Uniswap buys NFT aggregator Genie 

Uniswap is a decentralized exchange platform known for its innovative approach. announced  acquiring the world’s first NFT aggregator Genie.

The exact figures regarding the acquisition remain confidential. Nevertheless, it's noteworthy that Uniswap has garnered substantial funding, thanks to prominent venture capital entities like Andreessen Horowitz and Paradigm that have been backing Uniswap since its inception.

Since its launch in November 2021, Genie has been a game changer, allowing users to trade and acquire NFTs across multiple platforms. So far, it has amassed an impressive $560 million in transaction volume and enabled users to save millions on gas fees. completed With the acquisition of Genie, Uniswap’s goal is to merge the world of NFTs with its ERC-20 offerings, which is poised to revolutionize ownership and interchangeability. The Uniswap application will equip users to buy and sell NFTs across all major marketplaces seamlessly. Additionally, NFTs will be integrated into the development APIs and tools for Web3 creators.

Despite a downturn in the cryptocurrency market over the recent months, Uniswap views this acquisition as a strategic move to bolster its competitive edge against OpenSea, the leading NFT marketplace. OpenSea has also acquired NFT aggregator Gem in April and has dominated much of the NFT sales activity. Other companies, such as Coinbase, endeavored to launch their NFT marketplace in April but faced challenges, as their beta platform only attracted 150 users on its launch day.

Back in 2019, Uniswap introduced Unisocks, which was the first iteration of an NFT liquidity pool backed by tangible assets, allowing users to trade digital SOCKS tokens and stake Ethereum. acquired In pursuit of our vision to promote universal ownership and trading, we're thrilled to announce our acquisition of Genie — the original NFT marketplace aggregator — which will broaden our offerings to encompass both ERC-20 tokens and NFTs! 🧞‍♂️ entered With Instagram gearing up to embrace NFTs, what implications does this hold for the wider adoption of Web3?

Zuckerberg has confirmed the impending arrival of NFTs on Instagram, projected for the next few months.

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