somewhat.