Uniswap Labs Enters NFT Business, Releases NFT Marketplace

Uniswap Labs Enters NFT Business, Releases NFT Marketplace

Uniswap Labs, developer of the decentralized exchange Uniswap (UNI), has released its non-fungible token (NFT) aggregator platform.

Uniswap has recently acquired NFT marketplace aggregator Genie. This acquisition made it clear that the decentralized exchange would also enter the NFT space. Today, the company released its platform with a new announcement.

Uniswap Labs Launches NFT Marketplace Aggregator Platform

Decentralized exchange Uniswap (UNI) today announced its highly anticipated NFT marketplace aggregator platform.

UNI has created a new platform that it hopes will break the barrier between cryptocurrency exchanges and NFT marketplaces. The platform will also include pools selling NFTs based on price curves. In addition, the platform lists NFT collections that are for sale in marketplaces such as OpenSea, X2Y2, LookRare, and Sudoswap.

“Starting today, you can trade NFTs across major marketplaces to find more listings and better prices,” Uniswap said in the announcement, adding that they are airdropping approximately 5 million USDC to certain historical Genie users to celebrate the event. 

The platform is also offering gas rebates to the first 22,000 NFT users. 

“NFTs and ERC-20 tokens have largely existed as two separate ecosystems within crypto, but both are essential to growing the digital economy. Launching NFTs on Uniswap is our first step in building more interoperable experiences between the two,” Uniswap said.

The announcement can shake up the bustling world of NFT trading. Uniswap is the fifth largest Ethereum DeFi protocol as measured by Total Value Locked (TVL) and the largest decentralized exchange by trading volume.

Uniswap’s newest product will compete with Blur, an NFT aggregator that launched with the backing of venture firm Paradigm in October. Both Blur’s and Uniswap’s NFT offers are aimed at professional NFT traders who continue to spend despite a prolonged crypto winter.

“As always, we are committed to being trustless, transparent, and open source. We’ve open-sourced all of our front-end code, making us the first major NFT platform to do so,” the platform said in a tweet. 

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